Forex Jimdandy Trade Management Tool Robot review:
This tool serves two purposes.
- It enables you to place a live trade on a live chart.
- It allows you to place trades in the strategy tester as it runs.
On a live chart you can place a trade by:
- Clicking a Buy, Sell or Pending Lines button.
- Scheduling a Buy, Sell, or Pending using the scheduler.
In the included screenshots you can see four panels labeled:
- Manual Trading.
- Order Lines (pendings).
- Trade Status.
Across the top we can:
- Hide Panels.
- Fix the scale.
- Zoom the chart in/out.
- Change timeframe.
- Minimize or Close the Expert.
There are the normal parameters set to defaults that you would expect:
- Stoploss = 40.
- TakeProfit = 80.
- 1stTrade = 0.01.
- TradingMode = BreakOut.
- ShowTool Tips = True.
- Automatically assign Magic Number = true.
However, there are many additional parameters shown in the screenshots that involve:
- Lot sizes for additional trades.
- Trade expiration by either time or number of trades placed.
- The mode of selecting initial trade direction of scheduled trades.
- Move to Breakeven, as well as, Trailing Stop settings.
- Sound and notification settings.
- Excessive spread protection settings.
- Chart colors.
Therefore, before using the tool you should visit the instruction page by clicking the copyright link as you load the EA on your chart as shown in the screenshot.
The idea behind this EA was to make a way for the trader to make the initial decision of when and which direction to enter. But, once in the trade, let an emotionless robot manage the trade. The trader decides in advance whether he wants the robot to stop/reverse when a trade goes wrong. He also decides what new lot size to use on each subsequent trade. Up to 15 trades in a sequence can be tolerated.
The trader can choose to take a profit, break even or perhaps take a small loss.
In the tester, the trader can ‘practice’ trading and try different settings on different pairs.
Why it works:
- Once we enter the market and the market moves away from that price in either direction by the required amount, the EA will either take profit by going straight to our take profit or by getting stopped out and reversing and moving to the new take profit level in that direction.
The enemy of this style of trading is a whipsawing market. Trade only when the market is moving or about to make a move due to some news. This tool is like a hammer. It can build an account for you or it can destroy it. It is up to you. Use it wisely.
I wish you all the best in your trading.
Note: The free demo version will allow you to strategy test in the CADJPY, CADCHF, GBPCAD, GBPUSD, GBPJPY, EURGBP.
Copy and paste the file into the MQL4 Experts folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Experts (paste here)