We all know that MetaTrader 4 is the most popular trading platform in the world. Trading on MT4 has become so immensely popular because it is a simple, flexible trading platform that allows you to access a multitude of different markets and easily take advantage of opportunity directly from your charts.
While proper risk management principles dictate that you should always set a stop loss and take profit level when you enter into a trade, there are certain scenarios where you just want to get into your trade immediately at the current market price. Using MetaTrader 4, you would normally have to right click on a chart, select trading and then click the buy or sell button with yet another confirmation pop-up after that. By then, the price you were after could be literally 100 pips away!
This is why MT4 integrated the One Click Trading option. Let’s take a look at one of the lesser known features of MT4 in more detail:
Setup One Click Trading on MetaTrader 4
To activate One Click Trading on your MetaTrader 4 platform, simply right click on any chart that you have have open and click the One Click Trading option. You will then be able to see the following icons now visible in the top left hand corner of your chart:
As you can see, they’re clear enough to mean you no longer have to worry about filling out clumsy order tickets with stop loss and take profit levels that mean a slower order execution, but not too big to be invasive like some of the MT4 Expert Advisors that have been used to do the same thing in the past.
What the Button Colours Mean
The background of the One Click Trading panel displays in one of three colours depending on whether the market is going up, down or unmoved as follows.
– The panel turns RED when the market is moving down. That is that the current price quote is lower than the previous price quote.
– The panel turns BLUE when the market is moving up. That is that the current price quote is higher than the previous price quote.
– The panel remains GREY when the market is unmoved. That is that the current price has not changed either up or down in the last 15 seconds.
While fairly self explanatory, it’s key to understand what the colours mean at just a single glance.
Placing a Trade on MT4 in Just One Click
The One Click Trading panel makes reading the bid and ask prices of the current chart in real time a breeze. By looking at your chart below, you know when you want to enter the market and why.
Simply fill in your desired lot size (which you should have pre-planned inside your trading plan) and as One Click Trading on MetaTrader 4 is used for entering at market, simply wait until your desired price flashes up on the buttons and click. As the name suggests, placing a trade on MT4 really is as easy as clicking your mouse once!
If you want to try One Click Trading yourself, use the buttons to the right to open a live forex trading account with Australia’s premier MetaTrader 4 forex broker, Vantage FX.