How To Install a Money Management Strategy onto MT4

12Money5211013One of the most powerful features of the MetaTrader 4 platform is that you will have access to a very large library of free software that you can utilize to enhance your trading experience. For example, you can download excellent expert advisors, technical indicators and scripts all for free which you can readily install onto your own MT4 trading charts.

This example demonstrates the procedure that you will need to undertake in order to exploit these outstanding resources. For instance, you have no doubt heard about the advantages of deploying a well-tested money management strategy in order to provide maximum protection for your trading capital whenever your open new Forex positions. However, perhaps you do not know how to design such a tool. What can you do to overcome this problem? Do not panic as an answer is immediately available that is also very easy to implement. All you have to do is complete the following steps.

 

Step 1

Visit the MQL4 code base and the following screen will appear.

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Step 2

Next click on the ‘Script’ label that you will locate towards the top left of this screen. You will then be presented with a number of impressive free tools that you can utilize in order to enhance your trading environment that practically cover almost every aspect of executing a Forex position. You are well-advised to take some time to study the listed scripts so that you can familiarize yourself with what is available. You will discover that there are quite a number of pages that you will have to transverse in order to thoroughly accomplish this objective.

Specifically, we are seeking a script describing a good money management strategy which you can quickly install onto your trading charts. After scrolling through the pages, you notice the ‘MoneyManagement visualizer’ script, as displayed in the next diagram. Note, however, that there are many more such tools available on this important Forex trading subject.

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Step 3

Next, click on the ‘MoneyManagement visualizer’ link and the next page will appear.

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After studying the description of this script, envisage that you decide that it will be very helpful in enhancing your Forex trading facilities. How can you now exploit this tool? Easy, just follow the next steps

 

Step 4

In the following line shown towards the top of the current page:

‘Download:  HurtLocker_MM.mq4 (12.7 Kb) View’

Click on HurtLocker_MM.mq4

On the ensuring popup page, select ‘open with MetaEditor’ and then click ‘OK’. The following page will appear.

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You now just need to save this script into the ‘script’ folder of your MT4 platform. Finally, you must then install your new money management tool onto your trading chart.

 

 

 

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