How to Use Metatrader 4 for Trading - News Anyway

-

How to Use Metatrader 4 for Trading - News Anyway

How to Use Metatrader 4 for Trading - News Anyway

Posted: 13 Feb 2020 12:00 AM PST

Post Views: 874

Thanks to Forex brokers, currency exchange is now easily accessible to any individual in the UK and other countries. Platforms are indispensable elements of trading, as all operations are conducted through the software. Read on for a brief comparison of Metatrader 4 vs Metatrader 5 and key aspects of working with the older system.

Why Choose MT4

Despite being relatively old, this platform remains the top pick for many traders around the world. MT4 has a modern interface allowing easy navigation, and it may be installed for free from the FXTM website. A broker conducting legal business in the UK, the company provides clients with comprehensive guidance and support at every step of the way.

Main Features of the Platform

The program comes with a range of visual aids that facilitate trading decisions. These include:

  • customizable indicators;
  • quotes in the live mode;
  • 1-click-trading;
  • range of time frames, and
  • unlimited charts.

Naturally, since Forex trading takes place on different continents, the software has been adapted to different languages and currencies. You may trade major currency pairs, cross pairs, or exotic combinations, and get support in the language you speak. Overall, MT4 arms you with all key tools necessary for a currency trader. If you are willing to diversify your portfolio with CFDs, stocks or commodities, you should switch to MetaTrader 5.

How to Install

Neither Windows nor Mac users should experience any difficulties. Download the package from your broker's website and run the wizard. In case of Mac, you may have to follow the standard procedures for any software from outside the App Store.

The mobile version allows tracking of finance trends and management of trades wherever you are. Software for portable devices may be easily found in the Google Play Store and App Store. There are also thousands of user reviews.

Sign In and Log Out

Signing in is the first step after the initial run. If you are not prompted to do it automatically, head to the 'File' tab and use the 'Login to Trade Account' button. Here, the details you enter may relate to a demo or a live account. The former serves training purposes, and it should be used by every rookie at the beginning of their Forex journey.

Do not look for the logout button, as it does not exist. If you wish to prevent the program from saving your login details, this is achieved through setting adjustment. Make sure the 'Save Account Information' box is left unchecked.

Trading Procedures: The Basics

The platform operates using an order-based system language (MQ4). Hence, opening a trade requires you to place an order. This is done via the 'Order' window, which allows instant placement. Just choose the desired currency pair on the top 'Window' tab, activate 'New Window' and 'New Order' on the toolbar.

This window specifies all the required data: the pair, the volume (in lots), the Stop Loss and Take Profit values, and type of trade. There are also graphs with the latest shifts of Bid and Ask prices. The second way to open a trade is with the 'Order' window summoned by F9.

How soon do you want the trade to be executed? For an immediate result, choose the 'Market Execution' type. Otherwise, select the so-called "limit" or "stop" order. This way, execution is programmed to take place at a certain predefined level different from the current market price. Short positions (when you sell currency to buy more of it back once the price falls), the procedure is particularly simple — you just place a sell trade to open.

How to Exit

Find the 'Trade' tab in the 'Terminal' window (activated via CTRL+T). All the current open trades are in the 'Trade' section. Right-click on any order to finalize it via 'Close Order'. This manual approach is best when there are several trades open simultaneously.

Stop or Limit Orders

Use the 'Take Profit' option in the 'Order" window and enter the target price level. Choose 'Pending Order' as position type and choose 'Buy Limit' or 'Sell Limit' from the drop-down menu.

MT: Key features and advantages of trading with MetaTrader 4

MD: MetaTrader 4 is a popular platform tailored to currency trading. Discover the functions and benefits making it a top choice.

7 best trading tools for 2020 - ForexLive

Posted: 08 Jun 2020 12:00 AM PDT

[unable to retrieve full-text content]7 best trading tools for 2020  ForexLive

Comments

Post a Comment

Popular posts from this blog

Position Sizer Expert Advisor for MT4/MT5 - EarnForex News

-
Image
Position Sizer (MetaTrader expert advisor) calculates how many lots to trade based on: Entry and stop-loss levels Risk tolerance Account size (balance, equity, or even your savings account) Account currency Currency exchange rates Its main features include: Works with any trading instruments — currency pairs, CFDs, equities, indices, commodities, futures, cryptocurrencies. Calculation inputs and results are displayed in a graphical panel. The panel can be moved freely across the chart. You can easily close or minimize it. All calculation parameters can be adjusted inside the panel in one or two mouse clicks. Entry, stop-loss, and take-profit lines can be dragged directly on the chart. You can choose to set stop-loss and take-profit as distance in points. Alternatively, you can set them as multiples of ATR (Average True Range). If a take-profit is given, the calculator shows the potential reward level and the risk-...
Read more

NZD/USD drops from weekly highs post-dismal ADP report, meanders around 0.6630s - FXStreet

-
Image
The NZD/USD snaps two consecutive days of gains, down 0.15%, amid a positive market mood. The US ADP employment report was dismal, though it barely influenced the US dollar. NZD/USD is downward biased, and failure to break above a downslope trendline opened the door for the YTD low. The New Zealand dollar climbs but retreats from weekly highs around 0.6662 after mixed than foreseen NZ jobs report released in the Asian session. At the time of writing, the NZD/USD is trading at 0.6637. The US ADP Employment report was ignored by investors as they prepare for Friday's NFP An hour and a half before Wall Street's opened, the ADP Jobs report was released. The figures were dismal, showing the losses of more than 301K employments when polled economists expected at least 207K private jobs added to the economy.  The ADP Chief Economist said that "The labor market recovery took a step back at the start of 2022 due to the effect of the Omicron va...
Read more

Wyckoff Method: Rules, Accumulation, and Distribution - Investopedia

-
Image
Legendary technician Richard Wyckoff wrote about financial markets in the early decades of the 20th century at the same time as did Charles Dow, Jesse Livermore, and other iconic market analysis figures. His pioneering approach to technical analysis known as the Wyckoff Method has survived into the modern era. It continues to guide traders and investors in the best ways to pick winning stocks, the most advantageous times to buy them, and the most effective risk management techniques to use. Wyckoff's observations on price action coalesced into what's known as the Wyckoff market cycle. It's a theory that outlines key elements in price trend development that are marked by periods of accumulation and distribution. Four distinct phases comprise the cycle: accumulation, markup, distribution, and markdown. Wykoff also defined rules to use in conjunction with these phases. These rules can further help to identify the location and significance of price within the broad s...
Read more