HOW TO USE METATRADER4 LIKE A PRO

Getting to know a trading platform like MetaTrader4 can be a little daunting at first. But it’s worth putting in the time – you’ll get a lot more out of it in the long run if you know all of its features. The following tips and tricks will have you using MT4 like a pro in no time.

How to set up MetaTrader 4

Knowing how to set up MetaTrader4 the way you want it is easier than it may seem. When you are trading, your charts, watchlists and the other tools you use should be exactly where you need them to be. You can set up and save the layout of MT4 exactly in any format you like, so there’s no reason to stick with the default layout.

The first thing to do is get rid of anything you don’t actually use. Then move any components you rarely use to one side. If you watch quite a few markets, you may also prefer to put the watchlist (Market Watch) on the right-hand side of the chart so that its closer to the current price action of the chart you have open.

If you cover different markets in different ways, you can even save multiple profiles, each with their own layout complete with different charts and watchlists.

To save your layout as a profile, click on File on the top right, then Profiles, and then Save As. This will allow you to very quickly bring up a completely different platform layout when you need to.

How to trade using MetaTrader 4 with just one click

If you trade on very short time frames, you’ll probably want to enter orders as quickly as possible. By default, entering an order is a two-step process, but this can be reduced to one-step by enabling the option.

Press Alt-T to enable this, and then go to Options>Trade to set the default volume you want to trade.

Now you can trade by simply clicking on the buy or sell tab at the top right of the chart. If you need to change the volume, you can easily do so on the same tab.

Fast analysis with Metatrader4: how to use chart templates

You will probably find you use specific sets of indicators on different types of instruments, timeframes or strategies. You can speed things up by creating chart templates that have the same set of indicators.

Simply create a new chart with all the indicators you want, then right click and click Template, then Save Template. You will be prompted to give the template a name and then save it. Now whenever you need that template, you right-click and then click on Load Template to find your template. You can even change the background colour on each template, so you know exactly which template you have open.

Learn a few Hotkeys

People are often reluctant to learn hotkeys and keyboard shortcuts for software applications because there always seem to be so many of them. But MT4 shortcuts can speed up your workflow considerably – so it’s worth learning a few that you will use often. Here are some of the most useful shortcuts and hotkeys you may find useful:

Ctrl I opens the “Indicators List” on your chart, which is a lot quicker than doing so with your mouse.

Ctrl-A changes all indicator windows to their default height.

Ctrl L shows and hides volumes.

Ctrl F enables crosshair.

F8 opens the chart properties window where you can change the colour of an indicator.

F9 opens a new order window when you want to place an order

+ and – zooms the chart in and out.

Page Up scrolls the chart quickly to the left.

Page Down scrolls the chart quickly to the right.

ALT 3 changes the chart to a line chart – this is very useful when you want to remove all the noise that candlestick and bar charts include.

Trendlines

Of all the drawing tools, it’s likely that you use trendlines the most. So, it’s probably worth learning how to get the most out of MT4’s trendlines.

First of all, the trendline icon is the one at the top of the chart with a diagonal line on it. Click on the icon and then click anywhere on the chart, then drag in the direction you want to draw the line.

If you click on the box on either end of the line you can alter the length and angle of the line. If you right click on those boxes, you can view the line’s properties. You can then set an exact price or time and date for the beginning and end of the trendline and change the colour and style of the line.

By clicking on the box in the middle of the line, you can drag the line in any direction without changing the angle or length. To create a parallel trendline, click on the box in the middle and the CTRL key, then drag up or down. You will now have a new line which will remain parallel to the original

Conclusion

These tips should help you get more out of your MetaTrader 4 platform. Once you’re on top of these, you can learn more techniques and shortcuts by clicking F1 and visiting the help screen.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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