What Keys Should You Use to Trade?
The prior blog post, "Forex Demo on Steroids," gave you the tools and instructions to turn your MT4 platform into a quick, one-click trading machine.
This post shows you how to pick the letters on your keyboard you will use to fire your trades off with one-click.
We also use common trading colors (GREEN, RED, and YELLOW) in the examples below to help you visualize everything better.
Demo Trading on Your Keyboard – Are Some Letters Better?
To avoid the delays caused by entering orders and confirming trades manually, we assigned three hotkeys to the buy, sell, and close-all scripts we installed on our demo.
Consequently, pressing the "Alt" key in conjunction with any of the chosen keystrokes would execute the desired command (see the prior post to learn how to use hotkeys on MT4).
On the first example below, we assigned the letters B, S, and C to Buy, Sell, and Close-All positions respectively. The advantage of using the configuration below to trade on MT4 is because the first letter of the command (Buy, Sell, Close) corresponds to the chosen keystroke; thus, serving as a mnemonic technique.
The disadvantage of a B-S-C combination to trade on your demo is that the keystrokes are not arranged in any logical pattern on the modern QWERTY standard keyboard that most people use.
For this reason, some FX traders might prefer to execute trades with the following configuration:
In the example above, Q, A, and Z were used instead to create the MT4 hotkeys. Notice that the three keys are aligned vertically on the keyboard, making them easier to find when it's time to trade.
One drawback of this setup is that the close proximity of the keys increases a trader's chances of making a mistake by pressing the wrong key. This is especially true when a laptop or smaller keyboard is used. The next trading setup can eliminate this problem altogether.
The combination of using two keys significantly spaced apart (for buying and selling) along with the Space Bar might be ideal for some MT4 traders; for example, Q, P, and the Space Bar (see the image below).
Even a trader with giant hands won't be able to mess this one up! Think about it…
The Q (BUY) and P (SELL) lie on extreme ends (left and right respectively) of the keyboard. They are so far apart, that no risk of pressing an inadvertent key exists.
This allows the trader to naturally execute Buy orders with the left hand and Sell orders with the right, while holding the Alt key with either the left or right thumbs.
The Space Bar can be quickly struck with either thumb as well to close all positions on the platform, making it a natural motion as well.
Please try the keystroke combinations above on a demo account and tell us what you think (click here to request a demo of MT4 if you don't have it installed already). If you have your own preferred set of keystrokes to trade, let us know about them as well. Leave your comments below.