Money management and calculating the right lot size is crucial in forex trading. With Smartom Trade Assistant you can easily open and manage various orders with just a few clicks, simply and professionally.
To open an order using Smartom, follow these steps:
- 1. Click on the "Open Calc" button.
- 2. Use the red line to set your stop loss and the green line to set your take profit.
- 3. Once your lines are set, click on the "Open Position" button to open your order. If the red line is below the current market price, Smartom will place a buy order. If the red stop loss line is above the price, it will be a sell order.
If you want to open a pending order:
- 1. Click on the "Pending Order" button.
- 2. Use the orange line to select your preferred price.
- 3. Click on the "Open Position" button. Smartom will determine whether it should be a buy limit, sell limit, sell stop, or buy stop order.
I don't understand why we can't add comments for a position using Metatrader initially. With Smartom, you can write comments for each new position, which will be very helpful when you want to backtest your trades. Just write a simple, short description before pressing the 'Open Position' button.
The name of this button says it all; I don't need to say anything.
When your position is in profit you can simply click on this button and Smartom will close the amount of volume that needs to risk-free your position by the current stop loss level.
In most cases, when the price of our active positions reaches a specific level, we want to change the stop loss. To do this, you can click on the "Auto Break Even" button and select the trigger and target lines for your stop loss. Once the price reaches that level, the stop loss will move and the position will automatically break even.
With the "Partial Take Profit" button, you can set up to 5 take profit levels for your position. It's a simple and effective way to actually take your profits from the market and not let it take them back from you.