Stornowaybc.com – Metatrader broker. MetaTrader 4 is one of the most widely used trading platforms and there are many reasons why this forex platform has become so popular over the years.
MT4 is not only very easy to use, it also offers various features and functions that make life easier for traders. In this article, we take a look at 6 of the most useful tips and resources you will need when using this software.
1. Metatrader: Using Profiles For Efficient Routines
When setting up their MT4 platform, most users ignore the profile feature completely. In one profile, you can combine and better organize your graphics.
For example, the following image I took from the Malaysian FXTM (Forextime) MT4 broker, shows 4 different profiles: British Pound, Euro, Market Overview, Swiss Franc. When you open a new profile, for example, if the GBP/USD pair is in a single display with high to low highs, MetaTrader 4 will display various analyses.
Instead of browsing for an indefinite amount of time, you can create multiple profiles for the market you want to see. The CTRL + F5 combination facilitates profile swapping and creates more efficient professional routines.
2. OCO Order: Order Type “One Cancel Another” For Easy Trading
The closest thing to MetaTrader 4 is that it is very easy to enter trades and manage orders. In MetaTrader, COC orders (one canceling the other) are standard and mean that when you enter a trade, you can immediately set a stop loss and make a profit order at the same time you enter it.
Depending on whether the price reaches the stop loss or takes profit first, MetaTrader cancels the rest. When the price reaches your profit order, the stop loss is automatically excluded by MetaTrader.
Since you have to set stop loss and take profit orders manually and then delete orders after leaving your position on another trading platform, this is fully automated in MetaTrader 4.
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3. Scroll Through Control And Risk Assessment
In MetaTrader 4, you can not only transfer stop loss and take profit orders with one click, but you can also click and withdraw orders. MetaTrader 4 directly displays the potential amount you can win or lose depending on the order level. This is great for managing risk, increasing or tracking your losses.
In the image below, you can see that, for example, when you click Take Profit, MetaTrader shows the potential amount of money you could earn if the price reaches your order, as well as a pip removal.
When entering a new trade, you can also click on the incoming order, hold down the mouse button and with MetaTrader you can create new stop loss orders and/or take profits.
4. Versatile Crosshair
Segmentation in MetaTrader is a great tool that makes life easier for traders. Just click the mouse wheel or use the MetaTrader hotkey CTRL + F and you will see the crosshair on the price chart.
By clicking and holding down the right mouse button, you can activate the MetaTrader crosshair measurement function. Move the slide and MetaTrader will show the distance between the price level you clicked on for the first time and the current cursor position.
The cross function is ideal for measuring potential stop-loss/take-profit distances, exploring chart pattern targets or measuring other price distances.
MetaTrader shows three digits next to your cursor:
- The number of periods between the current and initial mouse position
- The number of points between the current mouse position and the start
- Current price level
5. Inline Flow Text
MetaTrader 4 offers a lot of research and charting tools, but it’s very easy to forget what you want to show with various trend lines and chart studies. You can make notes on each trend line and then view the information directly on the chart.
When creating a new outline, enter the information that you want to appear in the description in the chart. This text is displayed directly on the trendline.
In terms of trend lines, MetaTrader 4 plays another role. After creating a trendline, select it, press CTRL and MetaTrader will copy the trendline. This is a very useful shortcut when you want to quickly draw parallel channels or create new lines.
6. Metatrader Window Fraction
Many traders have the habit of going back and forth over a period of time and randomly checking the same charts without really knowing what they are looking for.
In the first point, we will show you how to set up a profile in MetaTrader to set up and manage your trading platform effectively. The MetaTrader feature of the split window allows you to make your profile look better.