MetaTrader 4 The Sequel – How To Place Trades in Price Action Trading

Hello people

Last time we learnt how to download and set up the Metatrader 4 platform for price action trading. Today we are going to do  Part II The Sequel, by far the most exciting part. We are finally going to learn how to place trades on the Metatrader 4 platform for price action trading. I’m sure most of you have been fantasizing about this part all week long. No need to wait any longer the moment has finally arrived.

I know  I said the last time that the Metatrading platform 4 platform is so user-friendly that anybody can use it. But at the same some people may be so intimidated by the numerous tabs and buttons splashed across the screen on the platform. But not to worry! If you are in that category of people, I will hold your hand right through this  post so you don’t fall. So onward:

How to Enter A Trade Via Market Execution

Image result for MT4 How To Enter A Trade Via Market Execution

  • First click on “New Order” .It’s right underneath the window label.

Image result for MT4 - select currency pair

  • Upon selecting your order, you select  the currency pair you want to trade from the menu at the top. Just click the arrow and make your selection.
  • Upon making your selection, you click on the menu label “Type” and select “Market Execution”
  • Next you indicate the size of the position you want to buy  by clicking on the menu labelled “Volume”. Keep in mind that one standard lot(1.0) is worth 100,000 units. So if you intend on buying 5,000 units select 0.5
  • If you have anything to say about your trade  just fill the ‘Comment’ column. But that’s optional.
  • Finally decide whether you want to buy or sell the currency pair.A dialogue box will then show up to inform you that your trade has been executed.

Next Up is:

Entering  A  Trade By Way of Pending Order

Image result for MT4 How To Enter A Trade Via Market Execution

Click on “New Order”Image result for MT4 - Entering Trade Through Pending Order

  • Next you choose your currency pair of choice from the topmost menu.
  • Your next task is ti select “Pending Order” from the menu labelled “Type”
  •  you  will want decide whether to buy or sel the currency pair in the order type drop down list.

Once you’ve made that decision, you will then be presented with 4 options:

And they are as follows:

Buy Limit – if you plan on going long at a level lower than market price

Sell Limit – if you plan on going short at a level higher than market price

Buy Stop – if you plan on going long at a level higher than market price

Sell Stop – if you plan on going short at a level lower than market price

  • Once you make your selection, fill in the price at which you want to make your appearance in the market.
  • After filling in the price, enter the size of your trading position in the volume field.
  • Next fill in your stop loss and take profit fields.
  • Keep in mind that you also have the option of setting an expiration date on your order. Better safe than sorry.
  • Once you have checked all the boxes,click the “Place”button to enter your trade
  • A dialogue box will then pop up to say “Voila! Your trade has been entered.”

If you’re not sure of your pending orders I suggest you read up on You Need To Protect Your Trading Position and Profits with Pending Orders

How To Modify Trades

CaptureSelect “Trade” tab at the bottom of the metatrader platform.  This contains all your trades including your entry prices, position sizes, stop losses,and profit targets.

However,if you want to add/modify your trades,here is what you do:

Image result for MT4 - Modifying Trades

  • Right click on the trade you want to modify and then select “Modify’ or “Delete.”
  • Next you fill the stop loss and take profit fields with your desired levels. And when you’re done, hit the “Modify” button.
  • A dialogue box then pops up to tell you that”Guess what,your adjustments have been Executed.”

And Finally:

How to Close Open Trades

Image result for MT4 - How to close open trade

  • Right click the  trade that you want close
  • If you want to close the entire position, select the yellow button below the “Buy” and “Sell” options.
  • After hitting the close button, you should see a change in your profit balance, reflecting  your profit or loss you made on your closed trade.
That’s  a wrap for ”MetaTrader 4 The Sequel – How To Place Trades in Price Action Trading.”  And sadly we’ve come to the end of th two part series on the Metatrader 4 platform. Yea,I know that  all good things must come to an end. but you can practice what you’ve learnt on a free demo account.This way, you’ll be better prepared when you decide to trade live.

Til next time take care.

Open Live  Forex Trading Account 

If you’re looking to open a live trading account sign up with Exness

How To Find The Perfect High Probability Trade

Hello and welcome to another edition of the bulls vs the bears.  I know  a while back we touched on How To Spot High Probability Trades and Run All  The Way to the Bank. But how about we learn how to find the perfect high probability trade?  For those who have no idea what I’m talking about, I suggest you read the post I just mentioned before you join today’s class.

You absolutely want to create an edge when you enter a trade  on the market. I can hear somebody  muttering under his breath saying “Hmmm…How do I do this?” Just pick a trade that has a high probability of giving you a decent profit. The moment you see an obvious pattern your brain should scream ‘BULL’S EYE.” That’s what I call your trading edge. That candlestick pattern should be so obvious that you dont need to think twice about entering the trade. If the conditions aren’t present just dont trade.

So basically  we are going to learn various ways fo finding the perfect high probability trade So first off:

You Need to know How to use Support and Resistance Levels

One way of finding the perfect high probability trade is   knowing how to analyze support and resistance levels. Let me give you a simple tip for trading support and resistance levels.  If a resistance level holds, it means the bears are overwhelming the bulls. And if the reverse happens, the bulls have the bears number.

If you  see an obvious resistance level, it can only mean one thing. That the bears are  looking to go short(or put in orders to sell).  And if there is a reverse scenario at the level of support nobody has to tell you that the bulls have put in their market orders to go long. Neither level can   break until one party overruns the other. So for level of resistance to  be breached the the bulls must destroy the bears. And for the reverse to happen at the line of support the bears must clear out the bulls. Let’s take a look at an example

bulls and bears buyers and sellers

Here the bears are resisting the bulls with all their might. The yellow marking suggests that the level or resistance is holding nicely.Once that happens the bulls run out of gas and the bears will take over proceeding and head for the bottom of the hill.

Next up:

Mark Important Levels

Sure you need to know how to trade support and resistance levels. But you should mark the most important levels.Why? Because everybody is watching those levels like hawks. So you need to sharpen your tools in this regard. Please do not make the mistake of  going intraday (looking at 1hr 4 hr time frames) or else you will be trading from a position of weakness.

One thing you need to understand is that high probability trades are long term trades. You’re talking about entering trades that will last for days, weeks, sometimes months, not to mention rake in huge profits as well. . You’d be better off looking at the daily, weekly or monthly time frames. Let’s look at an illustration of  Gold facing facing resistance at the resistance level

gold support resistance

The yellow markings represent the the important levels that I mentioned earlier. You need to be aware of these areas as they are going to be closely watched by other traders also. The red arrows point to to these marked areas. Just make sure when marking important levels, that these  are the levels you want to locate your trades. You do not want to mark multiple levels just for the fun of it. Mark the levels you want to place your trades and once you mark those levels you place your  take profit and stop loss orders.

That’s a wrap for “How To Find The Perfect High Probability Trade.” High probability trading is more than just entering trades. You need a flawless mindset and meticulous preparation. Not only will this strategy save you precious time, but you can easily recognize these trades because you know they are from daily levels.

As they say price action always rules. Just find trades that increase your chances of making pofits and your  trade will be all the confirmation you need.  The best place to put this into practice is your demo account. It’s the best lab there is as far as putting this strategy into practice goes.  You then start looking for high probability signals at the key levels.

Til next time take care.

Open Live  Forex Trading Account 

If you’re looking to open a live trading account sign with Exness

How To Let Forex Trades Run Their Course

Hello and welcome to another edition of the bulls vs the bears. Today we are going to learn how to let forex trades run their course. We are going to learn how to let the market do the heavy lifting for you instead of you manually exiting the markets and hurting your chances of making a decent profit.

Do you know why forex traders struggle  to make a profit? No, it’s not lack of knowledge nor trading skill, semi-empty trading accounts, terrible risk management, not negative mindset, It is rather them  shooting themselves in the foot. You see when you exit your account before your stop loss or take  profit hits, you are hurting your chances of  making a  solid profit. Instead of exiting the market prematurely how about letting the market hit your stop loss and your take profits?It will make a life a whole lot stress-free for you.

So  all we are going to do is to learn how to avoid shooting yourself in the foot  when trading on the market.

First of:

Never Close Your Trades Manually

One way of not trading like a deer caught in the headlights is NEVER close your trades manually. If you exit prematurely from the trade you are basically telling the whole. You see forex trading is all about winning to maximize  lost trades. Sure you are going to lose some trades, But it doesn’t mean that you have to jump out with your tail caught between your legs.

Let me give you a nice illustration. Let’s say you enter a trade on a demo account with the market chopping sideways for a week stuck in limbo. Next the market makes a  sharp turn stopping you out for a humongous loss. The difference here is that with a demo account you can afford to to take a loss that might  turn into a huge win. Next week this same trade comes your way  and hits your profit target by the end of the week. So instead of taking a humongous loss you take a  huge win simply by lying in wait like a sharp shooter.

I can hear somebody saying”What’s your point?” Well my point is let the market do the heavy lifting for you instead of you exiting your trade as if your pants are on fire. You cant control time in the forex trade. It has its own schedule. You just have to wait in line while it prepares to launch. I know you want to make your profits right away, but the forex market  plays to its own drummer.  You might have to sit tight for three weeks when trading live. That’s how trades set themselves up sometimes. Are you willing to wait that long? That’s for you to find out.

Just remember this. If a trade doesn’t smash your stop loss, then  your trade has more room to breath and you have the opportunity to rack up the profits.  It may take a breather(consolidate) for two weeks and then take off running again and hand you more profits.

Let’s look at a few examples of  letting the market work for you as against emotionally exiting trades

Cutting winners

This is a classic illustration of exiting a trade prematurely and leaving money on the table.  A trader takes of running  at the site of a diminishing  pin bar(as indicated by the small red arrow). However, see the huge upward trend that ensues after the emotional exit. That’s too much money to leave on the table. If this trading account were human, I can only imagine the insults it would be firing the trader’s way. It pays to just let the trade play out.

Next example please

How to Use Set and Forget Trading Strategies

Here we have an illustration of the popular set and forget strategy.  This strategy cures the habit of running with your tail between your legs the moment your brain screams “TROUBLE!” Based on your trading plan you make your entry set your sop loss and profit targets and take a walk outside the house. With this strategy, you can afford to  breath in fresh outside. By the time you get home , your profits should be waiting for you in your trading account.

However,  are three exceptions to this rule

  • When there is a sudden price reversal. This should be a clear sign to you to run for the  hills
  • The price chart keeps changing – Don’t forget that price charts are not static and so thing change.  Pay attention to what the charts are telling you
  • When your price signal  misfires when the market reverses or closes below or above the price pattern.

Finally we get to look at situations where it’s best to run for the hills.

First example please

Right in front of us is an  4 hour chart. Here we have a reversal situation after price attacked the previous key level numerous times. Unfortunately the support line refuses to yield and when that happens, now will be a good time to head for the exit.

That’s a wrap for “How To Let Forex Trades Run Their Course.” Do your trades a huge favour by not jumping off the bus too soon.   Letting the trades run their course increases your chnces of racking up  decent profits.

No one is saying you wont experience losses – they will come. But  dont take volountary losses by  making premature exits. One way of solving this habit is to review your isk per trade so that you are not emotionally frazzled when price hits your stop loss. You need to decide how much you can afford to part with. And you if you are not sure about your stop loss placement look up How To Place A Stop Loss To A Tee. And if you are stuck on how to place a profit look up A Few Rules on How To Take Profits From Forex Trades

Til next time take care.

Open Live  Forex Trading Account 

If you’re looking to open a live trading account sign with Exness