The risk manager will help you control risks:
Why you should use an advisor
Advisor Risk Manager for MT4 / MT5 is a very important and in my opinion necessary program for every trader.
With this Expert Advisor, you will be able to control the risk in your trading account. Risk and profit control can be carried out both in monetary terms and in percentage terms.
For the adviser to work, attach the adviser to any chart (control will be carried out on all opened deals), then set the value of the risk parameters.
The following parameters can be configured in the Expert Advisor:
- a maximum allowable lot when trading
- maximum number of orders per day
- maximum profit per day
- set profit taking on Equity
That’s not all, the adviser can also set the default SL and TP for you if you specify automatic settings in the settings.
The adviser accompanies each event with an alert and will explain to you the reason for deleting the order. For example, you opened, you opened the 6th order, and according to your rules you are allowed to open only 5 orders per day, the adviser will immediately delete 6 and explain the reason.
For example, if you opened a deal with a larger lot than you originally indicated to yourself, the adviser will delete the order and explain the reason. For example, you earned 5% per day and, according to the rules, you should no longer trade today because you set yourself such a condition, but because of greed you also want to open a new order – the adviser will delete it and will not allow you to trade until the next day. Advisor Risk manager for manual trading – will replace your paratrooper Uncle Vanya with a baton, which will not allow you to lose more than what you have previously designated for yourself, and will also help save the money you have earned.
So if you want to control the risks in your manual trading, be sure to arm yourself with this Expert Advisor.
Description of settings
In order for the control to be more strict, I recommend put the advisor on VPS, and give the password to another person.