Categories: Forex Education

How to Use MetaTrader 4

MetaTrader4 is one of the most popular online forex trading platforms. In these lessons, we’ll teach ya the basics to help you get on your feet with MT4!

Introduction to MetaTrader 4

Congratulations! If you’ve made your way to this lesson, it means that you’re now ready to open a demo or live MetaTrader 4 (MT4) trading account.

And because is the bee’s knees, we’re here to guide you through it.

First, you should know that MetaTrader 4 (MT4) is simply a trading platform used by tons of traders and brokers. Traders use it to view real-time currency prices, open or adjust orders, get technical and fundamental analysis. Meanwhile, brokers use the MT4 platform to reach a broader audience.

What’s good about the MT4 platform is that it offers boatloads of currency pairs and indicators that you can choose from.

Not only that, but its customizable charts are so newbie-friendly that any six-year-old kid can spot breakout patterns from it.

Mechanical traders can also plug in their EAs in the MT4 platform. This makes it easy for them to track trade opportunities. The MT4 platform can’t be accessed through a website though. You have to install the platform on your computer or your phone before you can gain access to your trades and currency prices.

Want to open your account now? Here’s how:

Step-by-Step Instructions:

Step 1: Set up your MT4 account

a) Download and install MT4.exe

b) Carefully fill in the account details.

Step 2: Record your account details

a) Record and keep a copy of your account login information before exiting the registration process.

b) With MT4, you are able to create and access multiple accounts without exiting the program. Please pay attention to which account you are using before placing trades and orders.

As much as we’d like you to go forth and make live pips, we HIGHLY ENCOURAGE you to try demo trading first.

This way you’ll get the feel of the platform without putting any of your hard earned capital at risk.

Besides, unlike in live trading, you can always add to your capital or open a new one if you blow out your account or if your demo account expires.

MT4 Basics: How to Set Orders

Now that you’ve set up your MT4 account, it’s time to learn how to use it!

We know, we know. With so many tabs, windows, and buttons, the MT4 platform can look a little bit intimidating if it’s your first time using it.

But don’t worry, it won’t bite! Besides, we’ll be holding your hand through the entire process and go nice and slow. We’ll start with the basics – setting orders.

By the time you’re done with this lesson, you’ll know how to:

  1. Buy or sell via market execution
  2. Buy or sell via pending order
  3. Modify a trade after it has been entered

Are you ready? Great! Let’s begin!

Entering a Trade via Market Execution

Click the New Order button. You’ll find it in the standard toolbar.

  • A dialogue box should appear. From the drop-down list, select the currency pair you want to trade.
  • Next, select Market Execution in the Order Type drop-down list.
  • Enter the size of the position you want to open. Keep in mind that volume, which indicates the size of your position, is expressed in terms of standard lot sizes. Remember, one standard lot is worth 100,000 units. Hence, if you wish to buy 5,000 units of a certain currency pair, you would enter “0.05” in the volume field.
  • If you have any remarks or notes you would like to include about your trade, you can do so in the comment field. This is optional.
  • Finally, determine whether to BUY or SELL the currency pair. A dialogue box will appear to confirm that your trade has been executed.

You may have noticed that when you choose to buy or sell a pair at market, the stop loss and take profit fields may be disabled. Don’t worry!

These options have only been disabled to help you get in on a trade as fast as possible when price is already moving.

You can still specify your exit levels by modifying the trade AFTER it has been entered. We’ll teach you all about editing existing orders later on.

Entering a Trade via Pending Order

1. Click the New Order button.

2. From the drop-down list, select the currency pair you want to trade.

3. Next, select Pending Order in the Order Type dropdown list.

4. Determine whether you want to BUY or SELL the pair in the Order Type dropdown list.

You will be presented with 4 options:

Buy Limit – if you plan on going long at a level lower than market price

Sell Limit – if you plan on going short at a level higher than market price

Buy Stop – if you plan on going long at a level higher than market price

Sell Stop – if you plan on going short at a level lower than market price 5. After you have selected the type of order, punch in the price at which you wish to enter the market.

6. Then, enter the size of the position you want to open in the volume field.

7. Fill in the stop loss and take profit fields.

8. You’ll notice that by using a Pending Order, you also have the option to set an expiry date on your order.

9. Once you’ve filled everything out, click the Place button to enter your trade. A dialogue box will appear to confirm that your trade has been executed.

Modifying Trades

Click on the Trade tab. There, you will find all of your trades, including their entry prices, position sizes, stop losses, and profit targets.

To add/modify stop loss or profit target:

  • Right-click on the trade that you want to modify and select the “Modify or Delete Order” option.
  • Next, fill in the Stop Loss and Take Profit fields with your desired levels. When you’re done, hit the Modify button.
  • A dialogue box should appear to confirm that your trade adjustments have been executed.

To close an open trade:

  • Right-click the trade you wish to close and click the “Close Order” option.
  • If you want to close your entire position, select the yellow button below the Buy and Sell options.
  • After hitting close, your profit balance should change and reflect the profit or loss you made on your recently closed trade.

MT4 Basics: How to Install an EA

Now that you’ve had a little bit of practice with the indicator tools that the MT4 platform provides, it’s time for you to move on to the next stage of your MT4 training: how to install an expert advisor.

An expert advisor, otherwise known in the forex world as an “EA,” is basically a program that you install onto the platform that will automatically follow a trader’s instructions once a certain criteria has been met.

In a sense, you can call it “automated trading” as you don’t even have to be touching your mouse and keyboard for orders to be entered.

The advantage of using an EA is that if you already have a mechanical system in place, you can create an EA to replicate the actions required once your system gives you a signal.

This is particularly useful if you like trading multiple pairs or if you just don’t have the time to be in front of your computer to trade. But before we get to the part on how to install an EA, be WARNED that there are many people out there offering EA programs that may not perform as advertised.

They will tell you that their EA system has made them thousands of pips without them having to do a thing.

We’re not saying it’s impossible, but unless they show you account statements that are audited by a highly reputable, third-party accounting firm, take it with a grain of salt.

DO NOT be fooled by their flashy advertising and promises of higher returns! What would be best is if YOU create the EA yourself. We won’t lie – it ain’t particularly easy and you may have to spend some time figuring it out, but hey, if it was easy, then everyone would do it right?

We highly encourage you to learn and understand all aspects of whatever Expert Advisor that you plan to use.

If the EA is centered around moving averages, make sure you know if it uses simplified or exponential moving averages and how many bars it covers.

If it uses Stochastic, make sure you know what settings are used to generate the signals.

Remember, this is your hard-earned money that you’re entrusting to a computer program here.

Once you know the ins and the outs of the EA, then you can start loading it on the terminal!

Step-by-Step Instructions: Installing an EA

Step 1: Transferring files

  1. Create or download an EA. Keep note of the location of where you saved it.
  2. Select and copy the EA file you wish to install.
  3. Look for the MetaTrader4 folder. This is normally located in the C: drive.
  4. Paste the files into the Experts folder. A pop-up requesting admin permission may appear; if so, just click Continue.

Step 2: Installing the EA on the MT4 platform

  1. Launch your MT4 platform.
  2. Look for the Expert Advisors section under the Navigator pane at the left side of the platform. Click on the Plus sign and the available EAs should be listed there.
  3. Click on the EA you want to install and drag it onto one of the charts on your platform.

Step 3: Adjusting the settings

  1. A pop-up box will appear showing the settings of your EA.
  2. Make sure that all the settings and alerts are correct before clicking OK.

Once again, let us remind you that you shouldn’t just use an EA blindly.

Test it out on demo first and understand everything there is to know about it before committing your capital to it!

MT4 Basics: How to Use Indicators

Not all trading platforms are created equal. Heck, even MT4 platforms aren’t all the same!

They come with different sets of indicators, depending on your broker.

Some come with just the basics, while others come equipped with all sets of tools and advanced studies to help you with your trading decisions. In a way, that’s where the beauty of MT4 lies–it’s highly customizable! Think of it as the PC of trading platforms (sorry, Apple fanboys!); you can run all sorts of indicators and EAs, tweak their settings in almost any way you want, and even create your own from scratch!”

In this lesson, we’re gonna get you started on getting the most out of MetaTrader 4. Knowing how to enter and exit trades isn’t enough. You have to know how to use your platform’s various tools to the fullest, and you have to know how to customize them to your needs.

If you’ve ever wondered how other traders get all those fancy indicators and thingamajigs on their charts, then this lesson is for you!

After watching the video below, you’ll learn how to:

  • draw lines on your charts
  • add indicators
  • modify an indicator’s parameters

Adding chart objects

1. Click on the Insert menu.

2. Choose an object to add to the chart (ex. lines, shapes, arrows, Fibonacci).

3. Click the chart area where you want the object to appear.

Adding indicators

1. Click on the Insert menu.

2. Choose an indicator that you want to add. Indicators are usually grouped according to their type. In this example, the moving average indicator is under the Trend-following section.

3. After choosing an indicator, you will be prompted to set its parameters. You can also edit the indicator’s color, line style, and other settings.

4. Click OK once you’re done tweaking the parameters and settings. And now the indicator is good to go!

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This post was last modified on March 3, 2019 1:05 pm

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