How to use MetaTrader for beginning Forex traders
MetaTrader 4 is a powerful and popular application for trading in financial markets. It was developed in Russia by MetaQuotes Software, but it has been adopted all over the world due to its ease-of-use.
MT4 charts are the most effective approach to monitor price movements for various financial instruments. By utilizing them, a Forex trader may analyse market movements and anticipate future behaviour in currency pairings or other products available.
Additionally, the terminal enables the simultaneous opening of hundreds of various types of charts while customizing each to your preferences. Whether it’s indicators such as MACD/RSI that forecast future patterns rather than merely historical data. Enabling EAs (Expert Advisors) ensures that you are not entirely exposed to unexpected bursts of volatility.
Market Watch window
The Market Watch window makes it simple to build charts. A new chart may be opened by selecting File -> New Chart and then selecting the instrument that requires it. Alternatively, drag-and-drop it onto the terminal screen to make it visible.
A quicker approach to create a chart is to choose the desired symbol from the top bar’s “Markets” section. Right-click on this option and then select “Chart Window” when a menu appears asking which type of chart you want: Line (horizontal), Bar (vertical), etc. Therefore, choose one before pressing the Enter key on the keyboard.
To customize the chart, either click “Charts” or right-click on our particular chart and select Properties (F8).
To initiate a trade with MetaTrader 4, either navigate to the main menu or select “New Order” on the toolbar. In this window that appears, select the trading instrument symbol and specify volume for the desired trade type (e.g., Sell by Market). Although Market Execution is the default setting, there are two additional buttons: Sell & Buy By Markets.
By choosing the red button (Sell by Market), you initiate a short position at the specified price. When selecting the blue button, the opposite occurs and a long trade is created. To place a pending order on a stock that does not yet have any open orders, or if you simply want to see where someone else is going before following your lead, select “Pending Order” from the Type drop-down list in the Portfolio window, rather than selecting “Buy” from the Main List section or placing Sell Orders independently as they become available.
Forex traders may use one-click trading to place an order with a single tap. To activate this function, right-click on the chart and choose “One-click Trading (ALT+T).” This window allows you to quickly indicate the amount of your trade as well as the direction in which you are buying or selling at the current market price.
Take profits and Stop losses
“Take Profit” is an order to end a profitable position when the price of the financial instrument selected reaches a predetermined threshold. When placed above, it indicates that a buyer’s departure point has been reached, but when placed below, it indicates that they can sell at the present market rate. Modify or delete Take Profits orders by right-clicking on the open Trade tab and selecting ‘Modify or delete’.
Stop-loss orders are a critical component of trading. When you place a stop-loss order, it is triggered if the price falls below the level indicated in the trade setup’s parameters (or above in a short trade setup).
The Terminal window serves as a hub for all trade information displayed on-screen. It’s located at the bottom of any program you’re using and displays information about your account, including your trade balance, equity (total money), margin, and even pending orders that may be closed or modified if necessary. Other tabs provide historical data as well, so there is little left to go wrong when examining it all together.