Switching from cTrader to MT4 - couple of questions

Beginner Questions
1

Hi!

I have never used the MT4 platform and I am switching to it now because of a couple of issues with cTrader, even though the MT4 platform is older.

1:
In cTrader I always put the stop loss and take profits in pips, and I could easily see where that would be on the chart. I could drag the SL and TP and see how many pips that would be.

In MT4 I only see that you can type the price where you want to put your SL/TP. This makes it harder for me to calculate the correct position size, because I must manully look and count how many pips there are before my SL gets hit. If only I could see how many pips away it was I could calculate the position size much faster.

2:
Is there an easy way to calculate position size on the platform (or other recommendations)? I got spoiled on cTrader where it would show me how much of my account I would be risking with different position sizes. I assume I must manually calculate this from now on - does anybody have any tips so that it won’t take much time when trading the lower timeframes?

3:
There is no way to have multiple take profit points, correct?

Thanks so much for any input - I really appreciate it!

2

I know if you trade directly on TradingView, then it will show you the same thing. Your broker just has to be compatible with them though. I use Oanda and Hugosway. The oanda mt4 app also works the same way, where it shows you how much you’re risking, etc

3

  1. Yes you choose the price for your TP and SL. It does reflect on the map and you can still drag the SL and TP on the chart if you want to. I don’t see a problem with this, because you can easily do a plus or minus on the prices to see how many pips your SL or TP is. There is also an up and down arrow that you use, just press it up or down and count along in pips. I use Forexchief broker, so I do get that option on the mt4 platform.

  2. I don’t know about other brokers, but the broker I use has a calculator that you can always use to calculate your position size before placing a trade.

  3. No, you can’t have multiple TP, but you can use the Trailing stop that drags your TP further if the market continues in your favour.

4

Thanks man!

When I go to “open new position” then I only have the option to type prices, I do not see option to drag it on the chart unless I first enter the order and then drag it.

So I assume the easiest way is to put horizontal lines on the levels you would like to use as SL/TP/Entry, and then see on the right side of the screen the prices you want to type in when submitting the order?

5

Sorry for the late response. Yes, they reflect on the chart only after you have placed the order. I am not sure about the last question. If you could rephrase

6

@BenWhittaker I’m curious to know what your issue with cTrader that you have to switch to MT4.