Certain market indicators can mislead even the most experienced of traders. They can cause traders to make unfavorable decisions, which result in bad trades and loss of capital. To avoid jeopardizing resources and assets, traders should acquire and develop a set of skills that will allow them to predict price movements and fully understand factors that influence the markets. Overall, such qualifications are helpful in defining a stable and working trading strategy, to achieve a prosperous and rewarding trade.
When the traders need to catch the right moment to trade or reduce the probability of making a wrong trading decision, tools like stop loss or take profit orders come in handy. For instance, the role of the stop loss tool is to protect traders from abrupt and unexpected price movements against their position direction in the dynamic market. Opposingly, take-profit orders automatically close trades once they have reached the designated profit level.
We, at LegacyFX, respect our clienteles’ time and resources. We care about our traders’ well-being and are devoted to supporting them throughout every step of their trading journey, i ncluding consistent efforts to ensure that they are endowed with correct information, proper risk management levels, etc. As such we have incorporated a risk management feature into our trading platform MetaTrade5 – the Guardian Angel.
The question that arises now is, how exactly does this innovative tool, Guardian Angel, assist both current and prospective traders? The answer is quite simple. Through its smart communication system, this add-on displays real-time information to help traders improve their trading skills and decision-making process, by providing external and, more importantly, an objective review of one’s trades, along with various alerts to mitigate risk. Since learning from your mistakes is paramount to improving your trading strategy and plan in general, you can greatly increase the ratio of your winning trades through the employment of this tool.
Some basic features of the Guardian Angel system include:
- Market Sensor: When you open a position, a window displays the market’s volatility – such as very low, low, moderate-high, and high – while trading in different time frames.
- Statistics: The main Guardian Angel window displays weekly statistics.
- Settings: You can customize your Guardian Angel messages based on your preferences.
- Feedback: By sharing your Guardian Angel experience with us, you can help us make improvements as to what content is pushed to you.
- Chat: We provide a means for you to communicate with us directly to assist you in your trades.
- Calculator: You can calculate stop losses for each trading instrument based on account risk and market volatility.
Let’s now elaborate more on how Guardian Angel works. The system produces margin alerts – which are helpful when trying to reassess the risk\reward ratio of an open position compared to equity, along with occurring changes within the market, and imminent excessive risk. The tool also detects recurrent patterns in trading and directs attention to the strengths and weaknesses of one’s trading style. Due to this, the Guardian Angel tool provides valuable and objective analyses and on-time feedback for current and future trades. The uniqueness of the tool is that it does not provide overarching generic information and insight to all users. Instead, traders can customize their Guardian Angel to meet their specific goals and needs.
As we have already discussed how the tool works and why it is ideal for traders, let us now go over how the Guardian Angel is implemented. The Guardian Angel becomes available to a trader after installing the tool via our trading platform, MetaTrader5 (MT5). Then, whenever a trader decides to open or close a position, a new window pops-up. This display window features diverse colors to help indicate vital and urgent messages. For example, when a message in green appears, it denotes an underlining positive notification. For the messages of medium importance, the designated color is yellow. Finally, when a trader is required to take a more immediate action, a message in red appears. Through this colored method of alerts, traders can easily detect and avoid risky trades.
Generally, risk management is used to gauge the probability of success of one’s trades, along with mitigating potential losses. However, properly managing risk requires some basic understanding of the market. ThroughLegacyFX, traders gain not only the opportunity to trade various financial assets, but also learn about financial markets, and implement various risk management tools through our platform. All our offerings, such as Guardian Angel, are presented with mindfulness and consideration of our clientele’s requirements and needs. While they do not guarantee constant profitable deals, they do provide numerous advantages, if one decides to use them. Overall, this tool and others provide our users with a unique and customizable way to improve their trading skills.
So come join us now, to learn more about this tool and other risk management features when trading.