Beginner’s Guide to MetaTrader 4 (MT4),Primary Sidebar
AdPopular Forex Strategy That Will Help You To Become A Successful Currency Trader How to Set up MetaTrader 4: Installing and Launching the Trading Account. The first step on how to set up MT4 is to download the MT4 trading program on your device, as you can see on our MetaTrader 4 tutorial below, and then proceed with its installation as per the instructions. You can always save the program in any folder of your preference 31/03/ · In return, brokers provide their clients with access to MT4 if they open a Forex account. Traders use the platform to monitor live prices, buy and sell at market or use pending ... read more
As a result, you should get a confirmation message. Once the order is closed, you can go to your account history in the terminal section and you will find the details about the recently closed order:. For instance, you are planning to place a buy order in a bullish market scenario, but you would like the order to be placed after a certain price level is surpassed, confirming a possible breakout.
In this case, you would need to place a Buy Stop Pending Order. Alternatively, you can use the Sell Stop Pending Order if you expect the price drop and you would like to add a price level condition that triggers the order.
Buy Limit orders can be placed if you would like to take advantage of a bullish market under the condition of placing the order at a lower price level that could be hit on an expected price pullback, before continuing with an upward trend.
On the other side, Sell Limit orders could be useful when you would like to take advantage of a resistance level that precedes a downward trend.
To set up a pending order in MetaTrader 4, follow the same steps to open a new order and select the Pending Order type, then you can choose the type of Pending Order with the price level that will act as a condition to trigger the order. In addition, you can add an expiration date if you wish that the pending order is canceled after a certain period if the price condition is not fulfilled. MetaTrader 4 graphical markup tools are features that you can apply to chart in order to enhance your technical analysis; they range from a basic circle or text label, all the way to trendlines, channels and Fibonacci retracements.
In this section, we will take a look at the most popular MetaTrader 4 markup tools. Horizontal lines are used to indicate support and resistance levels, psychological price levels or target for your take profit and Stop Loss levels. In order to draw a horizontal line, go to the line studies toolbox, click the horizontal line button and then press anywhere in the chart where you would like it to appear.
Once it is placed you can click it and move it around as you need. Similarly, you can use vertical lines to mark an important period in your chart. To draw a vertical line, go to the line studies toolbox, click the button and then press anywhere in the chart where you would like it to appear. To add a trendline, click in the line studies toolbox and click a bar or candle in the chart that will be the starting point of the trendline.
After that, you can click the trend line and you will see three small boxes that you can click and drag to make your trendline more accurate. Click the channel button and select a candle or a bar that will be the starting point of the channel.
In a similar way to a trendline, you can adjust the channel by clicking it and dragging the squares to change the angle or the width of the channel:. To insert Fibonacci retracements in a chart, you can click the Fibonacci button in the line studies toolbox and then extend it in the chart by clicking the starting candle of the trend and dragging the line until the highest or lowest price level of the trend:. You can click and select those objects that you wish to edit or remove them:.
Indicators consolidate data values regarding the Open, High, Low and Close price levels of a determined currency pair in a specific period within a timeframe.
In other words, MT4 indicators process these values to give you a different perspective on the market. Go to the Navigator window and look for the indicator folder, click to expand it and you will see the list of the all the MT4 indicators. You can choose your favorite indicator by left-clicking and dragging it to the chart. After that, you will get a parameter window to select the period and the visualization properties for the indicator.
You can modify or remove an indicator by right-clicking it and selecting one of the following options:. We hope that you have learned how to use MetaTrader 4. You can always re-visit this guide in case you are not sure how to use a specific feature of MT4. No other trading platform offers such flexibility and ease of use.
Post your comments below if you would like us to add more features to this guide. Your email address will not be published. Using MetaTrader 4 comes down to: Opening an account Performing a quick installation Setting up the right navigation tools and indicators Placing trades to generate profits in your account This guide will teach you how to use MetaTrader 4 and you will get unique tips to unleash its power to improve your trading.
What are you waiting for? START LEARNING FOREX TODAY! Sign me up! To download the MetaTrader 4 platform, you can go straight to the article where we discuss the recommended brokers for price action traders and download a Free Demo platform. You can do that here:. Download FREE New York Close MT4 Charts. A setup file mt4setup will be downloaded into your PC. Click on the mt4setup file to initiate the installation. You have to agree with their terms of this license agreement and then click next, as shown in the following figure:.
Now, click Next to open a demo account because without opening a demo account, you cannot operate this software. After clicking Next, a new popup window will appear. Fill in the blanks. Select currency, account type, leverage, and deposit. Now, you will get a user ID and password. Keep your user ID and password in a safe place.
Click Finish to log in. Now, a popup window will appear. You can easily change your MT4 password from here. The following is a screen shot of what your MT4 platform will look like when you first open it up. MT4 opens with four different currency pair chart windows like the EURUSD, GBPUSD, USDCHF, and USDJPY charts.
For a price action trading, we need to setup our MT4 platforms chart. According to your own personal style and color choices, you can customize your MT4 platforms chart. Personally, I like a white background with a black foreground. Here's the way to setup a clean white chart for ideal price action trading:.
Click on that icon, and then select the specific currency pair you want to open. Open your desired chart, then right-click the chart and select properties. Now, you will see a popup window appear. By clicking on this color scheme, you can change the color of your chart. Using this common tab, you can change certain features like volume, grid, ask line, period separators, auto scroll, etc. You can also change the chart from candlestick to the bar chart or line chart through this common tab.
If you want to save the chart according to your desired color scheme and other chart properties, you can easily do it by saving the chart as a template. There is another way to save the template.
You can select candlestick, bar chart, or line chart — whatever you want. But, I suggest you to use candlestick chart for better understanding the Forex market. To change the time frame of the chart from 1 minute to monthly, use the time frame icon located in the toolbar. If you want to open a new chart with your existing template properties, you can easily do that. Open the new chart, right click on that chart, select template, then click on your previously saved template.
Now, you will see your new chart having a new currency pair that will be converted to your previously saved template. You can easily set up 4 different time frame charts of a single currency pair in the same screen. To do this, open 4 new charts having the same currency pair. Now, select each chart, and then click on the time frame icon gradually from 1 minute, 5 minutes, 15 minutes, and 1 hour. You will see that MT4 will automatically set 4 different time frame charts of a single currency pair in the same screen.
If you want to analyze as many different chart windows as you want in the MT4 platform, you can easily do it by clicking on the tabs at the bottom of the MT4 platform showing currency pairs name. You can easily edit any chart by clicking on it, and then using the toolbars icon just like we have already discussed. Now, you will see all of your charts in the same screen, as shown in the following picture:.
Now, you will find a popup window. During your operations on MT4 charts, you will easily want to analyze your assets efficiently. Therefore, you need Hotkeys and Toolbar to facilitate your navigation. For fast adjustments during assets analysis, items like Timeframes, Tables, and Line Studies come in handy. While using MetaTrader 4, look at these elements closely.
At the table, traders can customize the visual display, access indicators list, select timeframes, zoom, shift, handle guides, as well as arrange their assets. You can opt for crosshair, other than the default cursor.
This way, you can easily pinpoint by gauging the stretch between the two charts. To highlight the endpoint, left-click on the mouse and long-press. On the display, you will see the number of candlesticks, last value, and pips distance. Line Studies also help when drawing horizontal, vertical, and tradelines, as well as labelling charts, and adding Fibonacci Retracement sequences. On the Time Frames, you can access nine and operate through them without a hitch.
Besides, with your MT4 account, you can get a number of them on different charts. Take advantage of the free MT4 demo account. After all, practice makes perfect so keep on experimenting to polish your skills. The Toolbar will avail hotkeys and other functionalities. Hotkeys are important in modification of the charts and speeding up your navigation. Additionally, the more you analyze various assets, the more you will appreciate the task.
Below are some hotkeys from the MetaQuotes website. First off, you need to understand the foundation of assets analysis with indicators and order placement. You can do this through a bunch of technical indicators available. While some are placed directly into the chart, others go below it.
You can easily access the indicators through the Menu setting by choosing the Insert option. Another alternative is to use Navigator, as marked with the red rectangle below. As shown in our example, we have selected the Commodity Channel Index. You will see settings in the dialogue box popping out for every indicator you choose. Click OK to add the indicator. We have drawn the Fibonacci Retracement Fan sequence using an identical tab from the Toolbar.
Take a look at it. Also included is a Simple Moving Average indicator. If you decide to delete the indicator, just right-click on it. A prompt similar to this will pop up:. Knowing how to place trade orders is quite easy and you have four options to choose from. Though you have access to advanced trading options in the order windows, the best pick would be the one-click trading choice.
To place orders, you have three available alternatives. Click on the New Trade option in the Toolbar marked in red, on the MarketWatch on the selected asset, or press F9. Again, you can click on the triangle orange square near the asset name. The main differences between placing an order via the order window and through a single-click trading icon are that in the former, you can initiate a stop loss and take profit and also leave a comment.
MT4 account also allows you to place pending orders. Simply change the Type red , and then you will witness a change in the order window, after which you can choose the order type and the price level orange. Click on Place to display the pending order in the Terminal green.
You can delete the order when you click the X button blue. As you can see in our case, the Market moved fast and triggered our pending order. See the snapshot to get an in-depth understanding of each type of pending orders as listed on the Meta Quotes website:. After executing your market order, a confirmation is sent to you, and the position shown within the Terminal red rectangle. The central part of your trading activities is portfolio management.
You can execute it from the Terminal icon in the Trade and Account History tab. If you want to close your active trades, you can click on the x button red rectangle.
Because it is your first-time trading, you will see a confirmation pop up to confirm if you would like to go ahead to shut down the trades or not orange rectangle. To customize open positions double-click on the order you wish to modify in the Terminal. You will then see an order window displayed.
Flicker to the Type option and click on Modify Order red. You can then reshape your order orange by adding stop-loss and taking the profit. You can accomplish this by choosing the distance in pips or picking the price on Level , pressing Copy as , and then completing with Modify. As shown in the image below, you can see the updated stop-loss and take profit levels red rectangle. Hover on the Account History tab found in the Terminal red rectangle to display and view all the details of the closed trades.
In the image below, we closed the open trades, hence unshaded manually exited trades. We closed the positions through stop-loss and we shaded the take gains in red and green, respectively. Some of the steps used in this tool include:. You can check out the free samples the platform comes with, the MACD, and Moving Average. Click the Free tab to access the featured free EAs.
We found the Trend Scalp EA here :. Proceed to the Download button and click. You will see the site ask whether MT4 was successfully installed on the computer, and another prompt to launch it, which automatically adds the EA.
MetaTrader 4 is the most popular trading platform for retail traders because of its simplicity and ease of use. Metatrader was launched in by MetaQuotes Software company. It licenses the software to Forex brokers. In return, brokers provide their clients with access to MT4 if they open a Forex account. Traders use the platform to monitor live prices, buy and sell at market or use pending orders, and so on.
Using MetaTrader 4 comes down to:. This guide will teach you how to use MetaTrader 4 and you will get unique tips to unleash its power to improve your trading. First, you will need to find a Forex broker and open an account. After having a demo or live account under your name, you will be able to proceed with the MT4 installation. To pick a Forex broker, you can check several listings or rankings online, just make sure that whatever option you choose complies with the following basic standards:.
Usually, you can open and use a demo account very fast; follow these simple steps:. On the other hand, to open a live account in MT4 takes some extra steps, your broker will request more information. Some brokers have restrictions on accepting clients from specific countries, as they are under strict regulation to keep their operating license.
Once your forex account is open, you should receive the following details via email from your broker:. In addition, the email should contain links to download the MetaTrader 4 installer like the following:. Similarly, you can go to the MetaTrader 4 site and download the version that suits your needs better.
Note: this guide focuses on MetaTrader 4 for windows. However, If you would like to learn more about the mobile versions iPhone and Android , feel free to check the MetaTrader 4 site. Firstly, you should save the installer on your PC. After clicking the installation file link, the following will be displayed:. Click save, then go to the location where you have saved the file and double click this icon:. You will get the following message, click yes to proceed with the installation:.
Then, you will need to accept the Terms and Conditions from your broker:. Then, MT4 files will get downloaded and when you see the green bar completed, click finish:. MetaTrader 4 will be displayed with a window to select the server:. Make sure to look and choose the server name that you got from your broker.
Then, you can start using your MetaTrader 4 account! To open a new chart, go to the Navigator window, right-click in a currency pair, then click in chart window :.
You can maximize the Chart window if you would like to focus on a single currency pair. Moreover, you can switch between different instruments windows using the tabs below:. Also, it can be handy to focus your analysis in some specific regions or candles in a chart.
You can use the zoom in and out buttons that you will find in the Charts Toolbar:. In addition, you can switch between different types of charts by clicking one of the following buttons:. If you would like to get the price or volume information for a specific period, hover the mouse over the chart:. Depending on your trading analysis, you can use the auto-scroll feature to keep to chart updated with the last tick. Click the Autoscroll button and you will get the following:.
Additionally, you can use the shift button if you prefer to have some space to the right of the period. For example, here is a chart with the chart swift feature enabled:. To visualize or change the timeframe of any chart you can use the period buttons on the timeframe toolbar:. Also, you can use the submenu button in the standard toolbar. Whatever period you choose, this will reflect as an individual bar or candle in the chart. For example, if you choose H1, this means that each bar or candle corresponds to one hour of price action, with its specific Open, High, Low and Close prices.
Using two charts with different timeframes for a specific currency pair might help to assist your trading decisions. For example, if you check H1 and you spot a selling opportunity, having a parallel daily chart might help you confirm a trading signal:. The crosshair is convenient to become agile with your trading analysis and get information in a faster way. To enable the crosshair, click in the line studies toolbar. Then, move the mouse cursor towards a chart bar or candle, you should see the crosshair, which highlights a specific price and time.
Similarly, you can use the crosshair to measure time, bar and pips distances in a chart, this is useful for doing your analysis or determining potential Stop Loss and take profit levels. Left-click the chart while the crosshair is enabled and move your mouse while keeping it clicked:. MetaTrader 4 templates allow you to save time by storing a determined chart setup configuration. After that, you will get the following window where you can name and save your template:.
Furthermore, you can upload your favorite template into a new chart, by right-clicking and selecting load template as follows:. Then, you will need to select the template file and click the open button:. To place a trade in MetaTrader 4, select a chart of a currency pair, then click the new order button that is located in the standard toolbar. Then, you will need to click the Sell or Buy button. Please consider that if you are placing a Buy order, this will be done at the Ask or higher price.
In contrast, if you would like to sell the currency pair, the order will be placed at the Bid or lower price. After you place an order, you should get a confirmation message like the following:. The Stop Loss feature allows you to maximize the likelihood of limiting your potential losses. Therefore, you can follow the same process above to create an order, in addition, you will need to input the stop loss value that you have previously defined. If you would like to learn more about how to determine and place Stop Loss levels, check this article.
Similarly, to place a Take Profit, you can follow the same process and input the value or price target level at which you would like to lock a profit for your trade. Check our article on how to set take profit levels if you would like to learn more about this topic. Once you have placed an order, there might be situations in which you would like to change it. For instance, you realized that your Take Profit was incorrectly placed or you would like to modify your Stop Loss.
Therefore, learning to modify open orders becomes very handy to have flexibility in your trading and adapt to new market conditions or unexpected scenarios.
Then, click the Modify button to make the change effective. As a result, you should get a confirmation message. Once the order is closed, you can go to your account history in the terminal section and you will find the details about the recently closed order:.
For instance, you are planning to place a buy order in a bullish market scenario, but you would like the order to be placed after a certain price level is surpassed, confirming a possible breakout. In this case, you would need to place a Buy Stop Pending Order. Alternatively, you can use the Sell Stop Pending Order if you expect the price drop and you would like to add a price level condition that triggers the order. Buy Limit orders can be placed if you would like to take advantage of a bullish market under the condition of placing the order at a lower price level that could be hit on an expected price pullback, before continuing with an upward trend.
On the other side, Sell Limit orders could be useful when you would like to take advantage of a resistance level that precedes a downward trend. To set up a pending order in MetaTrader 4, follow the same steps to open a new order and select the Pending Order type, then you can choose the type of Pending Order with the price level that will act as a condition to trigger the order.
In addition, you can add an expiration date if you wish that the pending order is canceled after a certain period if the price condition is not fulfilled. MetaTrader 4 graphical markup tools are features that you can apply to chart in order to enhance your technical analysis; they range from a basic circle or text label, all the way to trendlines, channels and Fibonacci retracements.
In this section, we will take a look at the most popular MetaTrader 4 markup tools. Horizontal lines are used to indicate support and resistance levels, psychological price levels or target for your take profit and Stop Loss levels. In order to draw a horizontal line, go to the line studies toolbox, click the horizontal line button and then press anywhere in the chart where you would like it to appear.
Once it is placed you can click it and move it around as you need. Similarly, you can use vertical lines to mark an important period in your chart. To draw a vertical line, go to the line studies toolbox, click the button and then press anywhere in the chart where you would like it to appear.
To add a trendline, click in the line studies toolbox and click a bar or candle in the chart that will be the starting point of the trendline. After that, you can click the trend line and you will see three small boxes that you can click and drag to make your trendline more accurate. Click the channel button and select a candle or a bar that will be the starting point of the channel. In a similar way to a trendline, you can adjust the channel by clicking it and dragging the squares to change the angle or the width of the channel:.
To insert Fibonacci retracements in a chart, you can click the Fibonacci button in the line studies toolbox and then extend it in the chart by clicking the starting candle of the trend and dragging the line until the highest or lowest price level of the trend:.
You can click and select those objects that you wish to edit or remove them:. Indicators consolidate data values regarding the Open, High, Low and Close price levels of a determined currency pair in a specific period within a timeframe. In other words, MT4 indicators process these values to give you a different perspective on the market. Go to the Navigator window and look for the indicator folder, click to expand it and you will see the list of the all the MT4 indicators.
You can choose your favorite indicator by left-clicking and dragging it to the chart. After that, you will get a parameter window to select the period and the visualization properties for the indicator. You can modify or remove an indicator by right-clicking it and selecting one of the following options:. We hope that you have learned how to use MetaTrader 4.
You can always re-visit this guide in case you are not sure how to use a specific feature of MT4. No other trading platform offers such flexibility and ease of use. Post your comments below if you would like us to add more features to this guide.
How to use MetaTrader 4 (Beginners’ guide),How to use strategy tester in mt4
31/03/ · In return, brokers provide their clients with access to MT4 if they open a Forex account. Traders use the platform to monitor live prices, buy and sell at market or use pending AdPopular Forex Strategy That Will Help You To Become A Successful Currency Trader How to Set up MetaTrader 4: Installing and Launching the Trading Account. The first step on how to set up MT4 is to download the MT4 trading program on your device, as you can see on our MetaTrader 4 tutorial below, and then proceed with its installation as per the instructions. You can always save the program in any folder of your preference ... read more
The Stop Loss feature allows you to maximize the likelihood of limiting your potential losses. Forex Trading Strategies. You can do that here: Download FREE New York Close MT4 Charts A setup file mt4setup will be downloaded into your PC. How to analyze multiple markets quickly If you want to analyze as many different chart windows as you want in the MT4 platform, you can easily do it by clicking on the tabs at the bottom of the MT4 platform showing currency pairs name. Then, you will need to select the template file and click the open button:. You can then reshape your order orange by adding stop-loss and taking the profit. Moreover, you will see all open trades here as well.
MetaTrader 4 will then add the chart and display it at the bottom of the Chart Workspace section without fail, as indicated in the red rectangle below. Also, you can use the submenu button in the standard toolbar. MetaTrader 4 templates allow you to save time by storing a determined chart setup configuration. Pin 0. You will get the following message, click yes to proceed with the installation:. I am learning so much.
No comments:
Post a Comment