With MT4 MultiTerminal, managing multiple trading accounts is easier than ever. This article will take you through the major functions and features available when you use MT4 Multiterminal, including all lot allocation types and everything you need to know about managing orders.
Follow the link for an in-depth look at the differences between MT4 and MT4 Multiterminal.
Read on to learn:
- Download and log in to MT4 MultiTerminal
- How to log in with multiple accounts
- Limitations when managing trading accounts
- Lot Allocation 101
- How to open market orders
- How to place pending orders
- How to modify orders
- How to close orders
Download and log in to MT4 MultiTerminal
The first thing you’ll need to do is download MT4 MultiTerminal, before logging in with your trading accounts.
MT4 MultiTerminal can only be installed on Windows OS.
The video below shows every step needed to get started with MT4 MultiTerminal:
How to log in with multiple trading accounts
The convenience of MultiTerminal is how easy it is to manage multiple trading accounts at once.
Follow these steps to get started:
- Download MT4 MultiTerminal
- Click Cancel when asked to open a new account.
- Open Tools > Options and select the server assigned to your trading account from the Server dropdown menu; follow the link to find out which server your trading account is assigned to. Click OK once done.
- Open File > New Account and enter your trading account’s credentials.
- To add more trading accounts, repeat Step 4. The trading account must be from the same server or it will not be added.
- To change the server, repeat Step 3 (any trading accounts from other servers will be hidden until returning to their server).
Limitations when managing trading accounts
When you are adding multiple trading accounts to MT4 MultiTerminal, is it important to note:
- The assigned trading account’s server is critically important as you can only manage multiple accounts at the same time on the same trading server.
- Some limitations exist on account types and the instruments traded on - EURUSDm and EURUSD, as an example, cannot be traded on at the same time in MultiTerminal. Check the suffix of the various accounts you wish to add, to ensure they don’t conflict.
Lot Allocation 101
Lot allocation allows you to customize how you distribute lots among different trading accounts. When placing new orders, you must specify the lot allocation for all trading accounts which will tell MultiTerminal how to distribute lots using one of five different lot allocation methods:
- Predefined volume: When using this method, you’ll need to manually specify the number of lots for each order you’ll be placing.
- Total volume for each order: With this allocation method, the total number of lots will be applied to each order. For example: if you define a value of 0.5, and have 3 trading accounts, an order of 0.5 lots will be opened for each trading account:
- Equal parts: The total number of lots will be allocated among all orders in equal parts. For example: if you want to open a total of 1 lot, and you have 3 accounts, an order of 0.33 lots will be opened on each of them:
- By equity ratio: The total lots will be allocated between orders based on the equity ratio of those accounts. In other words, the higher the equity an account has, the larger the lot size that will be opened on that account. For example: in the table below, we’d like to open a total of 3 lots, and the total equity on all three accounts is USD 3,381.98:
|Total||Account A||Account B||Account C|
|Equity||USD 3,381.98||USD 943.38||USD 940.38||USD 1,498.22|
|Lots||3 lots||0.84 lot||0.83 lot||1.33 lot|
- By free margin ratio: The total number of lots will be allocated between orders based on the ratio between the free margins of those accounts. The calculation is similar to the by equity ratio method shown above, however in this case we take the free margin of each account as a base for calculation. For example: in the table below, with 3 lots to open we split the amount of USD 1 804 between three accounts by ratio of each’s Free Margin.
|Total||Account A||Account B||Account C|
|Free Margin||USD 1,804.00||USD 541.20||USD 180.40||USD 1,082.40|
|Lots||3 lots||0.9 lot||0.3 lot||1.8 lot|
Please note that lot allocation only works if there are sufficient funds for both margin and spread in your account.
How to open market orders
Now that you understand the ways you can allocate lots between accounts, you are all set to open a trade.
To open a market order:
- Double-click the trading instrument in the Market Watch window.
- In the order window, fill in the required fields:
- Symbol: the trading instrument
- Total volume: total volume of lots you’d like to open (not required when using Predefined volume)
- Lots Allocation: choose one of the lot allocation methods
- Take Profit, Stop Loss, and Comment.
- Once everything is ready, click Buy by Market or Sell by Market, and then click OK.
Your orders will now appear in the Orders tab, where you can track their performance.
How to place pending orders
You can place pending orders in the Pending tab:
- You’ll need to fill in the fields:
- Symbol: the trading instrument.
- Total Volume: total volume of lots you’d like to open (not required when using Predefined volume).
- Lots Allocation: choose one of the lots allocation methods.
- Open Price: the price you’d want your pending order to be opened at.
- Type: choose from Buy Stop/Buy Limit/Sell Stop/Sell Limit.
- Stop Loss, Take Profit, Comment, and Expiry are optional.
- Click Place to place the orders.
If you’ve set a SL or TP level, but can’t click Place even after you’ve filled in all the fields, check the values you’ve put for SL and TP. For example, if you’re placing a Buy Stop/Limit order, SL should be lower than the open price, and TP should be higher than the open price, and vice versa for Sell Stop/Limit orders. Also, ensure that SL/TP are appropriately set in accordance with an instrument’s Stop Levels.
Once the market price reaches the price specified in your orders, they will show up in the Orders tab.
How to modify orders
Modifying open orders
You can modify open orders by setting SL and TP in the Modify tab. In this tab, you can either choose to make changes to all positions on all accounts, or only on some positions on some accounts. Just untick the boxes next to the positions/accounts you wouldn’t want to apply changes to.
If you would like to apply changes to all positions on all accounts, specify the SL/TP, and click Modify. Once the changes have been applied, click OK.
If SL or TP levels are too close to the current market price, you’ll see the Invalid S/L or T/P error message. Adjust your SL and TP taking the Stop Levels into consideration and try again.
Modifying pending orders
You can change open price and expiry date for your pending orders:
- Tick the Open Price box and set the new open price for your pending orders
- To change the expiry date, tick the Expiry box and specify the new expiration date
Click Modify once you’ve specified the changes you’d like to make, and then click OK.
How to close orders
To close open orders:
- Go to the Close tab.
- Select the positions you would like to close, or close all by clicking Close.
- Click OK.
Your closed orders are now shown in the History tab.
If you have offsetting positions, you can use either the Close By or Multiple Close By feature. To learn about how they work and more, you can always refer to the MultiTerminal built-in help topics whenever by clicking Help in the application’s top menu.
The difference between MT4 and MT4 MultiTerminal
The major difference between the standard MT4 platform and the MT4 MultiTerminal is the ability to simultaneously trade on up to 128 real accounts or 10 demo accounts (opened on the same server).
Although this is the main differentiator between the two, there are a few other distinct differences between MT4 and MT4 MultiTerminal that you need to be aware of:
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