The internet is littered with programs and courses that promise to make you a master trader if you’re just willing to stick with the routine and in many cases, pony up some cash. A lot of these programs come with a hefty price tag and from questionable sources which make deciding on where to invest your resources painstakingly difficult.
Luckily for you, we’ve gone through all of the best, free money management tools and compiled them here in this useful guide.
Easy Order is a bundle of scripts that lets you plan your risk in a very intuitive manner based on your charts. It was published on Forex Factory forums back in 2015 by a talented MQL coder under a nickname of sangmane. Once you’ve applied the script on a chart, you can drag and drop TP and SL lines, and reverse calculate risk by percentage from a balance or by a fixed money amount according to the execution price, regardless of how many pips the SL is.
For example, you can define your intention to risk $150 from the market price (whatever it will be at the time of execution) while SL is set to a specific price. We know as the market breathes, the amount of pips will change from the execution entry price to SL level. Once you decide to execute, the script will calculate what should be the lot size that will determine a value of $150 from market execution price to the predefined Stop Loss order.
You set the SL and TP level via dragging and dropping lines on the chart. This tool is extremely intuitive and visual way to handle your trade while knowing the script will do the math for you as accurately as it can get.
You can set the script to prioritize by percentage from current balance, or by a fixed monetary value.
In 2015 this tool was revolutionary for MetaTrader 4 users. Only a few years later, by a fashionable delay Metaquotes made an effort and had presented visual drag and drop positions management tools. Yet, Easy Order still has a huge advantage for its agility for seamlessly risk calculating.
If you don’t want to use an Expert Advisor, you’re not using a Windows operating system, or you’re not using Metatrader 4, this independent Money Management excel sheet might be a great tool for you. It also doubles as a great trainer in the theory of money management.
It serves the same function as the previous tool, the only difference being you have to punch the numbers in yourself.
Playing with this simple calculator is highly recommended for new traders. It’s a great tool to get a sense of the numbers and to train the mind to apply risk management layers to every trade plan.
This one should be pretty self-explanatory. It tells you how much each pip is worth.
Input the currency pair, asking price, position size, and the currency you’re account is trading in, and… voila, it tells you how much each pip is worth.
Investing.com lets you create recurring alerts for economic news releases. So you can always be up to date when a major market driver is about to come which makes this one of the most important free money management tools.
You have to signup for a user at investing.com. It’s free and you can have your alert set as a push notification connected to your mobile device when the inveting.com application is installed and launched on your device. You can set the alerts as email or desktop notifications.
Prior to the release, you will receive the data published.
Having a trendline alert is the solution for you.
Once price hits the line you will receive an audio alert announcing the price hit.
Here you can create conditioned alerts to be received by email, SMS or chrome desktop notifications.
You can utilize different combinations of alerts, from trendlines, joining lines, and other patterns.
Alerts can be received in the form of audio, SMS, email, or via a pop-up notification.
This tool allows you to manage your position even while it’s open. From the first and second targets, it allows you set from ahead, and to set when the stop-loss order eventually rolls to break even automatically.
Another great feature is a cancel level line. After setting it, when the price crosses it, pending orders will be canceled.
One of the most important components in risk management is to understand position size which is defined by Lot size, this article will explain also how to consider risk in your local currency terms, understanding the calculation of position size/ lot size is crucial for risk management.
Knowing to plan your position sizing is a key element for your money management essential skills. If you know how much you want to risk and how many points you’re about to risk, the calculator will deliver the number of lots you should buy. Go to this thread on Forex Factory Forum to learn how to DIY your position sizing.
All of these tools are great resources to add to your trading repertoire but as always, it comes down to the person using the tools to make sense of the numbers and to make sound investing decisions. You still need to do the bulk of the work, these tools just make it a little easier and efficient.
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