When you’re new to trading, platforms can seem as though they’re impossible to read and decipher, making many potential traders hesitant about trading opportunities. No matter how confusing trading may seem at first, getting to grips with it soon becomes simple after placing a few trades. The key to successful trading remains learning the tricks of the trade. All of these little tips will help you save time when trading, and will help make the process easier. Here are just a few tricks for you to try in your trades this month:
Trading Profiles
Most novice traders are quite dismissive of their trades once they’re complete, feeling either jubilant about their victory or gutted about their loss. Due to this attitude, many are unaware that there are facilities on the platform that can help them learn from their successes and errors. All traders have the option to save charting groups on MT4, meaning that you can save your charts and chart groupings. Here, you can look back and reflect on what happened and why.
As well as this, you can also save a profile, adapting your screen display to ensure that it specifically suits you. All you have to do is click on ‘profiles’ at the top of the screen and select the option from the drop down. If you’re unsure, there are also preset options in the dropdown.
Monitoring Trendlines
Although to the untrained eye they may seem as though they’re an unnecessary complication, trendlines are used to help traders identify areas of support and resistance, helping them place better trades.
One of the main draws of mt4 is that it is easier to draw trendlines than in any other platform. All you have to do is click on the ‘trendline’ icon and click and drag across the chart to define it. Double clicking on the trendline will make any amendments. It really is as easy as 1-2-3.
Amendments are simple, too. All you have to do is:
- Drag either end of the trendline to rotate it
- Click and drag the centre of the line to move it to a different price level.
- Hold ‘Ctrl’ button and click on the trendline to draw a parallel trendline.
- Right-click to open ‘trendline ‘properties”. This will allow you to adjust the colour and style as well as defining other parameters.
All of these little tweaks will help you read the harts far more quickly and accurately. It really is a matter of just playing around with the software and ensuring that you understand it all. Sometimes, trial and error is the only way.
To conclude, the world of trading platforms may seem scary, but if you take these tips on board it will seem easier than ever. MT4 is very simple to use, you simply have to learn how to use it and have a play around with the functions. If you find it a little complicated, there’s also an updated MT5 software that is simpler and less cluttered than MT4. If you’re struggling with MT4, then ECN MT5 could be the software for you.