Numerous factors have contributed to the rise in popularity of MetaTrader as a forex trading platform. MetaTrader is easy to use and has a slew of useful features and functionalities to make trading even more convenient for investors. These features and recommendations are what you need to know to get the best out of this programme.
Most people forget about the profiles feature while setting up their MT4 platform. The ability to mix and arrange your charts in a profile is considerably more convenient.
The screen displays four distinct currency profiles: the British Pound, the Euro, the Japanese Yen, and the Swiss Franc. When you create a new profile for the British Pound, for example, MetaTrader will present you with a top-down period analysis of the GBP/USD pair over many time frames in one view.
You may set up numerous profiles for different markets if you don’t want to keep going back and forth between other profiles. Switching between various trade profiles is accessible by pressing CTRL + F5 on your keyboard.
The second benefit of MT4 is that it is highly user-friendly when entering and maintaining trades. MetaTrader’s standard order execution window is in the right image. One Cancels the Other is a standard MetaTrader order, which means you may set your stop loss and take profit orders simultaneously as you open a position.
MetaTrader cancels the other order if the price meets your stop loss or takes the profit order first. The stop loss order is instantly cancelled when the price exceeds your take-loss order on MetaTrader.
Instead of manually setting a stop loss, taking profit orders, and then deleting them once you’ve closed your position, MetaTrader does all of that for you.
As well as shifting your stop loss and taking profit orders with a single click, you can drag an order around and see how much you can win or lose based on order specification in MetaTrader. You may use this to track stop-loss orders or manage risk in general. Clicking on the take profit button, for example, tells you the possible money you may gain when the price hits your order and provides you pip distance.
You may just click on the entry order, keep your mouse down, and MetaTrader will allow you to generate fresh stop loss and take profit orders when you initiate a new trade.
MetaTrader’s crosshair is a handy feature that makes trading easier for novices and professionals. You can view the crosshair on the price chart by clicking on your mouse wheel or pressing the MetaTrader hotkey CTRL + F.
The measuring function of the MetaTrader crosshair is activated by clicking and holding down the right mouse button. By swiping your mouse, you can see how far away the price level you initially clicked is from where your cursor is currently positioned.
Using the crosshair tool, you may find probable stop-loss, take-profit levels, and target areas for various chart patterns.
You’ll see three options next to your cursor in MetaTrader:
However, it’s pretty easy to lose track of what you attempted to convey with the many trendlines and chart studies that MetaTrader provides. Adding annotations to specific trend lines will allow you to see your annotated data in real-time