This put up is written by Jet Toyco, a dealer and buying and selling coach.
Should you’ve dabbled in foreign currency trading…
I can nearly assure that you simply’ll come throughout the MT4 buying and selling platform.
It’s most likely the preferred platform so that you can commerce foreign exchange!
However right here’s the reality…
I’m positive you’ve felt overwhelmed if you first fired up your MT4 buying and selling platform.
Check out this:
I’m positive you have been most likely considering…
“Holy moly, that’s lots of home windows!”
“How can I begin buying and selling with this?”
I get you.
So relaxation assured my buddy…
In immediately’s information I’m right here to reply your questions as I’ll train you:
- The way to instantly clear up your MT4 chart and pin-point the correct instruments it’s good to commerce
- The primary characteristic of the MT4 buying and selling software program you could use
- A very powerful and highly effective indicator you MUST set up first
- The MT4 buying and selling software program’s strongest characteristic is that can assist you analyze charts 5x sooner
Make certain to have your MT4 buying and selling software program open as a result of immediately’s information goes to be complete.
Earlier than we begin…
This course of can be quite a bit sooner if you recognize what sort of dealer you might be.
- You realize which timeframe you wish to commerce
- You realize what buying and selling instruments you employ
- You realize what buying and selling indicators to drag out and the best way to use them
After all, for those who’re unsure about any of these then that’s okay.
As a result of on the finish of this information, I’ll provide the needed steps you to take after establishing your MT4 buying and selling software program.
Then let’s get began!
Declutter your MT4 buying and selling software program
Bear in mind the primary picture I confirmed you some time in the past?
What’s the very first thing you’ll do?
That’s proper, excellent a clean canvas…
Shut each window you see apart from one chart.
Right here’s what I imply:
And identical to that.
Your MT4 buying and selling software program has turn out to be cleaner, however we’re not achieved but.
The following step to decluttering is the buttons on high:
So, what it’s good to do is to prepare the bars and take away the buttons that you simply don’t suppose you’ll want!
That is the place realizing your buying and selling profile will provide you with a bonus.
So for example, let’s say you:
- Commerce the 4-hour timeframe and analyze the day by day timeframe
- You employ frequent drawing instruments equivalent to the road and Fibonacci instruments
- You don’t use Professional Advisors (buying and selling robots)
What you would want to do is to take away all of the timeframe buttons in your chart however the H4 and D1, and to additionally take away the instruments on the higher buttons beside your traces and Fibonacci instruments.
Let me present you what I imply:
And eventually, I do recommend eradicating these buttons as properly:
After just some tweaks, your MT4 buying and selling software program appears extra intuitive than ever.
Lastly, to high all of it off…
Let’s make our charts look extra first rate, we could?
So, press “F8” in your keyboard and enter these settings:
And your chart ought to look one thing like this:
Tremendous clear, am I proper?
However maintain on!
That is simply step one, the appetizer.
As a result of within the subsequent part…
We’ll be transferring to the principle course.
What use is your MT4 buying and selling software program for those who don’t know the best way to analyze your charts correctly, proper?
So, let’s transfer on…
Benefit from the MT4 buying and selling software program’s highly effective “template” characteristic
I’m not skipping any steps right here.
So, at this level, we needs to be nonetheless seeing the identical factor:
Only one chart with a number of buttons in your higher tab.
Create a template
I do know, we’re not speaking about including indicators but.
As a result of earlier than I reveal this important indicator, you could know the best way to create your templates within the MT4 buying and selling software program.
So now I wish to ask you…
How do you commerce?
Which indicators do you employ?
Quite, which indicators do you want?
As a result of what we’re about to do is create a chart of the way you additionally need your different charts to look!
Let me provide you with an instance…
Let’s say you’re a pattern follower, and also you usually use:
- A 20-period transferring common indicator
- A 50-period transferring common indicator
- An Common True Vary (ATR) indicator
So, within the MT4 buying and selling software program, merely hit the indications button and add them one after the other!
Let me present you:
Now we appear to have an additional indicator.
So, if you wish to know the listing of your indicators or wish to edit them, merely right-click and hit the “Indicators tab” identical to this:
That is simply an instance, and the indications you want may be totally different from mine (or maybe you don’t even use indicators in any respect).
So, at this level let me ask you:
Do you have already got all the indications it’s good to enter and exit trades?
As a result of right here’s the place the magic occurs…
Merely hit the template button, after which put it aside as a template.
In order that if you open new charts, the identical indicators and settings you positioned some time in the past will now be in your new charts!
Right here’s what I imply:
Fairly cool stuff, proper?
P.S. It’s also possible to use the automated tiling characteristic to place your charts side-by-side by urgent ALT+R or by urgent what I did within the video (one other cool stuff).
Now that you know the way to create new templates, let’s declutter the charts I confirmed you from the video:
As a result of keep in mind, we’re not skipping any steps right here!
There are most likely hundreds of thousands of indicators on the market.
However these two indicators are one thing you must by no means commerce with out.
So, what’s this energy indicator so as to add to your MT4 buying and selling software program?
Let me share them with you intimately…
Add this highly effective indicator in your MT4 buying and selling software program that’ll prevent from blowing up your account
This indicator is none aside from the…
Pip Worth Calculator
You see, in contrast to shares…
You may enter 100 shares and even 500 shares prefer it’s nothing (relying on the share value).
However in relation to Forex.
Don’t, I repeat—don’t enter 100 models, heck even 500 models!
You see, in relation to foreign currency trading utilizing the MT4 buying and selling software program…
Something above the 1.0 quantity is already too huge.
So, for those who’re simply getting began and never but conversant in making use of danger administration.
Begin buying and selling with 0.01 quantity.
If you wish to be absolutely conscious of what you’re risking, then the pip worth calculator will assist save your ass:
With shares, we calculate the motion of the costs primarily based on their “tick worth.”
With foreign exchange, we calculate the motion of the costs primarily based on their “pips.”
If you wish to study extra in regards to the pip, you possibly can verify this out.
However only a tough guideline…
It takes some time for a significant foreign exchange pair to maneuver 100 pips in only a day.
So, for those who’re going to purchase 0.10 heaps/quantity on EURUSD…
Should you take a look at the pip worth calculator:
It means you could probably make $100 if the worth strikes 100 pips in your favor whereas probably dropping $100 if the worth strikes 100 pips towards you.
And that is realizing earlier than we even hit the purchase button.
Are you able to see how vital that is?
So, if you wish to purchase this easy indicator:
- Try the indicator web page right here
- After downloading, go to your MT4 buying and selling software program
- Click on file
- Click on Open information folder
- Go to the MQL4 folder
- Go to the Specialists folder
- Drop the indicator there
Right here’s what I imply:
When you place it, merely hit CTRL+N, refresh, after which drag over the indicator to your chart!
Now, let’s do a fast recap earlier than we transfer on…
First, you’ve decluttered your MT4 Buying and selling software program from this:
Second, you’ve added templates so that you simply’ll have your set of indicators on standby when opening a brand new chart:
And we’ve put in the pip worth calculator so we all know how a lot we’re placing at stake:
So, what’s subsequent?
Effectively, it’s one thing I like in regards to the MT4 buying and selling software program few buying and selling platforms possess.
Let me present you…
Make the most of MetaTrader 4’s hidden “secret energy”
To make this work, it’s good to know which markets you wish to commerce.
Do you wish to commerce commodities within the MetaTrader 4 software program?
Maybe you wish to commerce bonds?
Possibly simply foreign exchange?
Or maybe you don’t know?
Should you selected the final half then no drawback as a result of I’ll prevent a while and provide you with an instance.
Let’s say that you simply solely wish to commerce the foreign exchange markets on the MetaTrader 4 buying and selling platform.
And within the foreign exchange market we’ve the:
- Main pairs
- Cross-currency pairs
- Unique pairs
So, what are they?
Let me let you know…
These are probably the most traded pairs within the foreign exchange market, and they’re:
Subsequent, we’ve the…
To place it merely, these are non-USD pairs, and they’re:
These pairs usually have increased spreads/commissions when traded, however these are sometimes creating nations equivalent to:
Nice, now we all know which markets we wish to commerce in!
So, return to your MT4 buying and selling software program and create new charts:
And each time you achieve this, press the “spacebar” and kind within the main pairs one after the other identical to this:
By the point you end typing all the main pairs, press the tile buttons or just press ALT+R:
And it ought to seem like this:
Fairly cool, proper?
Now, see this button over right here known as “default?”
Good, now press it and click on “Save Profile As…”
And sort in “1 – Main Pairs”
Effectively, it may be something you need truly.
After that, click on the profile button once more and return to default:
And repeat the method by inserting the cross-currency pairs!
Now, when you end inserting them, merely add your template to every of the charts:
And ultimately, ought to seem like this:
Merely hit the profile button once more:
However this time, nevertheless…
We identify it the cross-currency pair profile:
When you’ve achieved it, watch the magic occurs…
And that my buddy, is what makes the MetaTrader 4 buying and selling software program intuitive!
With just some presses of a button, you possibly can select which watchlist you wish to show by using the profile characteristic!
At this level…
I can confidently say that you’ve got efficiently “arrange” your MT4 buying and selling software program
And also you are actually free to make use of your creativity to reap the benefits of the “template” and the “profile” options of the platform.
So, with that mentioned…
I do know that I haven’t proven you the best way to precisely commerce utilizing the MT4 buying and selling software program.
However that might most likely take a few sections extra that might stretch this information.
So, for those who’ve efficiently familiarized your self with the MT4 buying and selling software program by way of this information…
Then I’ve achieved my job for immediately.
So, if you wish to take your buying and selling to the subsequent degree…
Then I extremely recommend you try the buying and selling academy right here.
Now right here’s what I want to know…
Which different buying and selling platforms have you ever tried?
Maybe MetaTrader 4 is the primary platform you’ve ever tried?
Let me know within the feedback beneath!