Show Orders On Chart Indicator For MT4
We all know the famous proverb in the Forex market, History repeat itself. Based on this simple statement, the professional traders analyze past data to secure quality signals in the volatile market. But having the ability to analyze the chart or data is not going to help. Those who are considering trading as their fulltime career should have the ability to learn from their past trades. And switching back to the trading journal regularly is a little bit time-consuming. To solve this problem, we can use the Show Orders On Chart Indicator For MT4. It fetches your trade history and displays all the important points in which you placed the trade in any asset.
The basic principle of the Show Orders On Chart Indicator For MT4 is to make trading easier. Those who over trade, can use the Show Orders On Chart Indicator For MT4 and eventually they will know how many trades they have placed in the same pair within a specific time range. Though the Show Orders On Chart Indicator For MT4 might not sound as an important tool if you start using it, it will bring precision to your trade execution. Eventually, you will not be overtrading the market.
The problem of overtrading
There are thousands of reasons for which a trader can fail in the investment industry. Among them, overtrading is the most prominent. The naive traders don’t follow trading journal and eventually they place multiple trades at the same pair without having a big gap in time. This forces them to ignore the quality of the setups and thus they lose a vital portion of their capital. With the help of the Show Orders On Chart Indicator For MT4, you won't have to face any issues. The trade history will be reflected in the specific currency pair chart and you will understand when to stop trading.
Understanding the indicator
The Show Orders On Chart Indicator For MT4 is not a complex tool. Even naïve traders can understand the basic features of these tools. But most of the immature people will think these tools are making the chart messy. You will never have a messy chart provided that you are not overtrading. But if you start overtrading, you will many bars indicating the orders and past trades for a given currency pair.
Figure: Using Show Orders On Chart Indicator For MT4
Just having a glimpse on the USDCAD 1 minute chart, you can say too many trades have been taken. Being an active trader, you will give a second thought before you place a new order in the same pair. This will significantly improve the quality of your execution and eventually, it will develop your patience level. Things might not seem that much interesting to intermediate traders but visual representation is the most effective way to keep you away from making the same mistake.
Losing winning trades
The Show Orders On Chart Indicator For MT4 doesn’t only indicate the past order execution point, it also helps you to know which trade has resulted in profit and which one has cost you money. It acts like an amazing tool that can present the winning and losing trades right in the price chart. Look at the horizontal line and you notice small red and green tribal. The horizontal lines indicate the moment a new order is placed and the red or green triangle indicators the outcome of the trade. If it’s a green triangle consider it as a winning trade. On the contrary, if it’s a red triangle, you can consider it as a losing trade.
Work hard on precision
Getting access to the online trading industry is not a big deal. Anyone can open a trading account and start executing trades in the Forex market. But when you take this profession as your business, you have to think about the term precision. Without developing a robust edge, you can’t improve your trade timing. And if the trade timing is bad, you are not going to make a profit. To improve your execution process, you can use the Show Orders On Chart Indicator For MT4 since it will give you a visual presentation of the past trade setups which resulted in a profit. Try to use technology as your advantage. Stop blaming the indicators since tools like Show Orders On Chart Indicator For MT4 can significantly boost your profit. It's your emotions for which you are having trouble with trading business.
Using other indicators
The naïve traders always try to use only one indicator. By reading books and articles, they often think using too many tools, EAs or indicator result in disaster. But the Show Orders On Chart Indicator For MT4 is not a signal providing an indicator. It helps you to track your past trade which eventually helps you to make a better decision in this market. So, there are no restrictions, you will have to use one indicator. Popular tools or indicators like Bollinger band, RSI, etc. can be used with the Show Orders On Chart Indicator For MT4 to improve your execution accuracy.
Focus on your mistake
Finding mistakes is a very complex process for new investors. But with the help of the Show Orders On Chart Indicator For MT4, you can notice the key spot where you lose more money. Avoid those spots or signals shortly and you will slowly develop in trading. You are welcome to make mistakes but if you keep doing the same mistakes repeatedly, you should not trade Forex. And the Show Orders On Chart Indicator For MT4 can help you tremendously to pinpoint the weakness in your trading strategy. So, use the Show Orders On Chart Indicator For MT4 to improve your skills.