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MetaTrader 4 Tutorial: How to Use MT4 in 2020

MetaQuotes Software Corporation developed this platform and released it in 2005. Fifteen years later, it remains a favorite choice, primarily due to its ease of use and extensive support for scripts and the development of automated trading solutions, or Expert Advisors (EA) as the MT4 software calls them.

MetaTrader 4 Design and Availability

MetaQuotes Software Corporation developed this platform and released it in 2005. Fifteen years later, it remains a favorite choice, primarily due to its ease of use and extensive support for scripts and the development of automated trading solutions, or Expert Advisors (EA) as the MT4 software calls them.

New traders may download the MT4 trading platform directly from the website of any of the Forex / CFD brokers offering MT4. Most brokers, for example FXTM, also offer it as a free demo account.

While MetaQuotes do offer a download link purporting to be for the MT4 platform, together with creating a $10,000 or currency equivalent demo account automatically, what is actually installed from this download is the MT5 trading platform. MetaQuotes have gone to some trouble to disguise this, with the downloaded .exe file even named as MT4. MetaQuotes are concerned to promote their MT5 trading platform, although many question whether MT5 is better than MT4.

In this tutorial, we will therefore be using the MT4 demo account from the Forex broker FXTM. It is wise to create a demo deposit in the amount of the planned deposit for the live account, to create a more realistic experience. In our example, we created a $10,000 demo account. You are free to create the parameters in the FXTM back-office. This MetaTrader 4 demo tutorial will walk you through the installation and set-up process before discussing the functionality.

“MetaTrader 4” Download from MetaQuotes

“MetaTrader 4” Download from FXTM

Installation and Set-Up of the MT4 Trading Platform

After downloading the MT4 trading platform, follow the easy installation instructions. You may click on Settings to change the destination folder and program group name. Once the installation is complete, click on Finish, and the MT4 trading platform will load automatically. Please note that if you have obtained your platform directly from your broker, you will receive an e-mail with your demo account number, password, and server to use.

After you finish the installation, the MT4 trading platform will load automatically. Select the demo server from the list and click Next.

MT4 Installation Screen

Enter your account credentials. Make sure to leave Save Password checked. That way, MT4 will remember your log-in credentials for the next time you launch it.

MT4 Select Account Type

You are now ready to use your MT4 trading platform. While it may seem overwhelming at first sight, it is easy to use the product, as we will discuss below. It consists of six distinct sections, which we marked by different color rectangles. They consist of the Menu (red), the Toolbar (orange), Market Watch (green), Navigator (blue), Terminal (purple), and Chart Workspace (yellow).

The MT4 platform consists of six distinct sections.

MT4 Platform Sections

MT4 Platform Sections

1. The Menu (red)

  1. All MT4 actions are available from here, but we will discuss the more trader-friendly options in this MetaTrader 4 demo tutorial.

2. The Toolbar (orange)

  1. Some of the most used functions, including changing the timeframe, primary technical tools, zooming, and changing the chart appearance, are located here.

3. Market Watch (green)

  1. All available assets are listed here. You can also switch to display a tick chart. Customizing which assets to show is also possible. Right-clicking on an asset and navigating to Specifications will display all details, including swap rates charged on overnight positions. Many brokers fail to mention it, and it remains one of the least used tools in MT4.

4. The Navigator (blue)

  1. Besides your account information, you have access to indicators, installed EAs, and scripts.

5. The Terminal (purple)

  1. Trade, exposure, and account history display your portfolio and allow you to manage open positions. The News tab features streaming market-related articles and events. The Market is where you can browse third-party add-ons.

6. The Chart Workspace (yellow)

  1. Your primary workspace where you will conduct your technical analysis. It is fully customizable, and you can save your template.

Here are some steps you can take to boost your user experience. By default, the Toolbar comes in two rows. It consists of Standard and Charts in the first row, and Line Studies and Timeframes on the second row. You can reveal the names by right-clicking anywhere in the Toolbar. You can drag the bottom two and drop them on the same level as the first two, which increases the Chart Workspace.

Since you will work with just one account for now, you can go ahead and close the Navigator. You can always pull it back up by clicking the Navigator icon in the Toolbar. When you hover your mouse over them, their name appears. After you close it, you will notice the Market Watch will fill out space. The restricted asset list is expandable by right-clicking anywhere inside the market watch and select Show All. Finally, click on Trade in the Terminal to see your account balance. It is also where all our open trades will be displayed.

Once you have completed these steps, this is how your MT4 trading terminal should look:

MT4 Terminal After Set-Up

How to Trade on MetaTrader 4 with Charts

Charts are where you will spend most of your time in the MT4 trading terminal. By default, MT4 displays four, but as a new trader, it is best to start with just one. You can maximize the chart or arrange multiple ones as tiles by clicking on the corresponding Toolbar button. Opening a new chart is done by right-clicking on the asset in the Market Watch section, and then selecting Charts Window.

MT4 will automatically navigate to the new chart, which is also added to the bottom of the Chart Workspace window, as highlighted within the red rectangle in the below image:

MT4 New Chart

MT4 Two-Step Chart Layout Customization

Right-click within the chart and select Properties or press F8.

MT4 Customizing Chart Layout

The property window consists of Colors and Common, where you can create the chart the way you want. Feel free to experiment with the options and find the style that suits you.

MT4 Chart Colors

Below is the image of our customization that we will use for the rest of this tutorial. You can save it by right-clicking in the chart, select Template, and then on Save Template. Do not change the destination folder, name it, and you can now apply it anywhere you like. Just repeat the above steps you will see it listed.

MT4 Customized Chart

Bonus Tip: Saving your template with the name Default.tpl will automatically load it each time you open a new chart. You can always click Reset to restore MT4 settings to default.

MT4 Charts Tips and Tricks

When you work with charts in MT4, two essential items will ease your navigation and allow you to analyze assets more efficiently. They are the Toolbar and hotkeys.

Charts, Line Studies, and Timeframes allow you to make quick adjustments as you analyze assets.

MT4 Toolbar

1. Charts (red)

  1. You can change the visual display, zoom, arrange, auto-scroll, and shift, access the indicators list, select timeframes, and manage your templates from here.

2. Line Studies (green)

  1. The cursor is the default selection, but you can switch to the crosshair, which allows you to measure the distance between two chart points. Select the crosshair icon, then left click to identify the starting point. Keep the left mouse button pressed and highlight the endpoint. You will see the number of candlesticks, distance in pips, and last value. Line studies also allow you to draw vertical, horizontal, and trend lines, adding equidistant channels and the Fibonacci Retracement sequence, labeling the chart, and adding arrows.

3. Timeframes (orange)

  1. Nine are available, and you can cycle through them in ease. MT4 allows you to load different ones on each chart.

Do not be afraid to experiment. The MT4 demo account exists so that you learn how to use the trading platform properly. You can always hover your mouse over the icons in the Toolbar, which will display their functionality together with the hotkey, if one is available. Hotkeys will help speed up navigation and modification of charts, and the more assets you analyze, the more you will learn to appreciate them.

Here is a list of hotkeys for your MT4 chart, taken directly from the MetaQuotes website:

MT4 Hotkeys

How to Trade on MetaTrader 4 with Indicators

Now we will take a look at how to analyze assets with indicators and how to place orders. You have a range of technical indicators you can use. Some are added inside the chart, while others are placed below it.

The quickest way to use indicators is by selecting Insert from the Menu. Alternatively, you can do so by using the Navigator, as marked by the red rectangle.

MT4 Navigator

In this example, we will add the Commodity Channel Index.

MT4 Commodity Channel Index Indicator

Each indicator consists of settings, visible in the dialogue box after you select the one to add. Clicking OK adds the indicator to your chart.

MT4 Indicator Settings

We have also drawn the Fibonacci Retracement Fan sequence, by using the corresponding icon from the Toolbar and added a Simple Moving Average indicator.

MT4 Multiple Indicators

You can always delete an indicator by right-clicking on it, which brings up the box shown in the image below:

MT4 Delete Indicator from Chart

Bonus Tip: Create one template with all the indicators you wish to use, so you don’t have to add them to each chart. You can easily manage objects by pressing CTRL + B, which pulls up the Object List.

Placing Trade Orders in MT4

Placing trade orders is simple and straightforward, with four available order options. Market order placement is most convenient through the one-click trading option, while the order window allows for more options and advanced strategies.

You can place orders either by right-clicking in Market Watch on your desired asset, by clicking the New Order icon in the Toolbar (red rectangle) or by pressing F9. One-click trading is enabled by clicking in the triangle next to the asset name (orange square).

MT4 One-Click Trading

The two differences between placing a market order via the one-click trading button and the order window are that in the order window, you can set a stop loss and take profit and add a comment. 

MT4 Order Window

You can place pending orders by changing the Type (red). You will notice a change in the order window, which allows you to select the order type and price level (orange). After clicking on Place, your pending order will appear in the Terminal (green), you can always delete it by clicking the x button (blue). Since the market moved fast, our pending order was already triggered.

MT4 Pending Order Triggered

Here is an explanation of the four pending order types directly from the MetaQuotes website:

MT4 Pending Order Types

After you place a market order, you will receive a confirmation, and the position is then displayed within the Terminal (red rectangle).

MT4 Confirmed Trade Entry Display

MT4 Portfolio Management

Portfolio management is an essential part of your daily trading operations. It is conducted primarily from the Terminal from the Trade and Account History tab. The Exposure tab is flawed as it always considers your account currency as part of the calculations, and there are third-party add-ons for precise portfolio exposure statistics.

You may close open trades by clicking on the x button (red rectangle). The first time you do so, a confirmation dialogue requires confirmation (orange rectangle).

MT4 Close Position Confirmation

Open positions can also be modified. Double-click on the desired order in the Terminal and the order window will appear. Under Type, select Modify Order (red). You can now adjust your open order (orange) by adding a stop loss and take profit, either by setting the price or by selecting the distance in pips under Level, then press Copy as, and finally, Modify.

MT4 Modifying Positions

You can see the stop loss and take profit levels were updated (red rectangle).

MT4 Position Updated

You can navigate to the Account History tab in the Terminal (red rectangle) and view details about your closed positions. As you can see, our open trade was closed. Manually exited positions are not colored. Trades closed by stop-loss and take profit are highlighted in red and green, respectively. It does not indicate the profitability of the closed position, which you can view under the Profit column.

MT4 Account History

Final Thoughts

The MT4 trading platform is a simple but very effective trading terminal, as evident in its popularity despite its age. Do not be afraid to experiment in your demo account. You can always refer back to this MetaTrader 4 demo tutorial for assistance. You should understand how the trading platform functions before considering the MetaTrader 4 open real account option. Progress at your own pace, do not rush the learning process and proceed with a live trading account after you feel comfortable with using the trading platform.

MT4 is a very versatile gateway to analyzing assets, with a focus on the Forex market. Once you have learned the basic functionality of it, you can enhance it by upgrading it through third-party add-ons. Feel free to browse the Market, located in the Terminal, where thousands of free upgrades are available together with paid ones, to enhance the functionality of MT4 and turn it into a powerful asset management tool.

The MetaTrader 4 open real account option is available by clicking on File and then on Open an Account.

MT4 Open Real Account

FAQs

How do I use the MetaTrader4 demo?

You need to download it from your broker, which should be free of charge but could be time limited, most commonly expiring after one month. Most brokers grant it with a simple sign-up process, while some require a phone number and/or email for marketing purposes.

How do you use MetaTrader4 for beginners?

It is best to start with a demo account to avoid costly errors. After you install it, the best approach is to click, hover, adjust, and modify everything in the platform. You can refer to this tutorial for the basics. Take your time until you are familiar with the functionality before switching to a live version.

What is the MetaTrader4 demo account?

It is a “paper account”, ideal for new traders to learn how to use the trading platform, customize charts, place orders, and manage portfolios. It is also used to back-test strategies, test new Expert Advisors in the development stage, or to gauge the performance of existing ones.

How do I trade with MT4 on PC?

Download the appropriate version for your operating system and follow the simple on-screen installation instructions. Demo trading requires no additional steps. Live accounts need to be funded before you can start trading.

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Statements about Cryptocurrency

Statements about Cryptocurrency

Cryptocurrencies are in a bubble and regulators could burst this at a whim.

  • Eight years after the introduction of Bitcoin, there are now over 900 cryptocurrencies and their prices are at all-time highs.
  • Richard Schiller categorizes bubbles as an underlying story driving the market forward, as opposed to the fundamentals of the assets. Cryptocurrencies are riding on a narrative of economic empowerment and freedom.
  • Despite the widespread attention that cryptocurrency receive, many of the actors involved in the market are not fully informed. Debate tends to turn to hype and naive investors are buying crypto-assets without fully understanding what they are.
  • Banks spend 73% of the market capitalization of Bitcoin each year on regulatory compliance. Crypto-assets are currently unregulated and free of these restrictions. As such, the market has thrived but also developed some bad habits.
  • Regulators cannot necessarily shut down cryptocurrencies, but they can restrict liquidity into them from fiat currencies and hamper their growth. The global derivatives market, for example, is worth $1.2 quadrillion, dwarfing Bitcoin’s $100 billion market cap.

Statements about Cryptocurrency

Market manipulations in crypto markets are undermining their credibility.

  • Due to low liquidity, no regulation, and a lack of clear understanding of the markets, pump and dumps are widespread in crypto markets. This is where a speculator can artificially sell while concurrently buying their own currency, wait for the market to rise, and then dump their holdings.
  • Frontrunning is also a common occurrence in ICOs, where early investors—who are used to show initial faith in the enterprise—buy discounted tokens before immediately selling them on.

As with historic bubbles, scams are exploiting naive investors.

ICOs can have the characteristics of vaporware. Entrepreneurs are raising hundred of millions of dollars purely on concepts. Money is being raised from investors who do not truly understand the technical concepts being proposed to them, let alone whether they are feasible.

  • The actual asset structures of ICOs are not only complex but also new forms of assets in their own right. This further confuses investors, which is compounded by the “FOMO” mentality of rushing into investments and following the crowd.
  • The use of celebrities to promote ICOs further demonstrates the use of manipulative marketing techniques used to cajole immature investors into participating in ICOs.
  • The current ICO craze is reminiscent of the South Sea Bubble of the 18th century, a speculatory period that involved crazed investment into enterprises in the New World. Once one of the highest valued companies of all time, the South Sea Company’s bubble burst and the company disappeared almost as quickly as it appeared.

Blockchains are still not proven technology, and more work is required.

  • Blockchains are still new concepts and their technology has not yet been proven on a consumer-wide scale. Attention should be focused on developing this, not speculating on short-termist projects.
  • The security of blockchains is a concept that most investors in crypto-assets do not understand. The onus is on them to protect their assets, which, on the basis of the amount of thefts and frauds in the space, is not being done properly.

There are some solutions to these issues.

  • A less polarized mentality of “us against the world” is needed; this could be enforced by the promotion of self-regulatory standards. These could also help to highlight the bad actors in the ecosystem.
  • More development is required into the underlying technology of blockchains. In the long run, this would be far more valuable than ICO moon-shot projects.
  • Awareness and discussion needs to be promoted. Conferences should present balanced debates from both sides of the crypto-view and more emphasis should be placed on educating investors instead of soliciting their investments.

Originally Published here at https://www.toptal.com

Statements about Cryptocurrency

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CMStrader Signals provider, the number 1 signal provider 4 years in a row

CMStrader Signals provider, the number 1 signal provider 4 years in a row.

CMStrader, the number 1 signal provider 4 years in a row, is now offering free signals to new clients!  Reliable trading tools are fundamental part of successful trading.

cmstrader for the Best Trading Signals

cmstrader for the Best Trading Signals

 

CMStrader’s signals success rate is estimated in 91% this should be enough to take a look and decide for yourself. since this is their biggest feature and drives this broker towards success, it is opretty afe to say that they do their utmost to provide you with quality forex signals.

This broker also entered the cryptocurrency market and offers several cryptocurrencies.  in short they act on the market and engage their clients directly.

when you start trading at CMSTrader, you can choose from a extended list of currencies, indices, commodities, gold and oil.

CMStrader Signals for better Trading

CMSTrader sends trading signals to traders’ accounts when there is an opportunity to buy or sell orders at specific points; an overview of the speculated price or loss ratio is included.

CMStrader Signals the number 1 signal provider among brokers

CMStrader Signals the number 1 signal provider among brokers

The signals are sent directly via SMS to a cellphone for major currencies traded on the stock exchange, foreign goods and precious metals.

In addition, signals can be sent to an e-mail address and or traders can be notified directly over the phone.  This service is available 24/5.

Like with Most proper signal services don’t expect 50 signals a day as simply there are not that many. you will get maybe a few good ones a day on which you could and most of the time should act.

Earn profits with CMStrader Signals in the forex market – the biggest trading scene in the world. Enjoy our unique benefits, trading education, minimum margin and best leverage! Start with a demo account and enter the amazing world of forex with CMStrader.

More about CMStrader Signals & Forex Broker

  • Name :CMSTrader
  • Website :cmstrader.com
  • Established :2013
  • Regulation :FSP
  • Country :United Kingdom
  • U.S. Clients Allowed ?  :No

CMSTrader is a leading investment advisor specializing in personal wealth management and growth and is a somewhat a newcomer to the Forex market.

they started in 2013 and since then have won several awards 2 including one for having best customer service in 2013.

CMSTrader “CMStrader Signals” is authorized under the name of CMS Ventures Limited which is a New Zealand Registered Financial Service Provider (FSP).

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Daily Financial News

Supreme Court Sides With Bits of Gold in Bank Dispute

Supreme Court Sides With Bitcoin Broker “Bits of Gold” in Israeli Bank Dispute

Upon appeal, the Israeli Supreme Court has rejected the closure of Bits of Gold’s banking facilities at Leumi bank, Tel Aviv.

The Israeli cryptocurrency brokerage’s appeal followed a previous ruling against it that has now been set aside by the higher court.

As Israel and many other countries struggle with the accelerated phenomenon of virtual currencies, Leumi Bank recently made the news for being a particularly blunt in its rejection of Bitcoin.

We should of course not be surprised with the banks attitude towards bitcoin or any other cryptocurrency for that matter. keep in mind that the banks become more and more obsolete because of them. Bits of gold versus leumi

They will keep on loosing money which now they make with ridiculous commissions of work that is fully automated. so they will try to see how they are able to make the operation and acquiring cryptos  as hard as possible knowing that they will never be able to stop them.

There is widespread anticipation that the upcoming G20 Summit in March 2018 will produce a global, moderate framework for a regulatory approach. Set against that are persistent hostile stances the world over from banks, asset managers and even governments towards cryptocurrencies.

Now that the countries understand there is money to be made with Taxation in cryptocurrencies they might want to make sure that the banks stay within their lane. 

Apart from the Israeli revenue service opting to tax cryptocurrency assets as “properties” and other more positive developments dating back to mid-2017, Israel remains a strange mix of genteel acceptance alongside wildly opposing voices.

There is thus Hope But no decision

Bits of Gold has fought a David and Goliath battle since their banker decided it wanted to steer clear of all cryptocurrency-related business.

On record as recently telling another bitcoin-related trader that they simply don’t want the business, Leumi Bank’s hard-line stance is accumulating bad press. The second-largest bank in Israel appears as discriminatory when analyzing virtual currency traders and other digital coin businesses.

During 2017, a customer made a bank transfer to the Kraken exchange site for buying bitcoin worth $1000. The bank identified the request, halted it, and started investigating.

The elated CEO of Bits of Gold, Youval Rouach said that “The court’s decision enables us to focus on the growth of the Israeli cryptocurrency community.”

 

The February 26 Supreme Court ruling granted Bits of Gold a temporary injunction against their account closure pending further scrutiny by the bank and other parties. The presiding bench declared that the company had “acted transparently and did not violate any provision of law.”

Calling the bank’s concerns “speculative” and turning an unsympathetic ear to the plaintiff, the ruling does, however, allow for the bank to still close the account on any small technical detail that defies legislation. As a record of a public spat around cryptocurrency’s right to be recognized in many ways, the ruling is seen as a victory for the local cryptocurrency community.

One Small Step Forward

Although not as absolute as nations like China that has opted for draconian bans, Israel is a front line for digital coins’ right not just to exist, but also become assets in the true sense of the word. The Supreme Court noted in its written ruling that Bits of Gold had not made itself guilty of the violation of any standing laws since opening its doors for business.

 

The Bits of Gold v. Leumi Bank case might become something of a test case once the bank applies its mind in scrutinizing the company’s accounts against the backdrop of existing legislation. The outcome will also be informed by sentiment post the G20 Summit due in March as well as other global regulatory trends.

Now that the countries understand there is money to be made with Taxation in cryptocurrencies they might want to make sure that the banks stay within their lane.

This was First Published by coindesk

 

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