Ofir, Collaborative trading from Telegram (Part 2: the Trade Manager) – Trading Systems – 10 January 2022

After the Part1 article Ofir Dashboard, which allows you to keep track of your trading from Telegram, we now talk about trading from Ofir: Trade manager

Ofir Trade Manager is about:

  1. Open job management (including those that opened outside Ofir)
  2. open positions

Continue to manage your money and improve your earnings.

The first important aspect of trade management is defining your money management rules, through 3 individual criteria:

  1. risk in trade. The percentage of capital you accept versus risk on each trade.
  2. Reward percentage. Profit target for each trade. This is given as a risk multiplier. For example, if your risk per trade is 1%, put 2 if your reward target is 2%
  3. risk a day. The percentage of capital you accept to risk each day. This value will be used by Ofir to monitor the daily rollback. For example, if this value is reached, Ofir will alert you and disable any new automatic placement. This can also be used to automatically protect all open positions.

management positions

Protect

If you open a position outside Ofir (manually from MT4 or via expert advisor), protection is activated immediately if the position does not have a StopLoss. SL will be placed automatically, after risk in trade Labs. Take profit is given, after an award Labs.
Protection also works with stop and limit orders.

appendix

Trailing Stop is a very popular feature in MT4 to automatically set a StopLoss when a position becomes profitable. Ofir extends these features in many aspects:

  • Orbit (on/off) from Telegram
  • It is activated (or not) by default for each new position
  • Start when the position is in profit or at the beginning
  • It maintains the distance between StopLoss and the current price. If you change StopLoss, Ofir will take into account the new trailing distance
  • It can be synchronized between a range of situations
  • Track in real time or only at the close of the candle. This gives more room for the position to correct.

The tracking mechanism is not only applicable to StopLoss. It can also be used for pending orders (Buy/sold to stop/Limit)

hedging

Hedging is a very exclusive way to manage StopLoss by replacing it with a Stop order (Sell Stop for Buy Position or Buy Stop for Sell Position). This advanced method will be described later in a dedicated article.

break even

Placing a position at a breakeven point, consisting of placing a StopLoss at a profit level (above the entry price of the buy position or below the entry price of the sell position).
Draw results from:

  • appendix Position
  • Activated by the user Using the contextual menu of the site
  • It is activated automatically By Ofir if the parameter “% TP for Break Even mode” is used. For example, request a break even if 50% of the profit order is reached. The parameter “% close when Break Even” can be used to prompt Ofir to partially close the position at break even.

Take multiple profits

Ofir supports up to 3 TPs per transaction. This is achieved by dividing positions into several positions.
Example:

  • Initial Position: Volume = 1 lot, SL = 50 pips, Take Profit = 100 pips
  • the teachers:
    1. TP1 = 50% of Take Profit, close of 25% of the position
    2. TP2 = 75% of Take Profit, close of 50% of the position
    3. TP3 = 100% of Take Profit, close of 25% (remaining contracts)
  • Ofir divides the center into 3:
    1. 0.25 lot, stop loss = 50 pips, take profit = 50 pips
    2. 0.50 lot, stop loss = 50 pips, take profit = 75 pips
    3. 0.25 lot, stop loss = 50 pips, take profit = 100 pips

Close

Ofir allows you to close positions from Telegram by choosing partial closing (100%, 75%, 50% or 25%) in the list or by entering the number of contracts to be closed.

open positions

Ofir opens positions in 3 ways:

  1. Using the trade option in the main menu
  2. Write a command (eg /Buy EURUSD 1.1392 SL = 1.138 TP = 1.4105)
  3. In response to a signal sent by an indicator, channel, partner (in cooperative trading), or an alarm.

Trading from the list

In the main Ofir menu (or in the contextual menu of icons), press trade.

  1. Select the icon. The symbol list shows the direction for each symbol (rising or bearish).
  2. Then select the process (Buy or sold).

Ofir prepares a new entry with the appropriate size (lots), SL and TP, taking into account the management of your money (risk per trade, reward).
Decision support: Ofir displays the status of the selected symbol (trend, capital change today, P/L, number of open contracts, note of open risky position)
At this point you can press the buy/sell button:

  • buy sell : to open the position at the market price
  • Buy/sell limit : To open a specified buy or sell limit position. This position will be changed using the stop loss points
  • Stop Selling/Buying : To open a buy or sell stop position. This position will be changed using the stop loss points
  • Buy/sell on redemption : This is an exclusive feature of Ofir as an alternative to pending orders. Ofir will create a task to open the position when the price bounces

By clicking on a file Table button, Ofir shows a screenshot of this position. This screenshot can be customized according to your needs by adding your favorite indicators.

Risk (SL) and Reward (TP) can be changed, before pressing buy/sell to open the position.

trade writing order

Ofir relies on a complete command language for use in advanced functions (Or for old school users), to share actions with other traders or to enable integration of other applications with Ofir (this will be detailed in the article on Ofir integration).
The entire set of Ofir commands is described in the user manual.
Let’s see some examples:

order a job
/sold note 1793.91 SL = 1799.9 TP = 1783.4 Open a Selling Position for XUAUSD At 1793.91, with Stop Loss and Take Profit set.
Meanwhile, if the market price changes, the position will be adjusted according to the new market price
/sold note SL = 50 TP = 100 Open a Selling Position for note market price,
Stop Loss and Take Profit are recognized as value in pips (instead of price)
/sold note SL = MAX10 Open a Selling Position for note At the market price, the SL is set at the maximum distance of the last 10 closing candles.
TP will be calculated using stop loss and bonus parameters
/sold note SL = 30 TP = R2 Open a Selling Position for note At the market price, the SL is set at 30 pips.
TP is set to the value of resistance R2 in the Pivot method. TP = R should set TP to the next value of Rn
/ Close 12817271 0.03 Position closed 12817271. If contracts (0.03) are entered, it will be a partial close.
/ 12817271 relaxation Put position #12817271 in Break Even.
/ 12817271 appendix ON / OFF Suffix is ​​activated (or deactivated) for mode #12817271.

Trading in response to a signal

As we have seen before, the user can start trading through the Telegram menu or by entering orders.
Trading can also be initiated by other sources and paid to the user:

  • signals from Indications
  • Signals from Telegram channels
  • Signals from other traders when it becomes opfer cooperative

The signal received by Ofir is converted to the “ready to click” position.

In the following article, we will give more details about trading with signals:

  • How to select a specific trading strategy for a signal (eg changing the risk rate or activating features only for that signal)
  • How to open positions automatically when receiving a signal by giving credit for the signal
  • How to connect Ofir to Telegram channel to receive signals
  • How to integrate your indicators as signal providers in Ofir
  • How to share signals with other traders (cooperative trading)

Thanks for reading

You can contact me on Telegram Jad bin 75 If you need more information or are interested in joining the Ofir Early Applicers Group

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