Forex Tool Shed TM Trade Manager

[capsmart]

I would like to introduce you to a tool, forex tool shed trade manager, that I have been using for some time and is helping me manage my trades but most importantly is helping me to stay disciplined.

I got an agreement with the author of forex tool shed and he agreed to offer to forum members a demo version that is fully functional till July 1st. Because it needs some time to learn it, it is important to be used on a demo account to avoid unpleasant surprises.
Marc and I made an agreement with the author and if the forex tool shed is purchased via the provided link there will be an amount that will be used for the forum costs.
There is no need to rush and purchase the forex tool shed trade manager since you have 3 weeks to use it and learn it before you decide if you want it or not.
This is the link to be used for purchase
Forex Tool Shed

[capsmart]

Just to get in deep water since post 1 I am attaching a picture of the parameters. I will explain the use of those parameters and add some examples about how you can use them. There are many parameters but all are explained in the attached pdf and once you understand the logic of the tool you will realize that it is not difficult to adapt it to your needs. There is no reason to understand all the parameters and use them. As soon as the tool is doing what you want you can forget the rest.
Parameters.jpg

[capsmart]

I would like to explain the use of this tool.
This is not an ea that will open trades. It will close trades. You can use it with any manual or automatic system. The way I use it is the following.
I have it installed on my VPS and when I open a manual trade the Trade manager will take over and I do not have to worry any more about putting stop losses and taking partial profits.
The first parameter is the name of the set that you are using. So you could have different parameter sets. Maybe you want to use it as a scalping trade manager. You call it "scalp" and you set the parameters to close the trades every 4 pips. If you want to use it on a longer time frame you name the set "longer" and set the parameters to 20,40,60 pips. So if today you want to trade "scalp" you load the appropriate setup file and scalp the market.

[capsmart]

One important feature of this tool is that you can hide your stop loss from your broker. You can set a catastrophic stop loss in case of a power shortage.
So let's say that you want to have a stop loss of 40 pips but you do not want to broker to know about it. That way he will not move the price "just for you" in order to hit the stop loss and reverse.
But you can also set a stop loss of 70 pips that will be visible for your broker.
The parameters to use are
Max_Loss for the hidden stop loss
Power_Out_Stop is the visible stop loss.
It is a good idea to download the program and read the manual to get an idea about the parameters available.
If you have difficulties installing the tool you can always PM me.
I have many ways to assist you. Via email, Skype or TeamViewer.

[capsmart]

The tool gives you the possibility to manage your trade in a variety of ways.
You can define different take profit levels. So you could say for example that you want to take profit after 10 pips, then 25 pips and finally close your trade once price has move 55 pips.
You can define the size that you want closed at those levels.
This can be done in lots or percentage of lot size. So you could say that once price has moved 10 pips you want 20% of your lot size closed or 0.5 lots. Same for the other levels.
You can define up to 5 different take profit levels.
The robot will calculate the spread so the take profit always includes the spread. So if you have a spread of 3 pips and set the robot to take profit after price has moved 10 pips, the robot will take the profit once price has moved 13 pips.
Once again installing the robot and reading the manual is the best way to learn how to use this tool.

[capsmart]

The robot in order to manage the tools it must be installed for every pair. So the way I use it, is the following.
I usually watch and trade 10 pairs. So for the platform (MT4) I use, I created 10 charts on my VPS.
On each chart I installed the TM (forex tool shed) so I can open a trade on my computer and then the robot from the VPS takes care of the rest.
Now what if I want to open 2 trades on the same currency pair. This is something that I normally do not do, so I did not try it but according to the manual there is a way to manage this.
When purchasing the robot you will also receive some scripts that can be used to open a trade adding a magic number to it. That way each open trade has it's own magic number. So you can open one trade and assign "123" as magic number for this trade and in case you open a second trade for this pair you can assign the magic number "678" or any number you want. Unfortunately you can install only one time the EA on each chart. So how would you manage this situation?
You will have to create a second chart for this pair and install the TM again.
So now you have two charts of the same currency with the TM installed. On the first chart you will use 123 for the magic number parameter and on the second one 678. Each trade will be managed separately. Of course you could have different settings for each trade in case one is for long term trading and the second one for a shorter one.
I know that all this sounds complicated but it is practice that makes perfect. You have two more weeks to download and test this ea for free.

[Rune]

It sounds like a very useful ea. I need trade management over night in the NY session, so I'll give it a go.

[yuab]

if there are some examples to display ,that will be more believble of his function!

[capsmart]

yuab the best thing is to download the package from the first post and try it.
If you have problems installing it, let me know, or pm me.
What would you like to see? I could make a printscreen and post it here but since it is not an indicator there is not much to see.

[Rune]

Hi Capsmart,

I have installed the TM on VPS and is now waiting to take a AUDUSD short when price hits the zone. Can you recommend input parameters? I have entered First_TP @ 50, TP_Increment @ 20, First_TP_Lots @ 0.03, First_Sto_Target @ 20, First_Stop @ 2, Second_Stop_Target @ 40, Second_Stop @ 10 and Max_Loss @ 30.

Have I missed something? Cheers