MT4 NexGen Tutorial - Trade Analysis

Education /
28 Jul 2014

Here’s how we use the Trade Analysis feature in MT4 NexGen. It’s in the Connect window. Simply drag and drop the Connect window onto the chart. It will load up. Then we click on Trade Analysis on the right-hand side. Wait for it to load. This Trade Analysis is connected to the trades that you’ve been placing in your account.

First of all, we have the Overview screen. It has a filter function that allows you to filter by a variety of criteria that you can set up. You can then see different information about your account. If you click on the little chart icon on the right-hand side, it’s going to chart it.

You can see some stats:

  • Total return,
  • monthly return,
  • peak drawdown,
  • trade win %,
  • profit factor,
  • trade length,
  • trades per day, and
  • history.

You can then come in and graph on a variety of things: Percent return, profitability,pips (how many pips you average per day, per week, per month).

You can look at particular symbols and see which symbols you are most profitable on. You might find that you are more profitable on the AUD than you are on the EUR, for example.

You can go in and see a report by direction (to know if you’re more profitable when you’re buying or when you’re selling), day of the week, and hour of the day. Hour of the day is very useful because it allows you to figure out if there’s a particular time of the day that you’re best suited to trading. Imagine that you’re a trend trader and you find that the breakouts work better at a certain time of day. It might mean that you can save a couple of hours off your day when you stop trading the unprofitable hours. You know that those times are not profitable because the market tends to be sideways, but when the market starts moving, you become more profitable. This will allow you to see that quite simply over time.

In the Analysis screen, again, we have a filter function. We have our symbol here so we can choose what we’re going to analyze on this screen.
Magic number is quite an important one when you create a trade in the Mini-Terminal and use a template. I’ll just do that. For example, we jump out our Mini-Terminal onto the chart. I used the chart template feature. You add down here a magic number. You can then report on all trades that have this magic number. If you’re running multiple strategies, you might say, “I’m going to assign magic number 1 to all of my counter-trend strategies and I’m going to assign magic number 2 to all of my trend-following strategies.” You can then place the order and it’s going to assign that number to it. When you go back into your Connect terminal, you will see all trades with that particular magic number. It essentially allows you to report on the performance of one strategy over another. It is a very useful function.

You have other criteria here that you can go through. Day of the week: what days you’re most profitable on. If you’re finding you’re not profitable on Mondays, you might stop trading. If you’re finding that you’re more profitable on Wednesdays, you might have a different position sizing model that allows you to take larger positions.

You can go in and design a chart using different criteria. There are just a lot of features to in here to play with in terms of chart analysis. If you’re looking to figure out or dive deep into a particular aspect of your trading, you can do that here in a variety of ways using different chart types.
Over here in the Orders window is simply a list of everything that you have done so far: your closed orders and open positions, which you can filter. It is very useful in terms of checking your performance.

The key to this Trade Analysis is if you know what you’re doing and you know what’s working, you can make meaningful changes to your trading strategy that can improve your performance. If you don’t know what’s working and what’s not, it’s difficult to make changes and improve over time.

That’s the Trade Analysis function in MT4 NexGen.



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