Trade Assistant Forex Tool (Free Download)
The Trade Assistant Forex Tool is a versatile trading assistant that simplifies forex trading by calculating risk per trade, facilitating easy order installation, and offering advanced order management features like partial closing and seven types of trailing stops. It enhances trading efficiency with additional functionalities such as visual line indicators, risk management tools, and customizable notifications when support and resistance levels are broken.
Boost Your Forex Trading with the Trade Assistant Forex Tool
Forex trading can be both exciting and challenging. Managing risk, calculating trade volumes, and setting up orders require precision and time. Mistakes can lead to significant losses. The Trade Assistant Forex Tool simplifies these processes. It helps you calculate risk per trade accurately, install new orders effortlessly, and manage existing orders with advanced functions like partial closing and multiple trailing stop options. This tool aims to enhance your trading efficiency and effectiveness.
In this blog post, we will delve into the key features of the Trade Assistant Forex Tool and how it can revolutionize your trading experience.
Key Features of the Trade Assistant Forex Tool
- Risk per trade calculation
- Easy installation of new orders
- Order management with partial closing functions
- Seven types of trailing stops
- Line function showing Opening line, Stop Loss, Take Profit
- Trade Time Manager for opening or closing by time
- Virtual pending orders and hidden Stop Loss/Take Profit
- Symbol switch for changing the current chart symbol
- Hotkeys for trade functions and chart control
- Notifications when support and resistance lines are broken
- Screenshot functionality for charts
Simplify Order Installation with the Line Function
Setting up orders can be time-consuming, especially when you need to visualize entry and exit points. The Line Function in the Trade Assistant Forex Tool addresses this issue by displaying the Opening line, Stop Loss, and Take Profit directly on your trading chart. This visual aid allows you to set new orders with confidence. You see all the crucial levels before executing a trade, reducing the risk of errors.
By seeing these lines on the chart, you can adjust them easily. Simply drag the lines to modify your entry point, Stop Loss, or Take Profit levels. This interactive feature makes order installation more intuitive and efficient.
Enhance Risk Management with Precise Calculations
Risk management is the cornerstone of successful trading. Without proper risk control, even the best trading strategy can fail. The Trade Assistant Forex Tool includes a robust risk calculation function. It calculates the optimal trade volume based on your desired risk level and the size of the Stop Loss order.
To use this feature, activate the Lot calc button. Then, in the Risk field, set the amount of risk you are willing to take. You can specify the risk in percent (from 0 to 100%) or in your deposit currency. The tool supports various risk calculation methods, which you can select on the Settings tab. Options include:
- $ Currency
- % Balance
- % Equity
- % Free Margin
- % Custom
- % Account Balance of Previous Day
- % Account Balance of Previous Week
- % Account Balance of Previous Month
By offering multiple risk calculation methods, the tool accommodates different trading styles and strategies. You maintain consistent risk management across all your trades, which is essential for long-term success.
Optimize Take Profit with R/TP and R/SL Functions
Setting the right Take Profit level is just as important as setting the Stop Loss. The R/TP (Risk/Take Profit) and R/SL (Risk/Stop Loss) functions allow you to define the ratio of your potential profit to your potential loss. This ratio helps you maintain a favorable risk-reward balance.
For instance, setting a ratio of 1:1 means your Take Profit equals your Stop Loss. A ratio of 2:1 means the Take Profit is twice the size of the Stop Loss. Adjusting this ratio helps you align your trades with your overall trading plan. You can turn the ratio feature on or off using the RR button.
Streamline Order Management with Advanced Features
Managing multiple trades can be complex, especially when markets are volatile. The Trade Assistant Forex Tool offers advanced order management features to simplify this process.
Trade Time Manager
Timing is crucial in forex trading. The Trade Time Manager allows you to schedule the opening or closing of positions at specific times. This is particularly useful if you want to trade around major news events or during certain market sessions. By automating these actions, you ensure that you don’t miss important trading opportunities.
Partial Closing Functions
Sometimes, you may want to secure profits by closing a portion of your position while letting the rest run. The tool’s partial closing function lets you close a part of the order as a percentage of the set volume. This feature enables you to manage your trades more dynamically, locking in gains while still participating in potential further market movements.
Leverage Seven Types of Trailing Stops
Trailing stops are an effective way to protect profits while allowing your trades to continue benefiting from favorable market moves. The Trade Assistant Forex Tool offers seven different trailing stop options:
- In Pips: Sets the trailing stop at a fixed number of pips from the current price.
- Fractals: Uses fractal levels to determine trailing stop placement.
- Moving Average (MA): Trails the Stop Loss based on a moving average.
- Parabolic SAR: Uses the Parabolic SAR indicator for trailing the Stop Loss.
- Average True Range (ATR): Adjusts the trailing stop based on market volatility.
- Partial Close: Combines trailing stop with partial closing of the position.
- High Low Bar: Sets the trailing stop at the high or low of the previous bar.
These options provide flexibility to suit different trading strategies and market conditions. You choose the trailing stop method that aligns best with your trading plan.
Utilize Breakeven and Limit Order Trailing Functions
Protecting your capital is paramount. The Breakeven function automatically moves the Stop Loss to the entry price once the trade has moved in your favor by a certain amount. This ensures that you won’t incur a loss on that trade.
The Limit Order Trailing function adjusts your limit orders as the market price moves. It keeps your limit orders at a specified distance from the current price, helping you enter trades at more advantageous levels.
OCO Orders and Virtual Pending Orders
The One-Cancels-the-Other (OCO) order function allows you to place multiple pending orders, where the activation of one order cancels the others. This is useful in scenarios where you anticipate a significant move in the market but are unsure of the direction.
The tool also supports virtual pending orders and virtual Stop Loss and Take Profit levels. These are hidden from the broker, providing an extra layer of strategy, especially in markets where order hunting might be a concern.
Enhance Trading Efficiency with Additional Functions
Beyond risk management and order execution, the Trade Assistant Forex Tool includes several features that enhance overall trading efficiency.
Symbol Switch
The Symbol Switch feature allows you to change the symbol of the current chart quickly. You can also enable this feature separately for all charts. This makes it easier to monitor and trade multiple currency pairs without cluttering your workspace with numerous charts.
Hotkeys for Quick Access
Time is of the essence in forex trading. The tool provides hotkeys for various trade functions and chart controls. This allows you to execute trades and navigate the platform swiftly, giving you an edge in fast-moving markets.
Notifications on Support and Resistance Breaks
Support and resistance levels are key to technical analysis. The tool can notify you when these levels are broken. Receiving timely alerts ensures you can act promptly on potential trading opportunities that arise from these significant market events.
Screenshot Functionality
Documenting your trades is important for analysis and learning. The Trade Assistant Forex Tool includes a screenshot function that allows you to capture images of your charts. You can take screenshots manually by clicking the button on the toolbar or set it to capture automatically. This feature is valuable for reviewing your trades later or sharing setups with fellow traders.
Important Note: Compatibility
Please note that the Trade Assistant Forex Tool does not work in the strategy tester. Ensure that you use it in a live trading environment or a compatible demo account to experience its full functionality.
Conclusion
The Trade Assistant Forex Tool is a comprehensive solution for forex traders looking to enhance their trading efficiency and effectiveness. By automating critical aspects of trading—such as risk calculation, order management, and trade execution—it allows you to focus on developing and executing your trading strategies. Whether you are a novice trader or an experienced professional, this tool can help streamline your trading process and potentially improve your trading outcomes. Consider integrating the Trade Assistant Forex Tool into your trading arsenal and experience the difference it can make.
