Forex trading is considered a full-time job for many people. Others have it as something they participate whenever they have time to spare at the end of their long workdays.
For those in the latter camp, they obviously don’t have a lot of time to spend trading, which means getting everything they want to be done is nearly impossible. It’s not ideal to have your trading activities cut short by a lack of time. That’s precisely why some enterprising minds have come up with new tools that can help people trade more even if they have to spend the bulk of their time at their day jobs.
Trader on Chart (TOC), a position size calculator and trade panel that is compatible with the MetaTrader 4 (MT4) trading platform, is designed to make forex trading more convenient for you.
The question is: Can TOC really work to make forex trading more convenient for folks out there with full-time jobs keeping them occupied and is it worth investing in?
Those are just some of the questions we’ll be trying to answer in this review. Without further ado, let’s learn more about TOC and how it proposes to make forex trading easier for customers.
Trader on Chart Overview
The MT4 trading platform has been an immensely popular tool that has been widely used by traders ever since it was first released way back in 2005. This particular trading platform is so popular that even after its developers at MetaQuotes Software released a new version of it earlier this decade, the MetaTrader 5, brokers mostly ignored it and opted to stick with MT4.
MT4’s popularity stems in part from the fact that it allows people to create their own trading scripts that they could then use to make the whole process easier. People basically have the option of creating bots that will handle the trading for them, which would be undeniably appealing to those who can’t put a lot of their time into forex.
This is where TOC comes in.
Basically, TOC is a trading tool designed to take advantage of the freedoms afforded by the MT4 trading platform. Since users are allowed to essentially automate their trading using that platform, TOC makes it easier for people to do so.
TOC works according to your preferences as well. You will be the one to input your preferred settings for potential trades and the tool itself will make transactions based on what you have encoded.
If you simply do not have the time to pour into forex trading, TOC provides you with a way to still be heavily involved while knowing that all the moves being made are in line with how you would have acted yourself if you were the active trader.
How Does It Work?
Let’s now get into how the TOC tool is supposed to work.
The first thing you have to do once you have gained access to TOC is to install it. To be more specific, you need to install the tool and then attach it is a plugin to the MT4 platform. Assuming that your internet speed is decent, this whole ordeal should take around five to 10 minutes to complete.
Thankfully, the steps for installing and attaching this software to the MT4 platform are very simple and easy to follow. You won’t get lost even if you’re not familiar with doing this sort of thing.
Once you’ve installed and attached the TOC, you can pull up the MT4 program and you’ll see the tool there. It’s a smaller menu that will appear next to the MT4 platform interface.
You will now have to set the parameters of your trades. To do that, you need to tinker with the drop-down menus. It’s completely up to you to configure the TOC tool in such a way that executes your trades in the manner you prefer.
You can make trades based on a fixed lot size, a certain risk percentage, or even a specific amount of money.
Other trade parameters you can set include the stop loss, the take profit, and even a breakeven point. Given how important those parameters are to define your level of aggressiveness in the trading realm and how they can impact your equity, it’s really handy to have a tool that can remember them for you and account for them while you’re carrying out trades.
After setting all the parameters exactly how you want them to be, you can go ahead and open up the trades. You can click on either the buy button or the sell button to get the trading started. Alternatively, you can also set up some pending orders if you are more comfortable with that. Regardless of which option you ultimately choose, you can execute it easily with the help of the software.
To start over again with your transactions, you can navigate over to the top of the menu and click on the “Close Market” option. From there, you can just set new parameters and complete more trades.
Is There a Money-Back Guarantee?
While there is technically no free trial offered for TOC, you’re essentially being given access to one because of the way its money-back guarantee works. The developers state on the program’s website (https://www.traderonchart.com/) that they are offering a “super-lenient satisfaction guarantee” and we agree with that sentiment.
Should you find that the product is not what you expected it to be or you are simply unhappy with it, you have the option of getting your money back completely as long as you ask for a refund within 30 days of your purchase.
The refund process is simple and easy to complete. To get it started, you simply have to send a refund request to the email address firstname.lastname@example.org. Again, you need to do so within 30 days to get your refund, but beyond that, you don’t have other things to worry about.
What Allows TOC to Stand Out?
At its core, TOC is supposed to make the experience of working with the MT4 trading platform easier than ever, and that’s exactly what it does.
One of the things that can discourage people from forex trading is how tedious it can be and how much time they need to put into it to get it right. Fail to keep watch over your transactions for an extended period of time and you can be victimized by a particularly significant swing in the markets.
Think about how much time you have to spend manually configuring your planned trades and how much you need to repeat the same actions. It can honestly be very tiring. If you aren’t up for that to start your day, you will likely most not be too keen on it if you have to do it after a long shift at the office.
This is why TOC is so helpful. There’s no need for you to spend as much time getting all of your trades in order because all you really have to do is to adjust the parameters as needed. A task that used to take about an hour to complete can now be done in just a few minutes.
It’s also worth pointing out how much this piece of software will be able to do for you should you decide it use full-time for all of your MT4 trading needs.
For instance, this program will automatically calculate the position size for you.
Once you’ve set your desired stop loss size, the program will then calculate the ideal position size depending on that and the amount of equity you currently have. You can feel fully confident moving forward with your prospective trades because you know that the program will ultimately protect you from losing too much money in the event that things start to turn sour for you.
Along with making trading faster and easier for you, some of the important calculations you need to carry out during the process will also be handled by TOC. It isn’t just designed to make trading more convenient, it’s also going to make it foolproof.
What Are the Most Important Features of TOC?
Now it’s time for us to focus more on the features of TOC.
Everything you need for successful and efficient trading can be found within that small panel. As mentioned earlier, you can get started by adjusting the trade parameters and using things like a fixed lot size or perhaps a precise risk percentage.
The program also comes with a built-in position size calculator that we touched on above, and that too can come in very handy when you’re just trying to get some trades in as you’re trying to relax at home.
Those are not the only features worth knowing.
Other features that deserve your attention include the options that provide you with the opportunity to input specific stop loss and take profit pips. Setting the right stop loss and take profit marks is absolutely essential to successful trading especially if you’re going to rely on automation.
With no stop loss mark set, you can easily end up losing all of your equity. On top of that, failing to set a take profit mark can also end up biting you in the backside because you may miss out on huge gains had you just cashed out of the market a bit earlier.
These are precisely the things that stop loss and take profit marks that will protect you from. That’s why it’s so important that TOC provides you with options to adjust those exactly to your specific preferences. No matter what happens in the market on a given day, you never have to worry about something disastrous happening to your account.
Another feature of TOC you need to know about is Smart Break Even. When you only have a limited amount of equity to use for trading purposes, you need to get as much out of it as you can.
Smart Break-Even makes it easier for you to end a day of trading on a positive note instead of being disappointed by losses showing up on your account. The feature works by setting the stop loss level at an exact price level to account for the market bouncing back later on in the trading session.
You’re not making any significant profits by relying on Smart Break Even, but at the very least, you’re protecting yourself from small losses gradually chipping away at the equity you have.
An Intuitive Interface
The assumption many make is that if you’re familiar with forex trading, then you must also be very used to working with computers. That’s not always the case though and some traders can be intimated by newer tools that require you to be well-versed in computer technology in order to use them.
The beauty of TOC is that you don’t have to possess any kind of specialized computer knowledge to get it working. All of the important features are labeled currently and adjusting them precisely can be done with a few clicks of the mouse and some taps on the keyboard. The buttons are also clearly labeled so that you can avoid making mistakes while trading.
If you are still having a bit of trouble getting used to the interface at the start, you can request assistance from the TOC support team. They are very helpful and they will provide you with tips that will make using the program easier in the future.
Thus far, we’ve been very positive about TOC because we do see it as a tool that can definitely make working with the MT4 trading platform significantly easier. For those on the market for a tool that will allow them to trade confidently and quickly, it’s hard to come up with a better alternative.
However, you do need to know about how much this particular piece of software costs.
The monthly price for the program is currently at €15, which comes out to right around $16 to $17. You can get the program for a whole year if you pay €120 while a 4-year subscription to the program is currently available for €240. Support and updates are included with those deals, but still, the prices are not exactly customer-friendly.
It’s up to you to decide if those prices are worth it in exchange for a program that can make trading more convenient in a variety of ways. This is why the money-back guarantee offered for the software is important because it effectively allows you to experience what it’s like working with the program so that you can determine if the price tag attached to it is acceptable or not.
- Pairs up exceptionally well with the popular MT4 trading platform
- Speeds up the trading process
- Enables you to set specific parameters for your trades
- Comes with a built-in position size calculator
- Makes it possible for you to set specific stop loss and take profit marks
- Has a Smart Break Even feature
- Easy-to-understand user interface
- Prices for different packages are on the higher side