If you want to turn your demo into a "rapid-fire" trading machine, this blog post is for you…
Say you're not the average MT4 trader. You like to execute your FX trades quickly without clicking on a dozen buttons and confirmation messages.
This is typically what very active day traders or scalpers prefer when trading currencies. It makes sense. Think about it…
Since active traders tend to get in and out of trades a lot quicker than long-term or swing traders, their average profit per trade is relatively lower. For that reason, even a few pips of lost opportunity due to slower order entry will represent a much larger portion of their bottom line.
MT4 – Where's the Speed?
Even though the MetaTrader 4 platform is the most popular trading platform in forex, it is not set up for rapid order entry by default. That's why some active traders who are unfamiliar with MT4 might get turned off when they request a demo to try it out. If you're in need for trading speed and have to double click on a pair, enter the order parameters, click on Buy/Sell, and then click on a confirmation message, you're not going to be a happy camper.
But that's why you have to look a little harder under the hood. So the question becomes, "can a demo based on MT4 technology get any speeding tickets?"
The answer is a resounding yes…
Complete Transformation – One-Click Trading from your Keyboard
Here are the instructions to turn the MT4 platform into a quick, one-click trading machine:
- Download our MT4 Demo if you don't have MetaTrader installed (click here to go to our demo page).
- Once your demo account is created, make sure that MT4 is closed before you proceed.
- Go to the folder that contains all your MT4 files. An easy way to do this is to right click on the MT4 icon on your desktop (which appears when you install the program), and select "Open file location."
- Open the "experts" folder and then double click on the "scripts" folder.
- Download the following order-entry scripts to use with your demo or real account: Right click here and save the Buy script into the "scripts" folder, Right click here and save the Sell script into the "scripts" folder, Right click here and save the Close-All script into the "scripts" folder. Make sure that the three files, 1-Click-Buy-Order.mq4, 1-Click-Sell-Order.mq4, and Close-all-open-and-pending-orders.mq4 appear in the "scripts" folder.
- Run MT4 and practice with your demo.
- Click on the "Tools" menu, then on "Options," then on the "Expert Advisors" tab. Make sure that "Allow live trading" is checked and "Ask for manual confirmation" unchecked (see image below). Click "OK" when done.
- Find the "Navigator" section on the left hand side of the platform (see image below). If you don't see the navigator, press CTRL+N until you do.
- In the navigator section, press the "+" sign next to "Scripts" and look for the three scripts that were added above (see image below).
- Right click on the 1-Click-Buy-Order script and select "Set hotkey." The "Navigator Hot Keys" window below will pop up. Press the "Set" button and press the letter on the keyboard that you want to assign to the Buy order. Press "Close." Repeat these steps for the "1-Click-Sell-Order" and "Close-all-open-and-pending-orders" scripts. Press "Close" when finished.
- Now try out the order entry scripts on the demo. The current default setting on the scripts is a STOP of 10 pips and a Take Profit of 20 pips, as well as an order size of 1 standard lot or 100,000 units of the base currency traded.
Enjoy your new demo on steroids and let us know what you think by leaving your comments below.