As with any change to your trading system, PRACTICE BEFORE YOU TRADE REAL MONEY!
- Get a demo account with MT4 from your favorite broker
- Start PitView™ and install the PitView™ EA. (Get more info here)
- Select the Trading Ticket icon from the PitView™ Toolbar
- Select the Blue “Settings” button on the Trading Ticket
- Set your Defaults:
- Default Lot Size—This is a safety setting so that a large trade will not be made accidentally.
- Risk % - This is the maximum risk per trade as a % of your total account that will be used by the “Auto Lot Size” functionality to calculate lot size.
- Profit Risk (%) - This is the maximum risk per trade as % of your profit in your account that will be used by the “Auto Lot Size” functionality to calculate lot size. Also know as “Playing with the house money.” Be careful with this as it needs to be consistent with your overall strategy.
- Fixed Amount—This is maximum risk per trade as set amount in your trading currency that will be used by the “Auto Lot Size” functionality to calculate lot size.
- Select the appropriate Risk calculation by selecting to use the % of overall account risk or just the profit by clicking on the radio button to the right of the respective methodology.
- Capital Balance—Enter your Investment Capital for this account to determine the amount of profit in the account.
- Entry Pips - For Pending Orders, this is the default for the amount a new order is away from the current price.
- Stop Loss (Pips) - Enter your default Stop Loss, in Pips, for your orders. This will be used for Market and Pending orders, along with the calculations for Lot Size.
- Take Profit (Pips) - Enter your default Take Profit level, in Pips. This will also be used for Market and Pending Orders.
- Take Profit Ration—This is the ratio of your Take Profit order to your Stop Loss and is used to calculate the Take Profit level.
- Select the appropriate Radio Button for calculating your stops in pips or as a ratio of profit opportunity vs loss risk.
- Deviation (Pips) - Enter the maximum deviation from your entry price your order can execute at.
- Commission ($/Lot) - Enter the commission charged per Round Trip in your trading currency. This is used to calculate your stops when using “Auto Adjust”
- Comment—Enter any default comment you would like to see on your orders.
- Select the green “Apply” button
- Now you can start trading by selecting your currency pair from the dropdown. (Your chart in MT4 will change to match the pair selected.)
- Select your lot size manually by entering a number OR use the Auto Lot Size feature to toggle between Risk % and the Absolute Risk Amount.
- Select the appropriate Radio Button for either a Market Order or a Pending (Future) Order.
- Check your Stop Loss, Take Profit, Deviation and Expiration setting at the bottom of the ticket to make sure that they match your requirements.
- Enable / Disable One Click Trading and Order Review as appropriate, then add anything needed into the comment field.
- Select the Buy or Sell button to execute your order.
Back to the PitView™ Trade Ticket Overview
PitView™ Order Ticket - Quick Start Guide