The Forex Useful MT4 Risk Manager
Manage Your Risk Like The Professionals With This MT4 Forex Risk Management Tool
Get all the benefits of better risk management in your forex trading by clicking below and getting your copy of the Forex Useful MT4 Risk Manager now.
Get all the benefits of better risk management in your forex trading by clicking below and getting your copy of the Forex Useful MT4 Risk Manager now.
Welcome To
The Forex Useful MT4 Risk Manager
Introduction
Thanks firstly, for your purchase, we value your custom.
Below you will find the following information...
- How To Get Your MT4 Risk Manager
- MT4 Risk Manager Installation Instructions
- MT4 Risk Manager Customisation Instructions
- The MT4 Risk Manager In Detail
How To Get Your MT4 Risk Manager
We know you are probably keen to get started so can you please now email us with your MT4 account number. We will embed this into a customised MT4 Risk Manager just for you. Your software will be sent to you within 24 hours (usually much sooner).
We introduced this process in the best interests of protecting our products and access to them so that only those who have purchased them have access to them.
We sincerely apologise for any inconvenience and hope you understand.
Why should others be able to have access to something you have paid for?
Note: We allow up to 2 versions per member. This is to account for members who wish to use the software on a demo and then, in the future, a live account.
If the above is in any way as issue for you please contact us, If we cannot accommodate your concerns we will issue a full and immediate refund.
Email us...
To get your customised software please email us as follows:
- Send to support@forexuseful.com
- Use the title "MT4 Risk Manager"
- Include your Forex Useful username
- And of course your MT4 Account number, which you can locate at the very top left of your screen when logged into your MT4 session or alternatively, under Navigator/Accounts, when logged into your MT4 session – Please do not tell us your Broker name or Password.
Please, if possible send your email from the email address you used when signing up to Forex Useful. This will ensure quicker delivery of your software.
MT4 Risk Manager Installation Instructions
You will receive your software, usually within 24 hours, usually much sooner.
It will be in a zip file - Which you will need to extract using something like winzip, izip, 7zip, jzip, for example.
Please do not email us for support with unzipping your software
This is a basic computer skill extensively covered on the internet
The Software
Once extracted you will have access to the following software...
In an Experts directory:
- A file called Risk Manager.ex4
- A file called SimplePannel.mph
In an Include directory:
- A file called SimpleDialog.mqh
- A directory called res
Actual Installation
With your MT4 session open click on File > Open Data Folder > MQL4 and then...
- Copy and paste the file called Risk Manager.ex4 to the Experts folder
- Copy and paste the file called SimplePannel.mph to the Experts folder
- Copy and paste the file called SimpleDialog.mqh to the Include folder
- Copy and paste the directory called res to the Include folder
Now close all folders and restart your MT4 session.
With your MT4 session restarted your MT4 Risk Manager will now be in your Expert Advisors list inside your Navigator window...
If it is not then you have not followed the installation process correctly - So please double check the process.
If you email us for support
We will ask you to do double check the process as we know this process works for all MT4 brokers
To complete the installation process drag and drop your MT4 Risk Manager onto any chart.
IMPORTANT!
In order to allow trading from your new MT4 Risk Manager there are a couple of additional base checks/set-ups which must be performed
You may already have these set but it is well worth checking
Check 1
Right click on your chart (the one you just dragged your MT4 Risk Manager onto) and select Expert Advisors > Properties and ensure the "Common" options are set up as follows and then click on "OK"...
Check 2
From the main menu click on Tools > Options and ensure the "Expert Advisor" options are set up as follows and then click on "OK"...
That's it, you have completed the MT4 Risk Manager Installation process!
MT4 Risk Manager Customisation Instructions
Your MT4 Risk Manager has many custom options which are well worth understanding and considering.
Typically, you will only have to set these once.
So, right click on your chart (one where you have dragged your MT4 Risk Manager onto) and select Expert Advisors > Properties > Inputs - You will see the following options...
The Custom Options Explained...
MAGIC NUMBER – There is no need to change this.
BALANCE TO USE – Current Balance or Equity Balance. Use Current Balance to use your current balance excluding open positions or Equity Balance to include open positions.
EQUITY RISK PROFILE – Percentage or Fixed Amount. If you select Percentage then fill in EQUITY RISK PERCENTAGE, if you select Fixed Amount then fill in EQUITY RISK FIXED AMOUNT.
DEFAULT STOP OPTION – PIP Stop or Price Stop. If you select PIP Stop then fill in DEFAULT PIP STOP, if you select Price Stop you will enter your Stop when placing your trade.
DEFAULT TAKE PROFIT OPTION – PIP Target, Price Target or Target Percent. If you select PIP Target then fill in DEFAULT PIP TAKE PROFIT, if you select Price Target you will enter your Target when placing your trade, if you select Target Percent then fill in DEFAULT PERCENTAGE TAKE PROFIT.
Some Scenarios...
To help you decide on how to set your custom options.
Once of these scenarios may not be exactly appropriate to you. However, you should be able to work out your custom settings from them.
Scenario 1
If you decide to risk 1% of your Equity Balance on every trade and enter your Stop and Target manually.
BALANCE TO USE – Equity Balance.
EQUITY RISK PROFILE – Percentage and set EQUITY RISK PERCENTAGE to 1.0.
DEFAULT STOP OPTION – Price Stop.
DEFAULT TAKE PROFIT OPTION – Price Target.
When placing a trade you only have to enter your Price Stop and your Price Target and click BUY or SELL.
Scenario 2
If you decide to risk £100 on every trade with a fixed 20 PIP Stop and fixed 40 PIP Target.
BALANCE TO USE – Doesn’t matter.
EQUITY RISK PROFILE – Fixed Amount and set EQUITY RISK FIXED AMOUNT to 100.0.
DEFAULT STOP OPTION – PIP Stop and set DEFAULT PIP STOP to 20.0.
DEFAULT TAKE PROFIT OPTION – PIP Target and set DEFAULT PIP TAKE PROFIT to 40.0 – Alternatively you can select Target Percent and set DEFAULT PERCENTAGE TAKE PROFIT to 200.0.
When placing a trade you only have to click BUY or SELL.
Scenario 3
If you decide to risk 1% of your Current Balance on every trade and enter your Stop manually with an open Target.
BALANCE TO USE – Current Balance.
EQUITY RISK PROFILE – Percentage and set EQUITY RISK PERCENTAGE to 1.0.
DEFAULT STOP OPTION – Price Stop.
DEFAULT TAKE PROFIT OPTION – For an open target it’s probably just best to use Target Percent and set DEFAULT PERCENTAGE TAKE PROFIT to something like 500%.
When placing a trade you only have to enter your Price Stop and click BUY or SELL.
IMPORTANT!
Once you have executed a trade using your MT4 Risk Manager
It is managed exactly the same way as any other open MT4 trade
Via the Terminal / Trade window
The MT4 Risk Manager In Detail
With the Forex Useful MT4 Risk Manager as you know, the main objective is to manage your risk every time - For every trade.
Now, your Lot size (or £ per point for Spread Betters) will be calculated for you automatically. No more manual working out, no more mistakes!
Your Lot size will now be calculated automatically based on your Risk profile (the custom options you have specified above). So, every time you place a trade now your Actual Trade Value (monetary risk) will be consistent with your Risk profile - Automatically.
Managing Your MT4 Risk Manager Window
If your MT4 Risk Manager is not already open (maximised) you can do so by clicking on the "Restore" icon...
NOTE: If you cannot see the MT4 Risk Manager on your chart then simply attach it to the chart - Drag and drop it, as per the MT4 Risk Manager Installation Instructions.
Incidentally, to minimise the MT4 Risk Manager, click on the "Mimimise" icon...
To remove the MT4 Risk Manager from your chart completely, click on the "Close" icon...
Your MT4 Risk Manager Window
A full explanation...
Equity Balance
Cannot be modified
Auto populated - Set to your current balance excluding open positions if you specified "Current Balance" as BALANCE TO USE. Set to your current balance including open positions if you specified "Equity Balance" as BALANCE TO USE.
Risk Profile / Value
Both can be modified manually for each trade
Auto populated from EQUITY RISK PROFILE - "Percentage" or "Fixed Amount".
The value is auto populated from EQUITY RISK PERCENTAGE if EQUITY RISK PROFILE is set to "Percentage" or from EQUITY RISK FIXED AMOUNT if EQUITY RISK PROFILE is set to "Fixed Amount".
Actual Trade Value
Cannot be modified
Auto populated - Calculated based on the Equity Balance and Risk Profile/Value.
Stop Option / Value
Both can be modified manually for each trade
Auto populated from DEFAULT STOP OPTION - "PIP Stop" or "Price Stop".
The value is auto populated from DEFAULT PIP STOP if DEFAULT STOP OPTION is set to "PIP Stop" or it is blank if DEFAULT STOP OPTION is set to "Price Stop".
Volume
Lot size (or £ per point for Spread Betters)
Cannot be modified
Auto populated - Calculated based on the Current Price and Stop Option/Value.
Take Profit Option / Value
Both can be modified manually for each trade
Auto populated from DEFAULT TAKE PROFIT OPTION - "PIP Target", "Price Target" or "Target Percent".
The value is auto populated from DEFAULT PIP TAKE PROFIT if DEFAULT TAKE PROFIT OPTION is set to "PIP Target", blank if DEFAULT TAKE PROFIT OPTION is set to "Price Target" or DEFAULT PERCENTAGE TAKE PROFIT if DEFAULT TAKE PROFIT OPTION is set to "Target Percent".
Buy/Sell
Once happy with your settings click Buy or Sell.
A pop up confirms the trade...
In the above example, as we were trading with a fixed 1% and a fixed 20 PIP Stop and Target - All that had to be done was click "Buy".
IMPORTANT!
As mentioned previously...
Once you have executed a trade using your MT4 Risk Manager
It is managed exactly the same way as any other open MT4 trade
Via the Terminal / Trade window
We Hope You Enjoy Your MT4 Risk Manager
Any problems or questions simply contact us here