It is known that MetaTrader is currently the most popular and most used trading platform nowadays. This popularity is somehow attributed to its ease of access and great functionality. But you cannot maximize these advantages if you don’t know how to use this trading platform. Here are some helpful tips to start your trading journey with MetaTrader 4.
The Use Of Profiles To Promote Effective Routine
The function of profiles in MT4 is mostly overlooked by traders. Later did they realize the importance of these profiles when organizing the platform.
Through the use of profiles, you can easily combine and organize the charts, nicer and so much better. For instance, you have different profiles in your account – the Euro, Swiss Franc, British Pound, and Market Overview. When opening a new profile, the British pound, for instance, the trading platform will automatically show you the multi-timeframe analysis in a single view from the top going down to the timeframe.
This means you won’t have to flop through different timeframes continuously because you can create a couple of profiles for the type of market that you want to keep an eye on. Just by using the keyboard keys, CTRL + F5, you can switch from one form to another. This will create a better trading routine for you.
“One Cancels The Other” Order
The next good thing about MetaTrader is the fact that you can enter a trade and manage it very easily just in a few steps. This order is called One Cancels the Other or simply OCO. With the use of this order, you can directly set the take profit order and stop-loss order by the time you enter a trade.
Moreover, the MetaTrader also automatically cancels the order when the price hits the take profit or the stop loss. That means, if such occurrences happen, it gets automatically deleted from your MetaTrader account.
This is a lot easy compared to manually setting a stop loss and taking profit orders then deleting the orders after you exit the position. This works automatically in MetaTrader.
Drag Orders And Assess The Risks
Aside from easily moving the stop loss as well as the take profit orders, MetaTrader 4 also allows you to perform dragging of orders then assessing the risks of your trades. In MT4, the potential amount of your wins and losses are directly shown to you. This information is based on the order distance itself.
This can be a good advantage for the management of risks, trailing stop loss, and the sizing positions. When entering a trade, the process is also quite simple. You just have to click the entry order while holding the mouse down. Then, you will be allowed to make a new stop loss and take profit orders.
The Very Useful Crosshair
The crosshair in MT4 is a very useful tool that makes trading so convenient. To use Crosshair, you can press the CTRL + F, and then, you can view the crosshair of every price chart.
