Top 6 Trading Tricks For MT4 Users

enhance the trading experience. The simple yet sophisticated layout quickly became the most preferred platform for many traders and has retained its spot despite the arrival of newer trading platforms in the later years. This proves that MT4 has all the functions a trader would need to carry out a trading process easily. 

This proves that MT4 has all the functions a trader would need to carry out a trading process easily. However, knowing a few tricks can make trading on the MT4 platform less complicated for traders. Today, you will get to learn the top 6 trading tricks that can be applied on the MT4 platform for a superior trading experience.

Trick to see your trade positions on the chart 

The first trick is simple, but it can make a huge difference in how you view trade positions. The classic MT4 platform allows you to drag a position you opened and bring it to the charts for a quick review. For this, all you have to do is go to the ‘Account history’, which is right there on your Terminal panel and then pick a position of your choice. After that, you can easily drag it and place it on your charts. 

This makes it easy for you to keep track of your trades and get an overview of your trade positions at the end of the day. Once you bring the preferred trade or position to the chart, you will get to see all key details related to the position. If you have already closed the position, you can view the price you entered, the target level set, the stop loss, and the exit point. 

I recommend all traders try this trick once, and you can add this step to your trading routine as well. The habit of viewing your positions on charts allows you to evaluate your trades daily and check if they went well as per your plan or if anything is going wrong with the process. This actually helps you to manage your trades better while trading on MT4. Traders who haven’t tried this or any MT4 trick before should try them in a demo account to find out how these actually work before trying them in live trading.  

• Chart data backup creation

This is a trick to save your charts and create a backup to keep the template you have been using. The template will be available even after deleting all the chart data. For this, firstly, you should create a new chart, and then you need to open settings by pressing F8. The template should be saved in the Charts menu. You need to remember the template name to see it later, so give it a simple name and note it somewhere if you are forgetful. After this, you can always view a chart by choosing its template from the Charts Menu. 

By creating this backup, you can ensure that you won’t lose the data from a chart even if you end up deleting it all, which can sometimes happen. Other than this, you will be able to use this template as a reference as well. So, next time you plan to delete all the chart data, use this trick and create a backup for the same. 

Making your Screen less crowded 

There is no doubt that MT4 has a simple and beginner-friendly user interface, but you might get a feeling that your screen is overloaded with some basic tools and features while trading, making it hard for you to focus on the actual process. For instance, you may not be fond of seeing the newsfeed or symbols of currencies when you are trying to place a trade. The news feed can be a point of distraction for many of us. 

But you can remove all of these not-so-important components from your screen by using a simple trick. You just need to head to the Tools tab and click on options. Then, you will see that all the tools that are there on the screen are enabled. You just need to uncheck the ones you wish to remove. Suppose you just want to get rid of the news feed, then you simply uncheck ’Enable Newsfeed’, and you will be able to trade without Newsfeed on your screen. 

This trick is very helpful for traders who want their screen to be more free with less traffic. This can make the trading process easier as you are not overloaded with tools which you don’t even use while entering trades. It is also useful to make your interface look clearer; that way, you won’t get confused or lost. and also saves you from wasting your time if you are someone prone to getting distracted.  

Entering text to explain Graphs

Did you know that you have the option to make your graphs more readable by adding some text as an explanation? This option can be found in the ‘Inset menu’. You just need to choose ‘Inset text’ from the Insert menu. After this, you can always write text on your Chart by clicking anywhere on it and entering what you want to write in the dialogue box. 

However, the text that can be inserted at once is limited, and if you surpass the limit, you will have to open a new dialogue box to add more text. This trick is very useful for taking note of what you have interpreted by analysing the charts to ensure you don’t miss anything important while drawing a conclusion from the analysis. 

Saving your most used indicators 

All traders will have a set of scripts and indicators that they tend to use more often than others. You will be using the same set of indicators for each and every trade, and you can use this trick to save it for quick access anytime you need it. For this, you just need to mark the preferred indicators as your favourite, which makes them easily accessible, saving you time.

In order to do this, you simply pick the indicator of your choice and right-click on it to see the option ‘Add to favourites’. Once you select that, the chosen indicator will be saved as your favourite. This is another simple yet useful trick you can try while trading on MT4.

One-Click Trading

We tend to spend a lot of time placing and executing our trade in a typical setting, but the one-click trading option of MT4 is the best way to cut down this time and increase the speed with which you enter trades. One-click trading is also way easier and more convenient to do on a daily basis. Enabling the one-click trading mode allows you to select and set your buy and sell positions with a single click. But, you need to make sure that you’re trading with the right margin because once the order is placed, you will either make a profit or a loss and if the margin used is way too high, then losses can be bigger. To keep the margin requirements at an optimum level, use a margin calculator, which accurately analyses the margin required for each trade. 

To activate this option, you can simply go to the Tools menu and click on Options. You can see a lot of options that are enabled with a tick mark, and you just need to make sure that one-click trading is enabled. If not, you can enable it manually. Sometimes, the one-click trading option does not appear even after being enabled. In that case, you can right-click on the trade chart and select ‘one-click trading’ from the drop-down menu. 

One-click trading has become a lot more popular due to the emergence of modern trading strategies and techniques, which are faster-paced. The regular trading process on MT4 is a 2 step process, while One-click trading narrows it down to just one next, allowing you to place orders right away without the need to give secondary confirmations. The trick of one-click trading allows you to place and execute your trades quickly, simplifying the trading process.

Final Summary

With that, you have learned all the top 6 trading tricks that can enhance your trading experience on the powerful MT4 platform. All experienced MT4 users are using these tricks, and newbies can also make use of these simple techniques to make trading swifter and more efficient. To sum it up, trading is a process which takes time to learn and attain perfection. It demands a solid combination of skills and the essential tools to easily carry out the trading process. So, make sure you keep learning and developing your skills while trying the tricks mentioned above for MT4 trading.