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Kroum "Koko" Petkov, who is currently based in Dubai, began his trading career in 2007. In 2015 he started giving trader training courses based on his own trading methods. His training courses stress the importance of position management and risk management. To help traders with their risk and position management Koko created a free tool for the NanoTrader Full trading platform.
The “Koko Free Risk Tool” provides users automatically with on-screen tips. The tips cover risk (when and how to change stop orders) and positions (when and how to reduce positions). The messages appear automatically and are based on your open position. You can request an alarm (e-mail, pop-up or sound) when a message appears.
The following four messages can appear:
As usual the settings can be done in the DesignerBar or directly in the chart. Besides the choice of alarms, these are the possible settings:
Yes, activates the tool. No, deactivates the tool.
Enter (in ticks*) the distance between your entry price and your stop level. This is your risk.
Enter (in ticks*) the distance between your entry price and your target level. This is your profit target.
Enter the number of bars which need to elapse after the opening of the position. The tool will then check your current profit (or loss) and see if either message one or two applies.
* A tick is the smallest price movement an instrument can make. The EUR/USD price, for example, quotes with five decimals: 1,12345. A price move from 1,20000 to 1,20010 is a price move of 10 ticks.
This example shows a profitable position after the specified number of bars. As a result the first message box appears.
If you are not yet familiar with the NanoTrader Full please visit the quick start page.
Activate the tools you wish to use. Right-click in your account the instrument you wish to trade and select the relevant tool in the Kroum Petkov folder.
Tools which provide, for example, automated stop and target orders when a position is opened, require you activate the TradeGuard beforehand. This can be done via the button in the chart: