Although complex entry systems with seemingly beautiful, how could you lose indicators pasted all over price charts that may look great; which ones have the most potential? We will discuss this and more on the journey to a new approach for trading the forex market. You will soon realize the difference between traditional teachings and the MT4 Exit Manager approach. Depending on individual comfort zones, using MT4 EM alone or with indicators will provide diverse and unique opportunities in your trading endeavors.
MT4 Exit Manager - What is it?
The MT4 Exit Manager (MT4 EM) is a desktop application that works with MetaTrader 4. Its purpose is to manage trades, mostly their exits, as the name aptly describes. From the teachings of traditional trading courses and as traders do, most efforts go into entry systems. However, as we will soon see, the exits dictate the trading outcome.
Monitor trades in the easy-to-read grid interface within the primary application window. Observe price action, trading activity, alerts, break-even status, and more in a user-friendly environment.
Allocation gauges are provided as a tool to adjust position and pair sizes in the desired directions to balance the overall strategy.
Additional meters offer information and alerts for margin and equity to ensure there is always enough free margin to carry out pending functions.
Indicators – Which Ones, if Any?
The Dynamic Money Manager (DMM)
The primary functionality of MT4 EM is within the Dynamic Money Manager (DMM). The DMM provides automated exit functions such as; double reverse, half-reverse, reverse, double, triple, half, stop and reverse, and more. Additional features include; restarting, alerts, timed trading, direction allocation, and sophisticated money management, all within a user-friendly interface.
The DMM is where exit strategies are created that can be applied as a stand-alone system or combined with any MetaTrader 4 Expert Advisor. The EA can provide desired entries when used with MT4, while the DMM will manage exits.