Trader On Chart Review
I’ve been using MetaTrader 4 lots recently and whilst MT4 is super for charting, executing trades with it’s far a ache inside the ass.
Their one click on trading interface is very fundamental and their pending order interface is atrocious. I’m no longer positive why it takes 7 mouse clicks whenever you need to area an order. Why can’t they have something just like IG’s chart buying and selling input bar? Fortunately, there are answers to be had…
Where to begin?
A long and extensive search for “MT4 one click trading software” turned up some half baked solutions on forums and commercial MT4 Expert Advisors that lacked functionality. I was so disappointed with the choices available that I went as far as asking a few developers for quotes to get something custom created.
While trying to retrieve my funds from a crook masquerading as a freelance developer, I came across Trader on Chart (www.TraderOnChart.com).
Trader on Chart is an Expert Advisor for MT4 that displays an input box on the chart which allows you enter trades at lightening speed. After you configure the settings, you can place a trade by clicking one button and it will automatically calculate your lot size based on risk amount (or %), place a limit order and stop loss at your specified risk reward ratio plus much more. This is a huge time saver and improves execution massively. For example, I normally enter multiple orders at once with different take profit levels this tool so this tool is essential. Here’s what it looks like:
Why Calculating Lot Size is Important
I was specifically looking for an MT4 trade manager that could calculate lot size automatically and was surprised that there were not many that had this feature. As most experienced traders already know, calculating lot size is important because it ensures that every trade you take will risk the same amount regardless of stop loss size (i.e. 1R). This helps with managing risk particularly when you have consecutive losing trades. You don’t want a situation where you lose 2 trades but need 4 winning trades to recover because you won and lost disproportionate amounts in similar types of trades.
The alternative to this is calculating lot size manually but if you are trading multiple markets, its a step in the process that is unneeded and should be handled automatically. Trader on Chart allows me to focus on identifying trades and helps me to take advantage of opportunities across multiple markets faster.
Trader on Chart is:
Easy to use– It has an intuitive format and does no longer take up too much space. Settings are all on one panel this means that manual trades or pending orders can be done with one click on and straight from the chart with out extra home windows.
Feature rich – Many essential features inclusive of automated lot size calculation, danger praise ratio, trailing stops and scheduled execution are protected. Full list of functions to be had here.
Lightweight– It doesn’t use a variety of machine assets and I even have it loaded up on 9 charts. I don’t enjoy any lag and it has no longer crashed even once.
Inexpensive (several charge alternatives to be had) – The software program is within every body’s price range. It is to be had for £nine according to month or a £249 one time charge.
Superior Support – Trader on Chart has high-quality support. I’ve sent the owner a dozen emails and constantly get a fast reaction.
MT4 providers available for all markets – No matter what market you trade, there are agents that offer MT4. It is possible to change Indices, the Forex market and Commodities during MT4 so there aren’t any boundaries.
Trader on Chart was the best trade management EA for MT4 that I could find. It is very well designed, has many features and offers decent value for money. I use it every day for my trading which says a lot about it’s flexibility and versatility. I would highly recommend it to anyone who uses MT4 because it solves the trade execution problem that every user of the platform has experienced.