Getting the most out of the MetaTrader 4 (MT4) Platform – Part 2

Hi traders and welcome to the second post in our “Getting the Most out of MT4” series. If you missed the first post in the series, be sure to check it out here. In this second piece, we’ll introduce another few handy tips and tricks to improve your workflow and trading process.

Setting up One Click Trading in MT4

If you’re an active trader or scalper, One Click Trading is an incredibly handy feature as it allows you to open and close trades with a single click. When trading the news or scalping, timing is everything and a few seconds can make all the difference. Having said that, there are risks involved with One Click Trading so make sure you know what you’re doing and be prepared to rectify your mistakes as you make them. It might hurt closing that 1.00 lot trade that was supposed to be a 0.10, but it’s better to take a small loss right away than watch the trade go out of control and blow your balance.

To enable one-click trading go to the Tools menu, select Options, click on to the Trade tab and select the One Click Trading check box. A terms and conditions dialogue box will pop which you will have to agree to before enabling the feature.

Trading alerts in the MetaTrader 4 platform

Waiting for a particular price level, but don’t want to automatically trigger a limit or stop order? MetaTrader’s trading alerts are an extremely handy, but often overlooked feature. You can set up an alert to play a sound when a particular price or time condition is met. For example you could set up an alert to trigger when AUDUSD breaches .7000 or 5m before an important data release.

To set up an alert, simply right click on your chart and select Trading -> Alert. Your alert will appear on chart instantly and you can double click or right click on it to modify trigger parameters. Want even better alerts? Check out the Vantage FX Smart Trader Tools package for advanced alert functionality (indicator alerts) and a bunch of other cool features!

Analyze your trading results from within MT4

Want to analyze your trading performance? Check your win rate, drawdown, profit factor etc? MT4 allows you to quickly export HTML reports from the trading history tab. Though these reports aren’t anywhere near as helpful as the reports you’d get from PsyQuation or Myfxbook, they are very quick to produce and there’s no need to connect your account to a third party service via an investor password. You can also easily analyse as much or as little of your trading history as you want ie see how you’ve performed this week, month, quarter etc.

In order to export a HTML report, go to the Account History tab in your terminal, right click and select Save as Detailed Report. MetaTrader 4 will create the report in a blink of an eye and it will automatically open in your default web browser!

Source: Vantage FX Blog