Forex Risk Management
Using the Forex Indicator
If you have Metatrader open, you will want to close it at this time, allowing the software to refresh and load the indicators and scripts that were just placed in their respective folders.
Figure 9: Open the navigator
With the navigator open, click on the "Custom Indicators" drop down list, seen in Figure 10.
Figure 10: Custom indicators
With the drop down expanded, scroll to find the "CheckAccount" indicator, shown in Figure 11.
Figure 11: "CheckAccount" indicator
The CheckAccount indicator can be executed in two ways, first, by double clicking on it, and second by dragging it onto a chart. Either method will result in the dialogue box shown in Figure 12.
Figure 12: Executing the CheckAccount indicator
Click on the second tab called "Inputs" to bring up the two parameters: Risk Level and Delay, as seen in Figure 13. Risk Level is the indicator's main parameter, and is activated if your account balance is less than the inputted value. So if you put 5,000 in this box, the risk management indicator will alert you whenever your account falls below $5,000. You should change this amount in the parameters box depending on how much money you have in your Forex account.
Figure 13: Input values
To access the "CloseAllTrades" indicator click on the scripts drop down, shown in Figure 14.
Figure 14: Scripts drop down
After expanding the scripts drop down, locate the "CloseAllTrades" script and either double click on it or drag it onto a chart, as seen in Figure 15.
Figure 15: "CloseAllTrade" in script drop down
By clicking "CloseAllTrade", Metatrader will close all open trades on all charts, and requires no inputs. This is an excellent tool to have in your Forex trading arsenal for a worst case scenario.
Figure 16: "CloseAllTrade" confirmation
Your risk management indicator package is now installed and you can begin your Forex trading!
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