- August 4, 2021
- 7:21 pm
- Technical Strategy
Expert tips on how to use MetaTrader4
Using MetaTrader4 and making the most of it is an essential part of being a profitable prop trader. Take advantage of our expert advice on how to use this trading software.
MetaTrader4 is the world’s most popular trading app, available on both desktop computers and mobile devices. If you have a connection to the internet, you can access and trade on the MetaTrader platform from any location in the world.
It is a robust piece of software with a multitude of customization options. MetaTrader4 is an extremely secure platform, with all data encrypted, and your funds will be safe as long as no one else knows your password.
This trading platform also enables you to trade a wide range of assets and markets. Visit our trading rules page to find out which currency pairs are permitted on our funded account. As technology develops, you may be able to use automated trading systems if necessary.
Focus on just trades
Despite the fact that MetaTrader4 has many advantages, we always advocate utilizing it solely to place, modify, and close trades. The rest of your trading preparation can be done on superior software with better data and accessibility.
It should only be used to manage trades on a transactional basis. Don’t give in to the temptation to draw on the chart within the MetaTrader4 software since it’s very clumsy, and brokers can tamper with the daily candlestick opens and closes.
The platform and its uses
The trading platform MetaTrader4 is relatively simple to use, requiring only a basic download and account connection in a matter of seconds. While the platform allows you to submit pending orders, we advocate using instant executions when opening trades.
This is due to the fact that you should only take certain trades when you see them at a particular frequency. We have tried relying on orders in the past, and it fosters lazy trading, which leads to the development of other undesirable behaviours.
How to place trades
Opening the order panel and inputting all of the trade information such as stop losses and take profit levels is one way to place trades on MetaTrader4. You may also use the one-click trade buttons. This will allow you to place only the position size and then either buy or sell the market.
You will next need to click and modify the stop loss and take profit levels. On mobile, it’s slightly different, but make sure you calculate your levels precisely. Also, keep in mind that all accounts require a stop loss on all Forex trades, so make sure you utilize one.
How to modify trades and manage trade history
The simplest way to modify trade levels on the desktop is to click and drag the levels to the desired location. Otherwise, simply right-click on the trade and modify the position manually. At the bottom of the platform, there is a trade history tab that displays all deposits, withdrawals, and, most importantly, trade history.
