The MT4 trading platform requires its users to follow these steps to open a live account. Get the Metatrader 4 platform for free. Your broker can help you set up a live account. your account How To Set Up MetaTrader Forex Charting Platform. MetaTrader Forex Trading Tutorial Set up MetaTrader 4 to use price action charts. This course will give you a thorough explanation Step 1: Download MetaTrader 4 for Windows by clicking the button below. The first thing you need to do is to download the MetaTrader4 trading platform to your PC. Keep in mind that you 27/6/ · Trade with our Sponsor Broker: Trade Nation blogger.com?id=95 Join Mark's TradersMastermind: blogger.com ... read more
You have got to be very careful to save it, so you should close the platform from time to time. Especially when you set the parameters for your charts. And so on. But we do not want to repeat the process that we described here. So we go with this template. Topratedforexbrokers and then we save.
Or if you want to go to the left side of your screen, to back-test a strategy, you simply click on the home button. The moment that you close the trading platform on the MetaTrader. Your work is saved. Most visited Forex reviews Alpari review FXTM review Avatrade review XM review ROInvesting review Related Articles Forex Demo Accounts Benefit from the best forex demo accounts in Forex demo accounts are one of the most important tools you can have in your trading arsenal.
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Check our help guide for more info. Best Forex Brokers Broker Reviews ECN Brokers Forex Bonus Comparison Forex Demo Accounts Academy Breaking News. Home Forex Trading Academy Set Up Charts in MetaTrader 4. Last update: 12 October On this page you can learn: How to change the format of your chart in MT4 How to personalize the MetaTrader 4 color scheme How to create a profile and save various chart templates The best forex brokers to trade with when using MetaTrader 4.
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Or if you want to go to the left side of your screen, to back-test a strategy, you simply click on the home button 9. Forex Market Terminology Profit from Forex Trading Using Different Trading Styles Recommended further reading Testing for arbitrage opportunities within the foreign exchange market. Hussain, I. Qureshi, Muhammad. Related Articles. Forex Demo Accounts. Benefit from the best forex demo accounts in Forex demo accounts are one of the most important tools you can have in your trading arsenal.
Forex Trading Accounts Types. Swaps and Spreads in Forex. Enter or Exit a Forex Trade. The two magnifying glasses above are used to zoom in and zoom out the trading charts without changing the trading time frame.
The three buttons on the left of the magnifying glasses are the three different Metatrader charting options — Bar Chart, Japanese Candlestick Chart , and Line Chart.
At the left side of the chart timeframe buttons you have a few basic drawing tools, which are frequently needed when performing technical analysis. These are: vertical line, horizontal line, trend line , price channel, Fibonacci retracement and some image labels. If you right click on the chart window you will see various options to customize your trading platform.
Here you should take some time to personalize the settings that best suit your preferences. This way you can instantly open trades at a preliminary decided size lots. On the left side of the Metatrader terminal you will see the live Market Watch red rectangle. Note that these are not all the available trading symbols offered by your broker.
This will display all the available financial instruments of your broker. It is important to mention that the Market Watch window is another place to open trades from. You can pick symbols from there and then by right clicking on your mouse, it will allow you to get options for each of these financial assets.
See the image above for details on this. Now that we have discussed the basic functions of the MT4 Forex trading terminal, I will now show you how to open real trades. In order to buy or sell a currency pair , you can use one of the options we mentioned above. This will bring you to a special trading window.
This will instantly bring up the trading window. This is what you will see:. If you want to change the Forex pair you want to trade just use the menu and pick a different symbol. The second line concerns trading volume. This is the amount in full lots you want to invest in your trade. It is very important to know that one full lot equals , units. In this manner, you should also get acquainted with other lot sizes. Below you will find a little table containing the different trading volumes:.
If you want to do a standard pip value calculation , you should use the following calculation:. You will invest in your trade 1 Full Lot , units. So you need to know how much one pip 0. You will first need to calculate the amount one pip 0. Then you multiply the result by the volume you are willing to trade. This means that the value of 1 pip 0.
Remember that you always get the end result in the base currency using this calculation. But what if the USD is not the base currency, but a quoted currency? We will discuss that next. In this case the formula becomes a bit extended. You still do the formula we discussed above, but you should then multiply the result by the spot rate in order to convert it in USD.
Remember we said that the result of the upper formula is in the Base currency. If you want to calculate the value of 1 pip 0. Keep in mind that you can log in to your demo account and to your real live trading account from the screen.
To start the installation process, click on the link below. At first, click on the Next button, and then accept the MT4 license agreement.
Next, you are required to choose the installation folder, which is where the trading software and program files will be located on your PC device. To complete the MetaTrader4 installation process, simply click on the Finish button in the following screen. After you click on the MetaTrader 4 icon on your desktop, a box will pop up where you can choose the trading server.
This information usually should be provided by your forex broker , however, you can also visit the MetaQuotes official website and require access to a demo account. Otherwise, click on the New Demo Account and then click Next.
In this step, you need to provide your personal information and create the default settings for your demonstration account. Such information includes the account type Forex , CFDs, etc , leverage ratio , the currency, and the amount you want to use as virtual money.
It should look something like the example below! From there, you can get access to foreign exchange currency pairs quotes via MarketWatch, charting software, navigator, account details, expert advisor, plugins, etc. Remember, a demo trading account will enable you to use the same trading tools available on a real live account. It is a great tool for new investors to get familiar with the MetaTrader 4 platform, understand the dynamics of the foreign exchange market, and evaluate the risks involved in forex trading.
As you can see, if you are a windows user, installing the MetaTrader 4 on your computer is straightforward and easy. Also, if you wish to download and use the MT4 trading app on your android device, the process is even easier. Basically, all you need to do is to navigate to the GooglePlay store and download MetaTrader 4 to your android device. Another thing to consider is that MetaQuotes finally solved the issue of installing the MT4on Mac OS operating system so traders can use it on a MacBook, iPad, and iPhone as well.
As a Mac user, I can tell you that using MetaTrader 4 was quite a challenge for many years, but no more. In fact, you can download MetaTrader 4 directly from the AppStore and follow the same tutorial above.
As most forex brokers that offer retail investor accounts provide the MetaTrader 4 as the main trading platform, you need to know all the installation options and how to download it to your computer. Get your free access today to join our academy to career funded trader program.
MetaTrader Forex Trading Tutorial Set up MetaTrader 4 to use price action charts. This course will give you a thorough explanation on the basics of the trading platform MetaTrader.
MetaTrader 4 MT4 is the most well-known Forex trading software and software for charting forex around the globe. I personally utilize this platform and have recommended to my readers and members to make use of it as well.
If you've been following me for a while is aware that I trade and suggest New York close 5-day per week charts. The reason for this is because closing prices are the most significant for the market as well. New York close marks the close of the day's Forex trading day, and the day's new beginnings begin in Asia. Since it is the case that the New York session is the most traded session after London It is important to determine who took the fight between bears and bulls during close time at the New York close and as the present Forex trading day comes to an end.
Download the right five-day New York Close charts at no cost using here: New York Close Forex Charts Download. This guide will guide you through the process of setting up the MT4 platform to allow for optimal price action trading.
Therefore, we will not discuss all of the automatic "robot trading" or expert advisor functions of the platform since they're not component of the price-action trading strategies I use to trade and teach. After reading today's lesson, Please let me know if the lesson has helped you, if you gained any new knowledge about the MetaTrader platform or if you'd like me to include any explanations or explanations to this tutorial the next week You can reach me via this email.
Navigation on the MetaTrader platform The main windows. Below is a screen capture of what the MetaTrader platform will appear to be when you first start it up.
The charts you will see are likely to appear black and green, however, and will have a plethora of indicators scattered over the charts.
We'll go over how to set up your charts in a way that has a clear background in order to facilitate clear prices in our subsequent section. Let's now look at the primary features of each of the windows as shown in the image below:. The first window that appears can be referred to as"Toolbars "Toolbars" window. Here are a number of icons that let you perform a variety of things We'll go over the majority of these icons in the future however for now, you should take note of the toolbar window, and know that it is packed with different tools and shortcuts to make use of.
The next window is the "Chart" window. This is where you'll view the present chart s you are currently viewing. Next, see the "Market Watch" window that is located on the left part on the display. The market watch window displays the various markets offered by your broker. It also displays the most current bid and ask prices.
There's an "tick chart" tab on the lower right in the Market Watch window. select it, and you'll see the latest price of the pair you've chosen within your market watch's window tick by tick. I do not really utilize this feature, but I thought I'd tell you what it's used for in a snap.
To find out which currency pairs I like to trade and also an illustration of how you could wish to add to your market watch list, take a look at my post on the top foreign exchange pairs you can trade. Below, we can view the principal screens on MetaTrader: MetaTrader platform:. Below the market monitor screen there is that "Navigator" screen. This window lets you look at your account s as well as a range of indicators as well as expert advisors or scripts both that you have the option to ignore.
To find out why I don't employ numerous indicators or trade using expert advisors, take a look at this article about forex indicators, as well as this article on forex robots. Finally, the terminal window is displayed on the lower right of the screen.
within it are 6 sections: Trade, Account History, News, Alerts, Mailbox and Journal. You can browse through each tab to become familiar with the features it offers. It includes specifically withdrawals, deposits as well as closed trades. It is also possible to create comprehensive analysis of your trading history on this page. The next step is to prepare our charts to ensure optimal prices and trading.
You can alter the price charts you use in MetaTrader in order to match your personal style and colors. Personally, I like white backgrounds with a black foreground to provide the most clean and most simple method. Here's how to set up an attractive white chart to get the most out of prices:.
How do I open the chart. There are three methods to start a chart window in the app. You can select the "file" menu located at the top of your screen, then select "new chart" or right-click in the window for market watches for the currency pair that you'd like to chart and then choose "chart window". You can also click on the "new chart" icon on the toolbar. Check out below for an example:. How do you modify the properties of a chart.
Once you've got your ideal chart open, you'll need to set it up to ensure that it is a perfect price action chart. To do this it's as easy as right-click on the chart and select "properties" to be at the end of the menu that will appear.
You'll notice this box appearing:. As you notice on the "color scheme" window, there is already an "black over white" theme you can choose to use. My personal settings are somewhat different however they can be seen here:. Note that I have removed"grid," "volume" functions "grid" in addition to the "volume" functions. You can also alter the chart's format to either a candlestick, bar or line charts from the"common tab.
The explanation is pretty straightforward therefore play around with it for a while and get acquainted with the choices. How do you save your chart layout as template. After you've changed your color scheme and the other chart properties to what you would like to see in them, you'll can save your chart's configuration as a template. Once you've saved it, you can apply the same settings for other chart.
For saving a template, you will need to click the "Template" icon on the toolbar. Select "save template" You can also right-click on the chart it self and select "Template" followed by "save the template". You can also select the "Charts" menu located at the the top of your screen and then click "Template".
Learn more here:. I've also labeled several additional functions in the toolbar on the picture above. In the "chart type" box, you can choose either a line, candlestick, or bar chart.
We employ candles in forex charts within the members area. It also has the function of zooming in and out of currently selected chart in addition to an icon for the timeframe that ranges from a 1 minute chart through to monthly charts. I myself do not consider a time frame that is less than 1 hour my trading course and community is designed to teach time frames from 1 hour mark and beyond and the main concentration in the timeframe for daily charts.
To quickly open a brand new chart using the current chart's template property, simply choose the market you wish to observe within the window for market monitoring. then left-click and drag the market drag it onto the window for charting with the desired template.
This new market will appear in the current chart window, with the similar template properties. How do you include moving averages and other tools for analysis to your charts. I do employ the daily 8 and 21 charts with exponentially moving averages to aid in analysis of trends and to identify an evolving support and resistance level Note that I do not apply they in the typical "indicator crossing-over" sense.
So let's look at how you can incorporate these EMAs into your charts. The easiest method to accomplish it is to simply click"Indicators" in the toolbar, then click the "Indicators" icon on the toolbar. Select "trend" and then "moving average":. The box will then appear:. You can add indicators as well by clicking "Insert" on the top of the platform , and then click on "indicators" and then "trend" and finally "moving averages" The box that appears above will open.
The period you want to set to 8 or 21, based on the EMA you're using at the moment. Then, it is recommended that the "MA technique" must be Exponential, and "Apply for" close. It is up to you to select the colors that make you happy but make sure that the hues of the 21 and 8 are nicely contrasting so that you are able to discern them. I choose orange for an 8 day EMA while blue is for 21 days EMA.
It is then possible to save the particular chart layout using the EMAs as a templates. You could have a range of templates saved , as you can see, and then you can swiftly switch through the templates to find the one you like. I have a clean template set up see above without EMAs, and another one that has the 21 and 8 day EMA. It is possible to learn more about the way I use the EMA's within my forex course.
I don't use any moving averages in the chart for 4 hours. Other analysis tools I utilize include Horizontal line tools as well as the Fibonacci tool.
They're pretty easy to explain however, using the Fibonacci tool, I generally use only the 50 percent and Simply right-click on this Fibonacci tool after you have applied the tool to charts, and then change the properties of it.
How do I setup my four primary time frames into just one profile on the market. To quickly check all the hours, 1 hours daily, weekly and daily timeframe in one window You can do this:. Create four new charts for similar currency, and then click the icon for time frames to adjust them at 1-hour, 4-hour, daily, hours daily, weekly, and daily.
Then, click on"Windows" from the "Windows" menu located at on the upper right of your toolbar. You can choose one of the options "Tile vertically" and "Tile Vertically" Both are will make your chart windows identical with four charts. After you've got the four time frames set up You can then access"File," then click on the "File" menu, or click"Profiles" or the "Profiles" icon to save the current window arrangement as an "profile.
A great idea: If you want to save each market to its own profile. Find out more here:.
How To Set Up MetaTrader Forex Charting Platform. MetaTrader Forex Trading Tutorial Set up MetaTrader 4 to use price action charts. This course will give you a thorough explanation 27/6/ · Trade with our Sponsor Broker: Trade Nation blogger.com?id=95 Join Mark's TradersMastermind: blogger.com The MT4 trading platform requires its users to follow these steps to open a live account. Get the Metatrader 4 platform for free. Your broker can help you set up a live account. your account Step 1: Download MetaTrader 4 for Windows by clicking the button below. The first thing you need to do is to download the MetaTrader4 trading platform to your PC. Keep in mind that you ... read more
Next, see the "Market Watch" window that is located on the left part on the display. Check Out Our Latest Articles. The chart connects the previous closing price with the actual opening price of the candle. Because it is your first-time trading, you will see a confirmation pop up to confirm if you would like to go ahead to shut down the trades or not orange rectangle. Here's how to set up an attractive white chart to get the most out of prices:. These are: vertical line, horizontal line, trend line , price channel, Fibonacci retracement and some image labels. While some are placed directly into the chart, others go below it.Close dialog. We have used the FXTM MetaTrader 4 tutorial and demo account in our guide. You can execute it from the Terminal icon in the Trade and Account History tab. Right-click on the chart to save it. You will choose among servers for real money and demo money trading. These include the ADX, Bollinger Bands, Momentum, Volume, etc.