Read the transcript:
Today, I'm going to take you through one of my favourite features in MT4 NexGen: the Mini-Terminal.
The Mini-Terminal is very powerful. It lets you order very effectively from the chart. It allows you undock your chart and take it outside MT4 to another part of your desktop. My favorite is it allows you to set up order templates with pre-built money management models that allow you to manage your risk very effectively on the trades.
To add the mini terminal to the chart, we simply drag it. We want to make sure we tick Allow Live Trading and we want to make sure we have Auto Trading ticked or selected cross the top here. Click OK.
The Mini-Terminal comes up on your chart. We have our position size here. We can set a Stop Loss. We can add in a Trailing Stop. You need to make sure that you leave the Mini-Terminal running so the trailing stop stays active. Don’t shut down MT4 when you have trailing stop active.
You can add a Profit Target. Simply click Buy or Sell. We’ll click Buy. We can see our order now appears on the chart.
If you want to then adjust your Stop Loss or your Profit Target, you can simply drag-and-drop it around on the chart. It’s quite effective like that. Make sure you’re clicking on this little gray part of the order.
A few other things on the Mini-Terminal: you can see the spread here. You can see your current position size.
We have these two little icons. The first one is Settings. You can undock the chart and take it outside of MT4 somewhere else on your desktop. You can undock this Mini-Terminal. If you want the Mini-Terminal sitting off the chart, you can do that, too. You can see any Order Tasks that are running. I have one order task because it’s a trailing stop.
My Settings allows me to Add or confirm Quick Buy or Quick Sell on the chart; that’s trading without a confirmation.
Close all for symbols: you put it in non-hedging mode which means that when you sell or buy rather than create a new position, it will close any open existing positions that you have. Click Save.
Finally, we’re at my favorite part of the Mini-Terminal. Click here and we have our Order Template. On our order template, we can select different order types. You can set a Fixed Lot Size, Fixed Cash Risk, Percentage of Equity, or Percentage of Balance.
Percentage of Equity is quite nice. For example, I want the risk at 1% of my equity in my account. It’s going to automatically calculate that based on my stop loss distance here. It allows you to be very consistent in your money management model no matter which currency pair you’re trading. It means you don’t have to do that manual calculation which can be quite difficult to do on your own.
You have different stop loss types: Fixed Price, Cash Risk, Percentage of Equity, and Percentage of Balance.
You have different types of profit methods.
You have a trailing stop. Trailing stops can only be done based on pips.
You have this really cool feature called Order Comment. You can add a note or a magic number to a trade. This is fantastic if you’re running different strategies. What it allows you to do is add a number or a comment to a strategy. Whenever you place a trade from that strategy, you can then report on it separately.
Let’s say you have two strategies: one for breakouts and another for counter-trend. You can say “assign all breakouts to magic number 1” or “assign counter-trend to magic number 2”. When you do your reporting later, you can report solely on all trades that have either this comment or magic number. You can then save this as a template so you don’t have to add this in each time. Click Save.
If you look at the top, you can see the counter-trend template now appears. I select that and load my counter-trend template and I can place my order just like that. It’s a very effective method of ordering.
That’s the core of the MT4 NexGen Mini-Terminal.
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