As regular readers will know, as part of the university research being done into the profitability of the Retail FX trader, a survey of 133 traders was carried out and a number of key risk factors identified. As a result of this feedback we have put together an EA for MT4 which looks to provide a trader with information on their trades and help identify those risks as well as taking action, based on trader input. The EA, "NTU Trade Monitor" is completely free and can be downloaded here. Please take a look and if you do use it, please provide feedback that we can use in the ongoing research.
NTU Trade Monitor has three main functions;
NTU Trade Monitor has three main functions;
- Provide live information on up to six, trader selected, currency pairs, including spread costs, volatility and trader risk (in local currency) of a daily move on a single lot trade and suggested trade sizes based on trader maximum loss input, to help aid decision making in placing any new trade.
- Provide feedback and warnings on open trades, based on a trader's criteria. This includes estimated profit and loss in the traders account currency, the percent of total account that a trade is risking, how long the trade has been open and information about the presence of stop loss or take profit orders.
- Optionally to automatically make adjustments to trades that are open, but are outside of the trader's criteria. such as reducing trade sizes, adding stop loss levels or adjusting reward / risk ratio., These are made after a delay (defined by the trader) to allow manual adjustments to be made if preferred.
It is HIGHLY recommended that the EA is run on a demo account, so the user can test out the functionality, including how it handles trades that might be larger than normal or with no stop loss or take profit. The EA will never open new trades or increase the lot size of any trade. By running the EA in 'advice only' mode, no adjustments are made to any trades.
All feedback welcome.