Top 5 Methods To Maximize The Use of MetaTrader 4 in Forex Trading

 


Looking for a user-friendly platform that is also rich with different useful features? With different charting tools, order types, risk management tools, comprehensive market analysis, MetaTrader 4 (MT4) is just the right platform for you. In addition to its long list of advantages, MT4 can also be accessed in multiple device platforms, which means that you can trade anywhere as long as connectivity is possible.

MT4 is also boosting with a top-notch Forex trading terminal. It can accommodate all types of traders, skilled or newbies. Here are some other features of MT4 that can help enhance your trading experience.

Create Customized User Profiles

For the MT4 platform, profiles serve as a useful feature. Using it, traders can easily group various asset charts that they can easily access. This will help improve productivity as well as the efficiency of the user. For example, one MT4 profile can have all the Euro-based charts, particularly the EUR/USD, EUR/JPY, or EUR/GBP. In another account, exotic currencies such as TRY/USD and MXN/USD. So, instead of switching from one time frame to another, you can just make a couple of profiles.

One-Click Trading

MT4 has a very convenient feature called ‘One-Click Trading’. This feature is very useful since it can help reduce the time you spend when placing a trade. It bypasses two steps of placing an order where you have to open a trade order window then selecting the most preferred order type like various parameters before you can click the buy and sell button as per your strategy.

Drag and Drop Orders

MT4 is also equipped with a drag-n-drop order, allowing assessment of trades very keenly. With the use of it, you can make sure that all-important factor-like stop-loss or take profit are all visible. Here are the steps to do so;

     Click Ctrl+O then Tools and tap ‘Options’

     Below the ‘Charts’ tab, click the ‘Show trade levels’

     After that, check the ‘Use Alt” key to avoid accidentally moving the stop-loss or the take-profit level

     Tap the F8 and hover to ‘Charts’ then click ‘Properties’. You can also adjust the color of the stop loss so you can see it at first glance.

Setting Up Price Alerts

When you set up price alerts, you can be sure that you don’t miss out on significant Forex trading opportunities. You will also know easily those price movements without spending all your time monitoring the chart. Setting up alerts is also very easy.

     Tap the Ctrl+T and it will open the Terminal window. Hover to the “Alerts” tab.

     Right-click into space and click “Create”.

     An “Alerts Editor” will open. This place is where you should enter the parameters as well as create alerts from certain markets as well as specific timeframes. You can even choose an expiry by which the alerts will be triggered off.

     Tap OK.

Turn Off Grids on the Charts

At some points, grids on your charts can become a nuisance. But not to worry, MT4 allows you to close it so you can properly see the price action.

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