Can I Use the Trade Manager for Signals?

Yes, the Prodigy Trade Manager is perfect for managing signals. It addresses common challenges with trading signals, such as inconsistent stop losses, varying pairs, and missed opportunities to secure profits.

How the Trade Manager Helps with Signals

1. Automated Lot Size Calculation
   • Most traders struggle with inconsistent risk management because the stop loss distance changes for every signal.
   • With the Trade Manager, you simply take the signal provider’s recommended stop loss and enter 0.01 as the lot size.
   • The software automatically closes the 0.01 trade and opens the correct lot size based on your preset risk (e.g., 2%).
   • This ensures every trade risks a consistent percentage of your account, like 2%, keeping losses steady and manageable.

2. Profit Locking and Risk Management

   • Let’s say you aim for a 1:3 risk-to-reward (e.g., 20-pip stop loss, 60-pip take profit).

   • You can customize the Trade Manager to:

     • 1:1 (20 pips): Move the stop loss to breakeven, making the trade risk-free.
     • 1:2 (40 pips): Lock in profits at 1:1 by moving the stop loss to this level.
     • 1:3 (60 pips): Secure full profits if the market reaches your final target.

   • This process is fully customizable by either risk-to-reward ratios or fixed pips per level.

Benefits for Signal Traders

• Consistent Risk: Every trade risks the same percentage, no matter the stop loss distance.
• Profit Security: Automatically locks in profits at key levels, reducing stress.
• Set-and-Forget: Once configured, the Trade Manager handles risk and profit management for every signal.

Whether you’re following a signal group or using Copy Paste Signals, the Trade Manager simplifies your workflow and improves your trading consistency.