MetaTrader 4 is one of the most popular trading platforms simply because of its easy-to-use interface, the wide array of trading tools that it provides, and the incredible customization control that it gives traders. All of its features, together with its ability to allow for trading of different types of assets, makes it one of the leading platforms when it comes to making it easy and convenient for forex traders to manage risk and maximize their earning potential.
What this means is that as a trader, once you decide to download metatrader4, you have already gained an advantage over other traders who use other trading platforms. And once you start taking advantage of the various features that this trading platform offers, your odds fo making a profit in the forex market will be already magnified. Here are a few of the tricks that you can use to make it easy and convenient for you to trade profitably.
Using the Ruler Tool
When you are in the heat of actively trying to find and execute trades, struggling to manually measure the distance between two points is just an inconvenience. It is time-consuming, and in some cases, the time you take to get this process done can be the difference between making a highly profitable trade and making a loss. Also, any errors that you make when trying to measure for example the difference between an entry point and a stop loss can end up translating into catastrophic financial results.
In order to make it easy for its users to measure distance, MetaTrader provides a ruler tool. To get this tool activated, all you have to do is to use the Ctrl and F keys. Clicking on the cross-hair also works. After doing so, clicking and dragging between the two points whose distance you want to measure will generate the information you need automatically. This process is faster and facilitates an error-free analysis of market information.
Using the Favorites List
In the course of trading, you will realize that you tend to use certain EAs, scripts, and indicators. Taking the time to search for them by following the typical procedures can involve multiple clicks. While it is typically easy to access most features in the MetaTrader 4 platform, you can make it even easier by simply adding the scripts, EAs, and indicators that you love to use in the favorites list.
To save on the time it takes you to analyze or execute a trade, all you need to do is add the items that you regularly use into this list. To do so, all you have to do is to select the item by right-clicking on it, and in the menu that is generated, select the ”Add to Favorites” option.
Account History Analysis
As a trader, refining your trading strategy is crucial to your success. Generally, you need to continuously maximize your chances of making profitable trades while also minimizing the bad trades. There is no better way to achieve this than by analyzing historical data.
With MetaTrader, analyzing your closed trades is an easy process. All you have to do is to go to the Account History section, and then drag a closed position on a chart and you will be able to see all the details of that trade. By making it easy for you to analyze your past trades, this platform gives you an easy way of improving your strategy especially when it comes to your choice of entry points, placement of stop orders, and overall timing.
Using the “Insert Text” Feature
One of the things that help traders to not only refine their trading strategies but also develop trading discipline is having a good trading journal. Instead of using a journaling application to note all the thoughts, emotions, and the reasons why you entered or exited a certain trading position, you can simply enter these details right into the charts. The convenience of creating multiple text boxes on the charts make it easier to keep an accurate and regularly updated trading journal, and this can go a long way towards improving your odds of success.