TP Money Management
All successful traders know that money management is essential to win in the markets.
With the TP Money Management, you have an automatic money management that helps you to calculate your risk.
It's up to you:
- % Loss on equity of your account.
- Pips Take Profit
- Pips Break Even
- Pips Stop Trailing
- You select your stop loss level by moving the cursor over the graph. If you do not want Take Profit, Stop Break Even or Trailing, you can put 0 pips and it will be disabled.
Once defined above, the EA calculates the required number of lots, so you only will loss % defined in panel.
For example: If you have 1,000 $ and you want to risk 2% of your account, the EA will calculate the number of lots to loss only 20 $, regardless of where you put your stop loss.
Thanks to this EA, you won't have to worry about monetary management, EA will do for you. You must focus only on your trading method.
In addition, you'll know what you can lose and what you can earn before entering the order (available for all currencies and all calculations conversion included).
NOTE: To use it well in backtest, you have to use a pair that contains your account currency. To use it with different currency, you have to load EA in a demo or real account.
NOTE2: If you want to try demo version allowed in demo account with NZDCAD symbol, you can get it here: https://www.mql5.com/en/market/product/18967
- %Account Balance loss: % about your account balance you want to set as max. loss (for every order).
- Number of pips to break even: Pips quantity to set your break even (stop loss will move to open price when price ).
- Number of pips to TP: Pips quantity to take profit.
- Number of pips to distance SL trailing: Pips quantity to set distance between current price and trailing stop loss.
- (after set up EA on a chart, parameters can be changed from trade panel).
If you have any doubt, you can ask me without problem.