I’m going to take you through AxiTrader MT4 NexGen Trade Terminal. To activate the Trade Terminal, simply drag and drop it from your list of Expert Advisors onto the chart. Click OK. A new terminal windows loads up. It is feature-rich so I’m going to take you through each feature step by step.
First of all, you have your buy and sell tickets. Whatever is in your Market Watch is going to display in this window. You can add or remove from the Market Watch here.
On each ticket, you can see your lots, trade size, stop-loss, trading stop distance, take profit. You can buy, you can sell, and you have your spread. If you have a position, you can see a figure up here, like we do in the AUD/JPY telling us our net open position.
You also have the ability to open up an order template. So add a new order. You can see that here —new order— using different money management rules. We want to risk 1% of our account, for example. You can place the order or save it as a template.
You can also go in and choose from pre-built templates. These are templates that I have created in the past.
Symbol information tells you the pip size, etc. Value per pip is very important; it tells you how much in your base currency how much you’re going to make or lose per pip movement.
You can click and open a new chart for the symbol you want to look at here.
On the right-hand side, you have your account info. Aside from displaying the info, what’s neat is you can add an alarm. Click on the icon and that lets you put an alarm on the different account criteria. Alarm on balance: if the balance falls below a certain amount or is greater than a certain amount, you can set an alarm. The alarm can send an email, close all orders, or close all charts. Closing all charts stops any EA you have running or working. You can turn the alarm on or off.
What you might want to do is think about the different elements in your trading plan that you want to set up alerts on. You might have a rolling trading plan that says “If I’m down by 2% per day, I’m going to stop trading.” You can send an alert for that 2%, for example.
Down at the bottom here is the pending orders. You can make it disappear. When you first open it and you can’t see it, click here and it will pop open. If you want it to stay open, click on the right-hand side at the little arrows here.
You can view the window by open positions, pending orders, and all orders. There are close functions: close all, close all open positions, delete pending orders, close all winners, and close all losers – just some neat shortcuts.
There are tools. You can add a partial close or partially close all orders. If you want to adjust your position sizes, stop-losses, take profits, add trading stops, set up breakeven exits or automated close.
Automatic close is very powerful. If you create an automated close on a particular order, you might say “When profit in pips is greater than 50, I want to close 30% of my trade. I want to set the stop-loss to 50 pips.” I might add another rule, “When net profit is greater than or equal to 100 pips, I’ll close 30% and I’m going to run a trading stop on the remainder of the order for 30 pips behind the market.” You can see that these are very powerful automation rules for discretionary traders. Then you can apply the rule. You can save that as a template. Each time you write an order, you can just reload the template and you have to reset it up next time.
There is the OCA group. If you create pending orders—let me just do that—I can go in and create an OCA group. If one order is executed, I can cancel other orders. You can do this for any order. Typically, an OCO order cancels the trade on the same currency pair. You may have a buy and a sell. If the buy is entered, it cancels the sell. With an OCA group, you can have it cancel trades on different currency pairs. You might want to do that because you only want to take a certain amount of trades in your account at any one time so the first 3 orders that get executed, you want to keep. Or, you might be trading correlations. Once the first order is executed, you don’t want place anymore because you want to manage your risk on the trades. That’s creating an OCA group – a very useful feature.
You can summarize your orders by criteria to give you some quick insights.
In the Settings, you can undock the terminal. If I want to take this outside MT4 and put it elsewhere on my desktop, I can easily do that by clicking Undock the terminal.
You can see we have a variety of information on the trades themselves. You can close by pressing the X. You can edit the order and add a stop-loss. You can take profit or trading stop really quickly. You might decide you want to move that stop-loss to breakeven. Those are the different actions and you can see all the information displayed. There’s a little bit more information on this Pending Orders window than on the traditional MT4 order window.
That’s the AxiTrader MT4 NexGen Trade Terminal.
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