Like any other successful person in their chosen field, you also need the proper trading tools if you are to become a successful trader. Trading tools play an important part in your trading success. Given the right and proper trading tools, you can be a more efficient and effective trader.
Even if you are already proficient and have several years of experience in the market, the right tools can enhance your trading and may make it more efficient. And if you are just getting started as a trader, the proper tools can speed up your learning and journey as a trader.
Advancements in technology over the past 5-10 years mean there are more trading tools available now than ever before. And if you can pick and use just a couple of these tools, you can save a lot of time and effort and make your trading more efficient.
In this article, we will talk about MT4 Genesis, which enhances the power of the standard MT4 platform. MT4 Genesis is designed to help manual traders make the most of their trades by providing useful and practical trading tools.
Let’s have a look at some of the most useful and practical features and capabilities of MT4 Genesis and how you can use them to enhance your trading.
Managing multiple positions
Speed and accuracy is critical for the active trader. If you have multiple positions and the markets are moving fast, you need to be able to respond quickly and accurately. The Mini Terminal function of MT4 Genesis allows one click trading and the ability to trade directly form the chart. This could be vital if you are trying to capture big moves in the Forex markets.
Spot trading opportunities
Finding high probability trades is a big factor in your trading success. The higher the probability of winning, the better the trade. Using the Correlation Trader within MT4 Genesis, you can easily spot new trading opportunities by comparing markets and timeframes. Another useful feature of this is that it allows you to place the trade directly from this tool. You can compare trades that are highly correlated or non-correlated and make the trade right away. With this feature, you can identify as many trades as possible.
Trade like a pro
Adding to winning trades or getting out of losing trades is vital to a trader’s success. This is the key behind the saying ‘let your winners run and cut your losses quickly’. With MT4 Genesis’ Trade Terminal, you can open multiple positions and make adjustments to each separately. This means you can set and adjust stop losses, take profit and trailing stops to capture market moves.
Another practical and useful feature is the ability to create templates for frequently used or complex trade parameters. This means you can save valuable time in finding trades once you have the templates in place. Trade Terminal also has a risk calculator that can help you analyse the risk reward ratio of every trade before you place them.
Don’t be tied up to your desk/computer when trading
No matter how hard you try, it’s not always possible to watch the market and place trades all day. Almost always, there will be interruptions or distractions that can affect your trading schedule. Using MT4 Genesis’ Alarm Manager, you can set up triggers, alarms and reminders that will notify you if your pre-set conditions are met. And you can place trades automatically once those alarms or reminder conditions are triggered.
Some of the most useful and helpful alarms you can set include:
» Alarm or pop up on your screen if your margin usage exceeds 20%
» Close all losing positions if your drawdown exceeds 10%
» Warn you if you have positions without stop loss
» Remind you to stop trading if you have four consecutive losing trades
These are only some of the practical and easy to use tools available on MT4 Genesis. If you can try to learn and apply at least a couple of tools to your trading each week, you can easily make your trading more efficient.
Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.