PZ Trade Manager Pro MT5
Is position management time consuming? The Trade Manager Pro EA performs an automatic and flawless position management for you, avoiding human errors and enhancing your trading activity. It represents a ten-fold increase in trading productivity!
- Capital preservation is top priority
- Let profits run without your attention
- Enjoy risk-free trades as soon as possible
- It trails the stop-loss automatically
- Initial SL and TP are also automatic
The EA performs the following tasks after you've taken a trade:
- The initial stop-loss is automatically placed (optional)
- The initial take-profit is automatically placed (optional)
- It locks into a free-ride as soon as possible by closing 50% of the trade (optional)
- It moves the stop-loss to break-even for the first time (optional)
- It trails the stop-loss using your desired method until stopped out (optional)
Other cool features are:
- Great terminal reporting (Just look at the terminal to know what the EA has done)
- The trailing-stop leaves colored footprints on the screen.
- Customizable risk/reward ratio for partial closing and break-even.
- Choose from five different trailing-stop methods!
Supported Trailing-Stop Methods
- Donchian Channel
- Average True Range
- Parabolic SAR
- Moving averages
Get the free version!
Because this Expert Advisor does not trade and its behaviour can only be evaluated during live trading, there is a free version available.
It is completely usable and has no timeframe limitations, but implements less features.
- The risk reward/ratio for the partial closing and break-even is fixed to 1:1
- The partial closing feature is fixed to 50% of the lot size
- The trailing-stop does not leave footprints on the screen
- It implements only one trailing-stop method (points)
Why is position management so important?
Get two professional traders in a room a random day of the week. Tell one to buy the EUR/USD, and tell the other one to short it. Chances are that both of them will close their trade in a profit, or at least avoid losing by closing their trades partially at the right time.
Now bring in two inexperienced traders, and again have each of them take opposite sides of a trade. Both will probably close their positions in a loss. Why might this happen, you ask? What do the pros know that the rest of the herd does not? And how can you emulate their success?
The answer is in a proper exit. This idea - that the exit of any trade is always more important than its entry - is a fairly widespread notion, but one that seems to be unknown among most retail traders. Ask an inexperienced trader why they got into a trade, and you'll probably be met with an answer: "The Euro area is in deep trouble, so I went short", or "The Australian dollar just hit a support area, so I went long".
Novice traders are always looking for proper entries, normally in the form of "magic-no-loss buy/sell signal indicators", while disciplined and professional traders are constantly looking for proper exits and have capital preservation constantly in mind.
But nobody seems to think about the exit strategy of a trade before actually taking it! As you can imagine, this leads to forming bad habits such as letting fear and greed infect your trading. It causes you to let losers run hoping the trade will turn around, and to cut your profitable trades early, out of fear that you will lose a small amount of hard-earned profit. And this is exactly the opposite of what you should be doing!
Every trade must be managed in virtue of the following priorities:
- Capital preservation is top priority
- Cut your losses fast
- Let your profits run
Some nitty-gritty details
- The stop-loss is not trailed unless it is securing profits (Leaving the trade enough time to develop)
- The stop-loss is trailed only once every bar, not every tick.
- The partial closing logic is evaluated tick by tick.
AuthorArturo López Pérez, private investor and speculator, software engineer and founder of Point Zero Trading Solutions.