Meta Trader 4 Tutorial

 Content:

 1. How to open a Demo Account
 2. Add and delete charts

     i. How to view a chart on full screen
     ii. How to add a chart to your screen
     iii. How to delete a chart for your screen

 3. How to customise charts
 4. Currency pairs and time frames

      i. How to change currency pairs
      ii. How to change time frames

 5. How to draw and delete lines on charts
 6. Add and remove indicators
 7. How to place an entry order
 8. How to enter stop loss and take profit orders
 9. How to add expert advisors/robots to a chart

To open a new demo account on your MT4 platform, follow the instructions explained on the next slides.

How to open a demo account

 

Add and Delete charts

 How to view a chart on full screen
 How to add a chart to your screen
 How to delete a chart from your screen
To view a chart full screen, click on the restore button and
a full screen will open.

How to add a Chart

To add a currency pair to your chart, click on the new chart button, a list of currencies will appear.
Click on the currency pair of your choice and the chart will open.

How to delete a Chart

 

 

How to customize your charts

Right click anywhere on the black background of the chart, a drop down list will appear, left click on “properties” at the bottom of the list.

A new window will open. Click on common at the top.
The red highlighted sections are only suggestions, you are free to choose which ever options you prefer – it can always be changed later.




Click on colours a new window will open.
Click on the drop down arrow next to each colour to change the background colour of the charts as well as the candles.
Click OK

 

 

11
 

Let’s save your new settings as a template.
Click on “template” in the toolbar, a drop down box will open.
Left click “save template”.

 

A new window will open.
Type a file name of your choice and click “save”.
Suggestions for a file name can be your own name and the timeframe you plan to save.
Click on “save”.

 
Every time you open a new chart, click on template and choose the file name you have just saved.

How to change currency pairs

We will take a closer look at some of the windows which traders use on a regular basis and discuss the functionality of each.
To start, let’s look at the “market watch” window; Meta Trader will display a list of currency pairs to choose from.

 

To change one currency pair to another currency pair, click on “market watch” a list of currencies appear.

Left click on the currency pair of your choice and drag it to the full screen window.

How to change time frames

MetaTrader4 provides a wide range of time frames to choose from. The 1 Hour time frame for example indicates that every candle on the chart takes 1 hour to complete.

To change from one time frame to another time frame, click on the time frame of your choice, for example the 5 minute chart which is M5.

Line Study Tool Bar

To use the tools on the line study toolbar at the top, left click on the line tool of your choice.
We will use the horizontal tool for this example.
To draw a horizontal line on your chart left click on the horizontal line tool on the toolbar at the top.

To delete the horizontal line, place your cursor on the horizontal line and left click.
Two little boxes will appear on either side of the line, which indicates that the line has been selected, and then simply hit the delete key on your keyboard to delete the line.

How to add and delete indicators

The navigator window will open. Click on the plus sign in front of the indicator to open the list of indicators.

We will use the “moving average” indicator for this example.


 

Click on the moving average, a new window will open, this will allow you to change the parameters etc. of your indicator.
Click OK.
Click on visualization to choose the time frame on which you want the indicator to appear on your charts.

Remove the tick in the tick box next to all time frames, and then tick the boxes next to the time frames of your choice.
Click OK when finish.
To delete an indicator from your screen, right click on the indicator, a small window will open. Click on “delete indicator”.

Important!
Remember to save your indicators as a template.

 

How to place an order

To place a new order, click on the new order button on the toolbar to open a new order window.



The currency pair can be changed by clicking on the drop down arrow.

 

“Volume” is the amount of lots your plan to trade, if you do not see the volume in the drop down list, you can directly type it in. Keep in mind that 1.0 on a standard account equals more or less $10 per pip.

MetaTrader4 allows us to trade with mini lots were 1 pips normally equals $1 as well as with micro lots where 1 pip normally equals $0.10

Trading micro lots can be very convenient for new traders making the transition from demo trading to live trading or for trying out new strategies.

As soon as you are ready to place your order just click on BUY or SELL.

 

It is worth noting that SELL is when you profit when the
market is falling and BUY is when you profit when the
market is rising.

How to manage your trades

To manage your trades click on the Terminal button on the tool bar. The terminal is the hub of the MetaTrader4 platform. All positions can be viewed and edited including the ability to close a position.

On the lower right hand side of your charts you will see the heading “profit” the money value below the profit heading indicates whether the trade is positive or negative. A negative or a minus sign in front of the money value indicates a loss.

To close a trade or position manually right click on your trade in the terminal window, the colour of the trade will change to blue and a drop down box will appear. Click on the “close order” button.

To “modify” a trade right click on the trade in the terminal window, the colour of the trade will turn to blue and a drop down box will appear.



click on “modify” and manually type in the preferred value of your stop loss and take profit.

Important!

Remember, Meta Trader4 allows you to enter a BUY trade as well as a SELL trade at the same time on the exact same currency pair – in short “hedging” is permitted.

Add an Expert Advisor to your chart.

Then click on “expert advisors” to open a list of EA’s or robots.

Select the EA of your choice by double left clicking on the advisor, a new window will open.

The red icon indicates an inactive advisor and the green icon indicates an active advisor.

Conclusion

You have completed a basic course in MetaTrade4 and are ready to explore all the advantages that MetaTrader4 provides, including the option to “hedge”.

VIDEO TUTORIAL - How to operate MetaTrader 4

1. How to operate a MetaTrader4 Platform Lesson 1 of 9.wmv
    http://www.youtube.com/watch?v=_6uw3Cg88jo

2. How to operate a Metatrader Platform Lesson 2 of 9.wmv
    http://www.youtube.com/watch?v=LZ8IzAJbmgI

3. How to operate a Metatrader Platform Lesson 3 of 9.wmv
    http://www.youtube.com/watch?v=2Pk8sqkGeYk

4. How to operate a Metatrader Platform Lesson 4 of 9.wmv
    http://www.youtube.com/watch?v=SVQ4JdAlOZs

5. How to operate a Metatrader Platform Lesson 5 of 9.wmv
    http://www.youtube.com/watch?v=rGMQ6mDJGno

6. How to operate a Metatrader Platform Lesson 6 of 9.wmv
   http://www.youtube.com/watch?v=uLUmnzSPZAw

7. How to operate a Metatrader Platform Lesson 7 of 9.wmv
   http://www.youtube.com/watch?v=ii3eHsnKWVM

8. How to operate a Metatrader Platform Lesson 8 of 9.wmv
   http://www.youtube.com/watch?v=NrvcriOfBaI

9. How to operate a Metatrader Platform Lesson 9 of 9.wmv
   http://www.youtube.com/watch?v=SkO_bM4-WMo

                       TRADE FOREX WITH META TRADER 4 TODAY  Try it now.

                  Compiled by: Hettie Nel Forex Coach www.oneononeforextraining.com & www.forextradingstrategies.net.au