1. MT4 Terminal – How to Start Trading?
1.1. Installing the Program is the First Step to Trading!
1.2. Demo-Account – The Way to Test the Situation?
1.3. Connecting to a Real Account – For Those Who Are Already Registered At a Broker!
I have been using MT4 terminal for long and quite successfully. The interface of this program is very convenient and handy and mostly intuitively approachable. However, there is the plenty of nuances should be realized by a novice. I had nobody tell about metatrader 4 (how to use the program), and I had to study and master everything myself. That’s why I want to share my experience – I hope, the material will be useful for those who just start using the terminal.
Working with the mt4 terminal begins from downloading and installing it. One can download the software in two ways:
When downloading, it’s very important to correctly choose your device: PC, iPhone, iPad, devices based on Anroid and click on the matching button.
After the software is downloaded, run it and follow the instructions of the system.
It often occurs that the security system requires the permission to install the program – you should click on “Run”. Then, agree with terms of services (with a flag) and press “Next”.
When the installing is finished, the program will be opened.
In the window opened after the software is installed, you can open a demonstrational account at once. It is designed for testing strategies without using real money – so-called forex for dummies. This way is preferred by most novices, but as for me, I can’t recommend it. Demo-accounts don’t let you dive into trading and dull the ability to realistically assess the risk. This function is better for chart analysis while trading binary options.
In the opened window you have to choose the trading server from the list. If there are some of them, the most preferable will be that which has the minimal latency (ping). Having selected the server, click “Next”.
In the new opened window, the point “New Demo-Account” will be automatically marked. When you press “Next”, you move to the form that you must fill out with your personal data. This stage finishes the process of opening a demo-account.
It’s impossible to open a real account through the mt4 terminal. The reason is that it can be opened through a broker only. Each account type has its own special features. With the first opening of the program, to connect to the existing account, it’s enough just to move the mark from the line “New Demo-Account” to “Trade Account”. If the program was used earlier, choose “Login to Trade Account” in the “File” menu. In the opened window, you will be offered to apply the account number, a password and to specify the operating server.
In the “Tools” menu, choose “Options”, where all the needed information is applied. This info can be gotten from your broker you work with.
It take long for me to get on with the time parameter in the platform. And this parameter is extremely important if you always trade! If you don’t know, what is the difference between time in the platform and your local time, it’s tough to orientate when trading starts and ends.
Finally, I found out Eastern European time is used in MT4. It has the shortened name – EET. Time changes on the last Sunday of March and October in Europe.
Most don’t understand why having entered the terminal on Saturday, they can’t change parameters of the order or make a new one. Forex for dummies: the market closes at 11:55 PM on Sunday and opens at 12:05 AM on Monday. According to EET, of course.
All the main operations with instruments of the market are made by a mouse right button click on “Market Watch”. Here, you can add and remove different symbols, and also open the window of the chart of the instrument we are interested in.
For those who prefer binary options like me, I must say it’s indispensable to know they can’t be traded through MetaTrader4. For option trading, you need the special platform provided for traders by binary options brokers. Have the conscious and clear-mind approach to selection of the broker! There is a lot of nuances which must be considered for successful trading. You may find more information about them in the article “TOP-5 Facts You Didn’t Know about the Binary Options Broker”.
Most consider oil one of the most worthwhile exchange instruments.
The majority of brokers offer operating with two brands of oil:
Other designations are probable, which mostly depend on the broker chosen for working and keeping your account. That’s why, for those who want to engage oil trading, I may recommend specify oil brands available for operation, having gotten this information from your broker. You may read about other assets and derivative instruments in the step-by-step instruction for trading.
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Most people trading binary options, use live charts. With that. The majority of traders started trading at forex, like me, using MetaTrader 4. Tutorial of program basics and formed habit to the terminal prove the difficulty to move to other ways of trading. And figures and indicators necessary for strategies cannot be drawn on the live chart.
That’s why, the actual problem is in opportunities of MetaTrader 4 – how to use the software for trading binary options.
Choosing between live charts and the terminal, the most important thing is to assess advantages and disadvantages of the latter. I can specify the following conveniences of MT4:
All that let MT4 to become the best alternative to trading binary options using the live chart. However, there are some problems of terminal-trading:
1. The difficulty for the novice trader due to a variety of instruments;
2. Communication failures, lagging in the program increases response time to the market situation;
3. The dependence of the quotes from the server.
The main tool of analysis in exchange trading is the chart. It is the thing that shows how the value of the financial instrument changed with the course of time. Without charts, technical analysis is not carried out, along with testing and advisors’ routine.
MT4 offers great opportunities of setting up charts. At the same time, up to 99 charts of different instruments can be used. Switching between them is held by the means of tabs (see the picture).
One of the most important parameters of setting up charts is the opportunity to change the color scheme. For that, having opened the context menu at the chart, choose “Properties”. In the opened form, in “Colors” you can choose preferable colors of different parameters of the chart. The left part of the form lets you see how the appearance of charts will change with the selection of different variants.
The second tab “Common” lets you set dividers of periods, automatic scrolling of charts to the actual zone and choose the appropriate type of the chart.
When a trader selects the preferable color layout, they can save it as a template. For that, there are several ways:
Along with the color layout, you can choose the optimal scale of the chart. The easiest way to change it is to move the special double arrow left (for zooming out) and right (for zooming in). This arrow appears if you move the mouse to the bottom border of the window chart.
During exchange trading, the important thing is to choose a timeframe (time period) correctly. In Metatrader 4, tutorial of which is the base of your success, there is the opportunity to choose one of 9 variants: from the minute to monthly period.
The handiest way for switching between them is to use special buttons in the bar. Novice traders can’t decide which period to choose. Nevertheless, the answer to this question is extremely simple.
A timeframe depends on the strategy used for trading:
For those who prefer fast profits, I recommend a scalping-strategy, which is able to swiftly multiply your deposit!
MT4 terminal gives the opportunity to use three types of charts: bars, candlesticks and lines. The way of switching through the tab “Properties” was discussed. Also, you may use corresponding buttons in the bar for that.
Bars look like a chart in which every vertical line stands for the change of price at the current timeframe. The minimal price is the bottom point of the line, the maximal - is the –op. A short line on the left shows the opening price, on the right – the closing price. Bars bear little information on the short timeframe (less than 5 minutes).
A line chart connects points of closing prices. Such way is uninformative. The most informative is the chart of Japanese candlesticks. The body of such candlestick (a rectangle) shows prices of opening and closing (top and bottom points) and the direction of movement (the color of a candlestick).
An indicator is the transformation of price levels in a certain way. Indicators allow to forecast the change of quotes in future and estimate the time appropriate to open and close positions.
Indicators can be put in the chart with “Insert” – “Indicators”. Or, using the button “Indicators List”. An indicator can be created in its own separate window or be layered at the chart. It depends on its type. In the picture, there are both variants for example. An Alligator indicator is layered in the chart, and MACD is displayed in the separate window.
Features of any indicator planned to be used should be studied separately. You can edit parameters of indicators, having opened the context menu and chosen “Properties” there. You may also find the button for removing an indicator from the chart there.
It often occurs that a user needs to implement their own indicators in the program – for example, downloaded from the Internet. This function is available in MetaTrader 4. How to use it? Not everybody knows. So, let’s look into it in details.
When the indicator is downloaded, it should be moved to the folder MQL4. For that, in the MT4 platform choose “File” – “Open Data Folder”, and move your indicator there. After that, you may use it as default ones.
The goal of trading using MT4 is getting incomes through buying instruments by the lower price and selling them by the higher one. For that, two main types of orders are used: buy and sell.
The noteworthy function of the terminal is the opportunity to open the position not only with the current market price, but also with the price arranged earlier. Therefore, in such case, if the market reaches this level, the order will be opened. There are 4 types f such orders:
All these variants let not to watch the market, allocating the minimum of time for trading. All is needed is to carry out analysis and set pending order for proposed price levels.
StopLoss and TakeProfit levels help to cut losses and get the desired profit of orders. The former closes the position when the price reaches the certain level leading to losses. The latter, conversely, allows to fix the profit at the certain level of the asset cost.
In recent time, a lot of offers to install the last upgrade (an advisor or a robot) into the terminal have appeared on the Internet. These programs let realize the strategy and get incomes without involving a human. But I don’t recommend you to trust such ways of trading. In fact, any strategy, even the most successful, requires periodical re-examination. With that, only a human may stay alert continually and make required corrections on time.
I would like to advise novices to chase for the enormous profit. You’d better develop yourself gradually, studying capabilities of MetaTrader 4 (how to use its functions). Only strict discipline and continuous self-development can allow to reach success in trading binary options. That’s why, instead of fearing, having read feedbacks of those who traded at random and wasted their deposits, you’d better be patient and have many educational materials. Trading binary options carefully based on the reliable strategy, you can get stable incomes! Tested personally!
for binary options
|Moving Averages:||Buy (7) Sell (5)|
|Indicators:||Buy (8) Sell (2)|