I've delved into various order management tools for MT4 too, and there are definitely some that stand out for me. One tool I regularly use is the Trade Manager pro EA. I prefer it due to its intuitive interface and the ability to set precise stop-losses and take-profit levels with just a few clicks. The drag-and-drop feature to modify orders is a big time-saver during volatile market conditions.
Some specific features I find invaluable are the risk management settings. Being able to automatically calculate position sizes based on my risk percentage per trade has definitely helped in maintaining discipline in my trading approach.
Since incorporating these tools, I've noticed an improvement in my ability to react quickly and manage multiple trades simultaneously without getting overwhelmed, which has indirectly improved my trading performance.
However, I've also encountered some pitfalls. Sometimes these tools can complicate things if you over-rely on auto-settings without fully understanding them. There's also the occasional compatibility issue after MT4 updates, so it's important to keep tools up to date and check for user reviews or forum discussions to spot any potential issues early.
If you're just exploring these tools, I'd recommend starting with trial versions if available before committing to a purchase. It's also beneficial to follow any tutorials or user guides to fully leverage the tool's capabilities.