Take Profit Metatrader 4 Forex Indicator - mt5traders.com

Getting Started

Hey guys! I found a super cool list of everything a new forex trader would need to get started! Originally made by to nate1357. Link to original thread http://redd.it/328cjr
Free Resources
Free News Websites:
www.forexlive.com - Daily live news, analysis and resources
www.financemagnates.com - FX industry news and updates
www.fxstreet.com - Daily news, analysis and resources
Margin / pip / position size calculators
There are many factors to consider when choosing a brokerage. Regulations typically force US traders to only trade at US brokerages, while international traders have more choice. After considering location you need to consider how much capital you will start trading with as many have minimum deposit levels. Once you’ve narrowed that down you can compared spreads and execution. ECN brokers execute your orders straight through to their liquidity providers, while market maker brokers may pair up your trades with other clients. Market maker brokers typically will partially hedge your positions on the interbank market. Many consider this to be a conflict of interest and prefer to trade at an ECN broker who would have an active motive to see you succeed. Lastly, brokers run inherently risky business models so it is important to consider the risk of bankruptcy.
www.forexpeacearmy.com - Aggregates broker reviews. Be warned though that people only seem to make bad reviews.
www.myfxbook.com/forex-broker-spreads - Live comparison of executable spreads
United States & International-
-Interactive Brokers
International Only-
-LMAX (whitelabel DarwinEx)
*DMA broker based in the UK. Note that as a DMA broker LMAX eliminates the ability for LPs to last-look transactions. This may result in reduced liquidity during volatile times as liquidity providers would be likely not to risk posting liquidity to LMAX's pool. *Tight spreads *Minimum deposit $10,000 *Fairly well diversified
*ECN based in Switzerland, but available elsewhere depending on local regulations.
*Tight spreads *Minimum deposit $100 *Fairly well diversified
-IC Markets *ECN based in Australia *Fair spreads on standard account, tight spreads on professional accounts. *Minimum deposit $200 *Fairly well diversified
*ECN broker based in Australia. *Fair spreads on standard account, tight spreads on professional accounts. *Minimum deposit $200 *Not well diversified
Software / Apps:
www.forexlive.com/ForexJargon - Common terms and acronyms
I need to exchange money, how do I do it?
This isn’t what this sub is for. Your best bet is using your bank or an online exchange service. Be prepared to pay a hefty fee.
I have money in one currency and need to exchange it into another sometime in the future, should I wait?
Don’t ask us this. We speculate intraday in FX and shouldn’t be relied on to tell you what’s best for you. Exchange the money when you need it.
I have an FX account, should I start trading demo or live?
This is highly debatable. You should definitely demo trade until you have mastered how to use the trading platform on desktop and mobile. After that it’s up to you. Many think that the psychology of trading live vs demo trading is massively different. So it may pay to learn to trade live. Just be warned that most FX traders lose almost their entire first account so start with a low affordable balance.
What’s money management?
Money management is a form of risk management and is arguably the most important aspect of your trading when it comes to long term survival. You should always enter trades with a stop loss - the distance of the stop allows you to calculate how large of a percent of your account balance will be lost if your trade stops out. You can run a monte carlo simulation to figure out the risk of having a number of trades go against you in a row to drain your account. The general rule is that you should only risk losing 1-4% of your account per trade entered.
More on this here: www.investopedia.com/articles/forex/06/fxmoneymgmt.asp[35]
What about automated trading?
Retail FX traders have been known to program “Expert Advisors” (EAs) to automate trading. It’s generally advisable to stay away from that until you’re very experienced. Never buy an EA from a developer because the vast majority of them are scams.
What indicators are best?
That’s up to you to test and find out. Many in this forum dislike oscillating indicators since they fail to capture the essence of what moves price. With experience you will discover what works best for you. In my experience indicators that are most popular with professional traders are those that provide trading “levels” such as pivot points, fibonacci, moving averages, trendlines, etc.
What timeframe should I trade?
Price action can vary in different timeframes. In longer term timeframes the price action and fundamentals are much more clear. Unfortunately it would take a very long time to figure out whether or not what you’re doing is successful on longer timeframes. In shorter timeframes you can often tell very quickly if what you’re doing is profitable. Unfortunately there’s a lot more “noise” on these levels which can prove deceptive for those trying to learn. Therefore the best bet is to use a multi-timeframe analysis, working from top-down to come up with trades.
Should I trade using fundamental analysis (FA) of technical analysis (TA)?
This is a long standing argument in these forums and elsewhere. I’ll settle it here - you should have an understanding of both. Yes there are traders who blindly ignore one of the other but a truly well rounded trader should understand and implement both into the analysis. The market is driven in the longer term through FA. But TA is necessary to give traders a place to enter and exit trades from a psychological risk/reward standpoint.
I’ve heard trading Binary Options is an easy way to make money?
The general advice is to stay away from binaries. The structure of binary options is so that when you lose the broker wins. This incentive has created a very scammy industry where there are few legitimate binary options brokers. In addition in order to be profitable in binaries you have to win 55-65% of the time. That’s a much higher premium over spot FX.
Am I actually exchanging currencies?
Yes and no. Your broker handles spot FX is currency pairs. Although they make an exchange at the settlement date they treat your position in your account as a virtual currency pair. Think of it like a contract where you can only buy or sell it as a pair. In this sense you are always long one currency while short another. You are merely speculating that one currency will appreciate or depreciate vs another.
Why didn't my order fill?
Even if price appears to cross over a line on your chart it does not guarantee a fill. Different charting platforms chart different prices - some chart the bid price, some the ask price and some the midpoint price. To fill a limit order price needs to cross your limit's price plus the spread at the time that it is crossing. If it does not equal or exceed the spread then it will not fill. Be wary that in general spreads are not fixed. So what may fill at one time may not at another.
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How to close half position or take half profit of forex ... How to take partial profits on MT4 Partial take Profit in MT4 and trade updates How To Secure Forex Profits On Metatrader 4 With Stop Loss

I can partially close a position with instant execution but I'm unable to set a partial position in advance with take profit, the volume is locked in when changing the take profit levels. The one click trading only adds or subtracts the close box in the terminal. The only solution I can think of would be to have two separate accounts with two different brokers in order to open two separate ... How to execute partial close on a trade in MetaTrader 4. Managing risk is an important part of every well-thought-out trading strategy and in many cases dividing trades into two (or more) portions can secure your investment and guarantee a small and steady profit. With partial close, you can secure a minimum gain from every trade with the first portion you close, and eventually a greater ... I will explain how you can close position partially in MetaTrader 4 platform and give you an opportunity to have automated Partial Close option. I am sure you already know what Partial Close is, but in case you haven’t heard of it before let me explain. Partial Close is when you close a fraction of your position to lock in profit and leave a portion running to take advantage of any further ... Take Profit Metatrader 4 Forex Indicator. The Take Profit forex indicator for MT4 provides traders with 4 suggested take profit (TP) levels for both buy and sell trades. The indicator also displays the suggested stop-loss (SL) price for both long and short trades. The Take Profit indicator draws all suggested TP lines (TP 1, TP 2, TP 3, TP 4) on the chart. Use this indicator together with a ... Would you like partially close a position in MetaTrader 4?Change the amount of the opened position? Here our step-by-step instructions: 1) Double click on the order (or Right click > “Close”) For example, You have a 0.1 lot trade, and want to close half position (0.5 of the 0.1 lots for profit) and let the other 0.5 lot remain. 2) Change the amount of your position MetaTrader 4 Take Partial Profits? Thread starter seelmand; Start date Jul 19, 2010; Watchers 1; Forums. Markets. Forex . S. seelmand Newbie. 3 0. Jul 19, 2010 #1 I am relatively new to FOREX trading and I am new to MetaTrader platform. My question involves a scenario that continues t ocome up and so far no one that I have talked to from FXDD or experienced FOREX traders has been able to come ... MetaTrader Indicators ... It’s called partial profit taking or half profit targets and is widely used by traders. Here’s a simple example of a trade with partial profit taking. A trader buys 1 lot of EUR/USD at 1.3330 and sets stop-loss to 1.3300, and take-profit to 1.3400. Additionally, he intends to close a half of the position when the rate reaches 1.3365 and move the stop-loss up to ...

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How to close half position or take half profit of forex ...

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