When you allow web requests, you are actually allowing a metatrader application (i.e., an Expert Advisor) to send and receive information through web requests. Any information the Expert Advisor can get from your terminal/computer can also send through web requests. As you said, the EA can send your trade history, your opened trades, your balance, the symbols you are trading, etc. (that's a really extensive list - check the documentation, so that if an information can be fetched by any MQL5/WinAPI function, it can also be sent through the web). That's why you should only allow it for trusted applications - pretty much the same as the DLL imports.

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Hello,
Can anyone tell me what kind of information can a website get about my trades and terminal, for which I allow WebRequest? I.e. can the website e.g. see my other trades or EAs on the terminal?
Thanks.