Hi Folks.
A few weeks ago one of my Trade Room regulars (Valorie) sent me this email about downloading a Trade Management EA she has been using for quite some time. Back in the day she paid several hundred dollars for the EA and followup support, but now the company that sold it to her is going out of business and giving the EA away for free.
Here is the email she sent me. If this interests you, read it all the way through as she goes into detail how she sets up and uses the EA in her daily trading.
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I would like to share what I have found to be the most helpful tool in my trading arsenal. I have nothing to do with this product other than being a very happy customer for several years so I can only tell you how I have been using it and have nothing to do with its creation or programming. I bought this product several years ago and have been telling anyone who would listen about it but just within the last year or so, the company went out of business and is now giving it away for F R E E so I asked Jeff to pass along this information to his list since I personally do not know any traders.
Here is the link to the website if you would like to download the EA (there are also some scripts but I have not used those myself.)
Below I have included a screen shot of the inputs for this Trade Manager EA. As you can see there are a lot inputs that you can use. (The numbers shown in the pic are not defaults, they are my inputs.) I don't see the PDF file on the website that was the manual for the TM so I am including the last one I have for it in this email, but there is a video which looks like it explains their products on the Trade Manager download page.
Let me tell you what I find the greatest help with this EA, and a couple of things to be careful about when using it. First off, you can leave it on your chart and whatever settings you have in there will initiate as soon as you open a trade. So if you like to trade say EURJPY and GBPJPY you can put it on whatever timeframe you want to manage from and it will automatically put in your stop that you have set, say 40 pips. Just don't forget that you have it on there! Caution: the TM reinitializes when you change timeframes on the chart it is attached to so if you if your trade already reached a target price and exited a portion, it will do so again to the remaining portion. (I have had this happen a few times.) I find that if I pick a TF say 15 min or 1hr, attach it to that chart and then minimize, I will be less likely to mess up the EA.
Best features:
Can set multiple target prices and use percentages to close out portions.
The top section where you see First_TP, Second_TP etc. is where you can set number of pips you want for profit. I like to only use 2 but you have up to 5. If you only want 1 target simply put the amount of pips in for First_TP, set Use_Percent_for_TP_Lots to true and put 1.0 in First_TP_Lots
To close 75% at target 1 you can use 0.75 in First_TP_Lots and 0.25 in Second_TP_Lots
My favorite thing is the fractal trail because it allows me to use the chart pattern to place stops and I don't have to worry about watching the chart all the time. You can use it on any time frame, I have been using 1 hour but I have also used it on the 5 minute. Decide how many pips you want to be up when you start the trail and put that number in to Fractal_Trail_Trigger field then decide how many pips you want to use as a buffer and enter that number in the Fractal_Buffer field. Always take into consideration the spread plus however many pips more you want to add above the fractal high or low. If you want to make sure that when you start the fractal trail your stop will be break even or in the money, you can use the First_Stop_Target field first with say 25 pips and then either leave the First_Stop field as 0 or put in a higher number (even 0 will actually put the stop at +1 I think). Then you can put a higher number in the Fractal_Trail_Trigger field of say 30 pips and it will trail fractally on whatever time frame the chart is but will never move the stop to not being in the money.
Oh for those who are interested, there is a stealth mode which will hide the stops but I don't use it because I prefer hard stops in case the power or internet goes out. If you so choose, you can set a larger stop with the Power_Out_Stop which will be a hard stop at your broker and then you can set a closer stop using Max_Loss which will not be seen by the broker if you have Stealth_Mode set to true.
There are things that this EA can do that I don't even use so I'm sure that you will find this a useful tool and for who can beat the price? I hope you will give it a try, I have found it an invaluable tool.
Thanks,
Val
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