When you’ve got your signal on MT4, just click on the the smartphone/tablet trading app and decide to buy or sell and you will see and order screen like below.
1 = the price
2 = ‘the spread’ ie difference between the buy and sell price ie 1.3969-1.3967 = 1.8 which is the effective cost of the trade. You are buying at 1.3969 if buying and selling at 1.3967 if selling. Most of you will know this. Just keep an eye on that spread.
A = the ‘lot’ in FX ie 1k. Don’t worry about that. The cheat is that under that at ‘B’ you see the GBP/point or how much you make or lose per point or pip the currency moves. It’s worked out for you. Change A and B changes for you.
By the way in the above example it is 7pence per point. 1.8 x 7p is the cost of the trade effectively.
C = Stop
D = Cheat by seeing this in pips so it is easier to understand. The stop here is 20 pips below entry. You decide this based on the stop loss strategy used eg 2 x ATR
E = Trailing; so you can leave the trade. That’s a neat cheat.
The Final cheat: open a live trading account via www.alpeshpatel.com/fxcm BUT you don’t need to fund it to upload MT4 on your PC.
Extra cheat: If you need help on using the platform and navigating, I’ll arrange live help from FXCM!
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