The MT4 trading platform also called the MetaTrader 4 platform has a number of features, which can help you save both time and effort while trading. While the overall MT4 trading platform can be quite intimidating to a newbie trader, the fact is that it is probably one of the only platforms in the world which essentially makes trading easier and more straight forward.
Templates in MetaTrader 4 help traders save time and also helps them customize many aspects of their trading. Templates can be used to set various views of the charts, in addition you can also set indicators and sets of various indicators. Traders can customize their templates using a number of different combinations of expert advisors and indicators, which allow them to switch from one to the other quickly using keyboard short cut keys or by simply clicking directly on the chart and then picking another template.
The most efficient way to trade with MT4 is to use a number of lot sizes. Your lot sizes shouldn’t be too big for the size of your account owing to the fact that even a small draw can literally clean out your account. Traders are advised to trade using just 5% of their margin so for instance if you have a small account of $1000, then 5% would be $50, which can be used to trade a mini lot which ensures that your trades are safer. By avoiding to over leverage your account you are ensuring that even though your profits are small your overall risk is also tiny.
MT4 uses a system also called a stop loss which essentially allows for a trader to set a price or level below which his or her loss does not go. So essentially if you have an account in which you purchased a currency pair but do not want to lose more than 5% of your investment on you can set the stop loss so that as soon as the loss hits 5% the system will automatically exit the market. A system such as this will also help in the event of a power failure, loss of internet connection or computer problems. The stop loss will ensure that your investment does not drain your account if left, unattended or unmonitored for an extended period of time.
You should also make sure you are not spending your hard earned cash on some sort of scam. Therefore, before buying anything, always check http://www.forexblacklist.com first.
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