MT4: How do you manage risk?

Trading Tech and Tools
1

Recently I’ve started to learn how to trade in mt4 for a challenge. But I dont see how anyone can manage their risk properly!

I now understand when beginners ask me ‘what lot size shall I trade?’ Because in mt4 you cant see how much money you’re risking before you take the trade. For pending orders it’s okay you have time but if you’re market executing then you cant see your risk. By the time you’ve worked out and entered your stop loss, lot size, take profit, price has already moved and sometimes a lot. So how do you make sure you only risk a certain amount eg 1%?! No wonder beginners blow their accounts.

I couldnt find it online. Is there anyone consistently profitable using MT4 who uses market orders? How are you managing your risk? In particular how are you always risking a particular % eg 1% a trade.

2

Hi, I once read about a script that opens transactions in a specific direction, with parameters previously set, after adding to the chart. Maybe this solution may help. Regards Greg

3

Just looked up what scripts are! So people code them for mt4? I’m hoping theres someone here who uses them. Could maybe point me in the right direction.

4

PZ_TradePadEAMILLIONAIRESFACTORY.ex4 (730.8 KB)
hi dude, hope this helps, equity or balance based % or lots, sl and tp, and also to bank half of the trade volume in case u wanna bank some profit. cheers

5

Thanks for this. So is this a script? Do you by any chance know how to apply it to mt4?

6

go FILE, then open data folder. then go MQL4, then experts. copy that file into experts folder and refresh or restart mt4.

1 Like
7

It didnt work. I loaded the file and it came up on mt4 and even attached to the chart but didnt actually execute. Thanks for trying though!

8

did u have ticked auto trading?

9

Lol, got it. Yeah it’s working now. Its setting the SL and TP in wrong places but it’s much easier now… Just need to mess around with the numbers. See if I can make it work for me. Thanks for this!

10

no sweat, the sl and tp in pips aren t in decimals, meaning if u want a 10 pip stop and 20 tp that s what u write, not 100 and 200.