When trading, it is very important to always be aware of price movements and significant events in the market. A very good way to keep updated at all times is to create price alerts. This allows you to be updated with the price levels and whenever it reaches the market. MetaTrader 4 (MT4) is one of the many trading platforms that allows its traders to make price alerts easily. This way, you won’t have to tie yourself on the screen just to be sure that you cannot miss a single significant price movement.
Why are price alerts so important?
If you want to play your trading day in a proficient way, you have to use price alerts. Price alerts allow you to know when a specific level has been reached, keeping you on top of the game all the time. Good thing, MT4 is very easy to use that even the setting of price alerts is just a piece of a cake.
A disciplined trader needs to do all his homework and identify the price levels as to when they want the alerts to set on. Being disciplined means that you have carefully analyzed the market and looked at the fundamentals of the past as well as the ones that are yet to come. These events act as the reason for the change in prices.
Moreover, a disciplined trader is someone who writes a trading plan together with the risk factors involved. If you are not a full-time trader and have a day job that you have to mind aside from trading, then you surely don’t have the time and energy to check your trades all throughout the day. Instead, it would be great if you have an alert that would tap you whenever a specific level has been reached. Price alert indicator is therefore the one that you need here. It is a very handy and helpful tool for trading.
Steps To Follow When Setting Up Price Alerts
Step 1: Opening the Terminal Window
The first thing you have to do is to log in to the trading platform and hover your mouse into the Terminal window. This is located at the bottom of the MetaTrader 4 screen. You can also open the Terminal window by tapping the keys CTRL+T on your keyboard. Tap the ‘Alerts tab’.
Step 2: Creating the Option Window
You are now in the ‘Alerts’ tab. The next thing you have to do is to right click your mouse anywhere in the space then choose the ‘Create’ option.
Step 3: Creating Alerts
After pressing the ‘Create’, a new window will pop-up. Now, you can start setting up alerts. You can set up alerts based on the price movements or by simply choosing a particular time. Moreover, you must pick an expiry date wherein the alert automatically turns off. After filling out all the important information, you can now tap ‘OK’. You now have a new alert. You will see all your alerts at the ‘Alerts’ tab on your trading platform.