XP Forex Trade Manager MT4

The Forex Trading landscape has been significantly transformed with the advent of advanced trading software like the XP Forex Trade Manager MT4. This Forex Trade Tool is designed to simplify the management of open orders in MetaTrader 4 (MT4).

Features of XP Forex Trade Manager MT4

When a new order is opened, the XP Forex Trade Manager automatically sets the Stop Loss and Take Profit levels. The software has the capability to move the Stop Loss to Break Even (where stop loss equals open price) or continuously move Stop Loss (Trailing Stop) to safeguard your profits. The Forex Trade Manager can control orders for only current symbols where the Expert Advisor (EA) works or for all opened orders.

Another unique feature is that it can hide the Stop Loss and Take Profit from brokers. This functionality is particularly useful for traders who want to maintain a strategic edge over their brokers. It offers a strategy for the management of opened manual trades by setting Stop Loss and/or Take Profit for the trades in pips. It also has a Trailing Stop function which trails Stop Loss by the price and Break Even which moves Stop Loss to Break Even on chosen distance.

Parameters of XP Forex Trade Manager MT4

XP Forex Trade Manager MT4 comes with various parameters for trades and functions. These parameters include Stop Loss, Take Profit, Break Even, Trailing Stop, and others. For instance, ‘Stop Loss’ is the stop loss in pips for trades, and ‘Take Profit’ is the take profit in pips for trades. The ‘Break Even’ function has parameters like ‘UseBreakEven’ (true/false) allowing only break even function for opened trades. ‘BEActivation’ is the profit in pips when break even function is activated, and ‘BELevel’ is the additional distance from Break Even in pips when Stop Loss is placed by break even function.

The ‘Trailing Stop’ function has parameters like ‘UseTrailingStop’ (true/false) allowing only trailing stop function for opened trades. ‘TSStart’ is the profit in pips when trailing stop function is activated. ‘TSStep’ is the minimum difference in pips between new and current Stop Loss to allow moving Stop Loss by trailing stop function. ‘TSDistance’ is the distance from current price in pips when Stop Loss is placed by trailing stop function.

Behavioral Controls of XP Forex Trade Manager MT4

The software also has behavioral controls like ‘Stealth Mode’ (true/false) which hides stop loss/take profit levels from the broker and EA is closing trades on those levels programmatically. ‘OnlyCurrentPair’ (true/false) allows management of trades only from current chart’s symbol (true) or from all pairs (false).

All these parameters for trades and functions are settable in the parameters of the EA. The Forex Trade Manager also displays on the chart information about the current daily profit/loss in pips and account currency. Detailed descriptions of each function are provided in the instructions in pdf format, which comes with the software.

Independent Testing of XP Forex Trade Manager MT4

For those who want to see the software in action, independent testing of the XP Forex Trade Manager MT4 is available on the forexroboteasy.com website. Users are also encouraged to subscribe to updates on the results of testing this product. This will provide them with valuable insights on the efficiency and reliability of the software.

FAQ

1. Can XP Forex Trade Manager MT4 manage all open orders?
Yes, it can manage all open orders regardless of the symbol or only the current symbols where the EA works.

2. Can the parameters of XP Forex Trade Manager MT4 be customized?
Yes, the parameters for trades and functions are customizable in the parameters of the EA.

3. Where can I find independent testing of XP Forex Trade Manager MT4?
You can watch the independent testing of the software on the forexroboteasy.com website.

We invite readers to share their experience of using the XP Forex Trade Manager MT4. Remember, this is an independent product review and we aim to provide unbiased and professional analysis of Forex Trading software.