How Are You Managing Your Trades?

April 29, 2013  |  Trade Management

If you have been using the MT4 platform for any length of time, you know how cumbersome and time consuming it is to use. Placing a trade used to be a major pain in the rear, but with the latest MT4 update MetaQuotes finally decided to add 1-click execution directly on the charts, which is great, but how do you manage your trades after they have been placed?

Everything else still takes too much time to trade successfully. There are simply too many steps, and too much fiddling involved to make it work in your favor. What you need is an MT4 Trade Manager, an piece of software that can take care of all the steps and fiddling for you, so you only have to click a button, or two, to have it magically do everything else for you.

Using the classic approach in MT4, how fast can you modify 4 trades, setting the SL to 20 pips from entry and 40 pips from market? Or partially close 25% of 4 trades with odd lotsizes? It would take a lot of time and fiddling, and in the meantime the market is moving. Sure you could use some clever scripts to do some of the work for you, but that still involves fiddling with settings and making sure you get everything right.

Bottom line is: MT4 is too cumbersome to use for trade management as it is, and scripts are only a partial solution.