How To Use Trade Manager to Manage Simulated Trades In A Trading Platform
Trade Manager is a powerful tool for keeping track of and managing simulated trades in the most common trading platform 4 and trading platform 5. With Trade Manager, traders can easily execute and monitor simulated trades with convenient shortcuts and intuitive menus. In this article, we'll explore how to get the most out of Trade Manager.
Downloading and Installing Trade Manager
Trade Manager is available for download from the most common trading platform's App Store. After downloading the installer, it takes only a few clicks to install the program and get started. See the link below to install Trade Manager:
Trade Manager Install (Download link at the bottom of this article)
Open and Close Simulated Trades with Trade Manager
Once you've downloaded and installed Trade Manager, it's time to learn how to utilize it to manage your simulated trades.
To open a new simulated trade:
right-click on the chart of the asset you want to trade in the simulated environment and select "Trade" from the options.
This will open a trade window with a drop-down menu of trade options. Select the option that best fits your trading strategy (Buy or Sell) and enter the amount you want to trade.
Hit confirm and your trade will be placed.
If you wish to execute a trade immediately, you may click on "Market,"
To close a simulated trade:
open the Trade Manager window and select the current positions tab.
Find the simulated trade you want to close and click on "close". It's that simple.
What is a Stop Loss?
A stop-loss order is an order that allows you to limit your potential simulated losses by automatically closing a position once it reaches a certain price. It is an essential risk management tool to help protect your simulated investments.
When trading with a Trade Manager, you can apply a stop loss to your trades. This will enable you to set a predetermined level at which your positions will be closed if the price moves in the opposite direction of your expectations.
Applying a Stop Loss
To apply a stop loss with Trade Manager follow the steps below:
Open the Trade Manager window.
On the Trade Manager window, you will see the “Protection Type” section, which gives you the option of setting a Stop Loss order or a Take Profit order.
Select the Stop Loss option.
Once you have selected the Stop Loss option, you must enter the value at which the position will be closed. This is known as the Stop Loss trigger.
Enter the Stop Loss trigger in the box and click the “Apply” button.
Your Stop Loss order is now active and will trigger if the market moves against your expectations.
In case you wish to set a pending order, you should input the entry price and select either "Limit" or "Stop Order." If you prefer using fixed risk per trade you should input your desired risk percentage, and the trade manager will calculate your position size accordingly. You need to ensure that the stop loss is marked, and the fixed lot is not. However, if you wish to use a fixed lot, you should mark the fixed lot and input the desired lot size.
NOTE: Setting a Stop Loss order does not guarantee that your simulated trade will be closed at the Stop Loss trigger price. In fast-moving markets, price gaps can lead to your position being closed at a level that is different from the Stop Loss trigger price.
Understanding the Stop Loss Breakeven Feature
Stop loss breakeven functionality allows traders to set certain conditions for their open positions which, if met, will move their stop loss order to the trade’s entry price. Doing so will prevent traders from losing more than their initial simulated capital, allowing them to protect potential profits even after a trade’s value starts trending downward.
Moreover, the trade manager offers the option to set your stop loss to breakeven after a certain number of points. This way, traders can make sure their position is safely closed in the case of a large market movement against their prediction. This can be extremely useful during times of high volatility, giving traders an extra layer of protection when they need it most.
Setting up Stop Loss Breakeven
To set up the stop loss breakeven feature, select the “Stop Loss” tab in your trade manager. From there, you’ll be presented with various options where you can specify the number of points you would like to set for the stop loss. After that, you’ll have to select the “Breakeven” option from the “When to Move Stop Loss” section.
By customizing your stop loss with the breakeven feature, you'll have one less thing to worry about during times of market volatility. Additionally, you can also set a trailing stop feature which allows your stop loss order to follow the market price as it moves in your favor.
Using a Trailing Stop
A trailing stop is an order type that helps protect investment gains. Trailing stops automatically adjust to the current market price of a stock, giving traders more flexibility in locking in profits and reducing the risk of losses. When an asset rises above a certain threshold, the trailing stop order is triggered, enabling traders to retain their gains without needing to manually adjust their orders.
For instance, if you would like a trailing stop of 20 pips, you may mark the option and input 200 points. You can also input the trailing stop, indicating how many pips of movement you would like the trailing stop to move again.
View Order Details
Trade Manager enables you to quickly review the status of your open trades. Simply open the Trade Manager window and select the Open Positions tab. You can then examine each position in detail, including the order status, entry and exit prices, stop loss and take profit levels, and more.
Conclusion
Trade Manager is an invaluable tool for managing trades on trading platforms. By utilizing the shortcuts and menus provided, traders can quickly open and close positions and view valuable order details. We hope this article has been helpful in helping you understand how to maximize the potential of a Trade Manager. Happy trading!
To download the Trade Manager, click the link below: