This is the third blog post in the "Demo on Steroids" trilogy.
Part I provided the trading scripts and installation instructions for rapid order entry on MetaTrader4. Part II suggested different keystroke combinations to send your buy, sell, and close all orders to the platform.
This post will show you how to modify the default order size, stop-loss (SL), and TP (Take Profit) settings of the order-entry scripts based on your individual needs.
Your Demo is Real!
For learning purposes, we recommend that each trader treat their demo account as their real one.
This includes using a trade size that's practical, based on their account size and ability to manage risk, as well as stop loss (SL) and take profit (TP) levels that are in agreement with their strategy or methodology.
Since the one-click Buy/Sell scripts introduced in Part I have a default lot size of 1 standard lot, it should be modified on a trader-by-trader basis.
For example, if you plan to eventually open an FX account with 1,000 EUR, you should probably not be trading 1 standard lot of EURUSD at a time on your demo (that would represent a leverage of 100 to 1, see our education section if you want to learn more about leverage).
With 1,000 Euros, you should instead consider trading a fraction of a lot; for example, maybe 0.1 lot ("mini lot"), or a multiple of 0.01 lot ("micro lot").
The lot size per trade you ultimately choose should also depend on the number of open positions that you might have at any one time based on your trading style (more positions mean smaller lot sizes per position).
Less active traders, such as position or swing traders who use wider stops and profit targets, might also want to increase the default Stop / TP values after installing the scripts on their demo account (10 and 20 pips are the defaults respectively).
How to Modify Lot Size, SL, and TP on MT4 Trading Scripts
An example would clarify how to modify these default values on the platform.
Let's assume that you're swing trader who wants to trade 0.1 lots at a time and use stop and take profit values of 30 and 100 pips respectively. To modify the default settings, you first would simply right click on the Buy script (see Part I of the series to see a screenshot of the scripts section on MT4) and click "Modify."
The MetaEditor window would pop open, and you would see the code associated with the Buy script. If you're not a programmer, relax! No programming experience is required to do this.
Simply replace the 1, 100, and 200 numbers shown for "lots", "stopsize", and "profsize" respectively, with 0.1, 300, and 1000. The image below shows the final settings:
Notice that the values for stop size and profit size above are in tenths of a pip, so 10 = 1 pip, 100 = 10 pips, 300 = 30 pips, etc. When done, click on "File" in the top menu, then on "Save." Close the Buy Scrip window and then the MetaEditor window before you repeat the process for the Sell Script.
Troubleshooting MT4 on Microsoft Windows 7
Even though Windows 7 is a huge improvement over Vista to run MT4, some traders might experience difficulty in modifying the order script default values above under Windows 7.
If you already requested our demo and installed the scripts, but couldn't change the lot size, stop loss, or take profit settings, then you might need to re-install the MetaTrader platform. This is why…
Due to permission restrictions under Windows 7, FX traders using MT4 might experience strange issues after installing the MetaTrader platform under the "Program Files" folder Windows 7 suggests by default.
If this is the case, a quick solution might be to re-install MT4 under a directory other than "Program Files;" for example, under C:\MT4\ instead of C:\Program Files\MT4\. After doing so, you would simply follow the instructions on part I of these blog posts again to add the Buy, Sell, and Close All scripts to the platform – and assign the hot keys accordingly (Part II of this series of blog posts suggests different keystroke combinations you can use for one-click trading).
So fire up your demo account and start day trading Forex like a champ!
Oh, and let us know what you think by leaving your comments, feedback, and questions below.