Trading in the forex market is possible with using a trading platform and MetaTrader 4 is one of the possible choices. It has lots of indicators, allows fully automated trading using forex robots. In addition, the traders can do tests. In a nutshell, it has many functionality that traders can take advantage of it. For these reasons, sometimes it may get a bit confusing for newbies. For this matter, I prepared 12 tips to help you!
Adding expert advisor or indicator to the trading platform is simple process. If you already have the files EX4 then you have to copy it first. Then, choose from the top menu "Files -> Open Data Folder". A window explorer will open. On that window, double click on "MQL4 -> Experts" and then paste the file you have copied at the beginning. If you have copied indicator file then instead of "MQL4 -> Experts" you have to go to "MQL4 -> Indicators". When you finish these steps you have to restart your mt4(close and open it again).
2. How to set up a template
As the name suggests, the template is a bunch of settings saved. When you do some modifications on the settings of the charts you can save them when you can reuse these settings in the future about other charts or instruments.
It does allows you to build custom charts as you choose colors, idicators, drawings and many other settings.
So, here are the steps for saving new templates:
- choose your settings
- upload the indicators you use in most time
- change colours if you wish
- then when you complete all the things then you have to right click on the chart then choose "Template -> Save Template". Think of meaningful name and then save it.
As you see, it will be saved inside the folder "Template" in the installation folder of your metatrader 4. When you want to use that template you have to right click on the chart then choose "Template -> Load Template" and window will open, on that folder choose the one that you have saved before.
3. How to save a profile
To start saving profiles, first we need to understand why it is useful and when to use it. Profiles offer a trader a way of working with groups of charts. Whenever you open a profile any of the charts with its settings will be placed in the same location where it was before the profile savings. Absolutely all the charts are automatically saved in the profile saved.
Saving profile process is the same as the templates. You have to choose from the top menu "File -> Profiles -> Save As...". A window will pop up, it will ask you to give a name to the new profile. So, think of a name that you will remember in the future and then click Ok. That is all to save it. Now, you can use it just by clicking on "File -> Profiles" On that window you will see the name that you have saved for the profile. So, choose the one you want and that's all. It will load the profile you saved.
4. How to see your account history
As a trader, personally I am very intrested and I do check my account history, so this is one of the most checked part of my metatrader 4 trading platform. I can have a clear vision of my closed trades. To see details of all trades you must go to:
- Top menu and check "Terminal", if the terminal is still not opened
- Then click tab "Account History"
5. How to access the MQL4 community
The MQL4/ MQL5 community is a place where it has become very populare of these days. The traders, newbies and experienced programmers, can easily communicate and share knowledge in this community and find expert advisors and indicators for free or paid. This community can be accessed vie metatrader 4/5 by going to "File -> Login to MQL5,community". A pop up will be displayed. On that window "Options" choose "community" tab and enter your login details.
6. How to add to favorites
If you have a certain number of indicators, EA’s or scripts that you constantly use and need access to them you can add them as favorites and call them whenever need. Just hover over the indicator or script you want to add with your mouse, right click and then choose ‘Add to Favorites’.
7. How to add trendlines to a chart
Trendlines are useful tools for traders. It is used to show the current direction of the trend and to indicate the support and resistance in the forex market. In order to use trend lines just click on the trendline icon then click and drag it with the mouse. To changes, just double click on the area where the trend line is located. If you want to make 2 trendlines which are parallel just click CTRL key whilst drawing the trend line. If you want to change color or style on the trend line right click on it.
NOTE: If you cannot find the trend line icon on the menu then go to "Insert -> Lines -> Trendlines" and there you can choose it.
8. How to use crosshair mode and the ruler tool
This is another useful tool in the metatrader. If the trader wants to calculate the pips between 2 points in the chart, they can use it. It can be used to calculate how many pips away your stop loss or take profit is to your current trade. You can reach this tool by CTRL+f. When it is activate you can click the chart at the point where you want to measue from holding the left key and drag it to where you want to complete the measurement. It will form a line showing how many bars to the right or left of the cursor and the price at the point of cursor.
9. How to remove the live news feed
Another useful tip is to stop some features in your trading platform in order to increase the speed up of it, because these feature may slow dow the sofware sometimes. Features like the live news feed can be bad and they can be removed. Got to "Tools -> Options" and uncheck the box "Enable News.
10. How to use strategy tester
Strategy Tester is a tool that must be used from every trader before using any expert advisors. It can be activate by clicking the strategy tester icon at the top menu or CTRL+R.
11.Printing out or checking a trading statement
Sometimes, some traders may want to print out theere trading statement. Here are the setps:
- go to account history
- choose the period you want to check
- right click anywhere in Account History. A drop down menu will appear.
- Choose either "Save as Report" or "Save as Detailed Report".
- Then either right click and "Save as"
12. Viewing profit in points, terms currency or base currency
By default, the profit/loss can be seen within the terminal window as the base currency. If you trade in account with CAD and you traded GBPUSD, the profit and loss will be shown in CAD. You have the option to view your results in points or the terms currency
As a default, the profit and loss are viewed within the Terminal window as the Base (Deposit) Currency. For example, if your trading account is in AUD, and you were trading EURUSD, the profit & loss will automatically be shown in AUD. However, you also have the option to view your profit & loss in Points or the Terms Currency.
- go to "Trade" tab, on the terminal (CTRL+T)
- right click anywhere and a drop down menu will appear
- then go go "Profit" and another menu will be shown.
- on that menu you can choose either Points, Terms Currency or Deposit Currency
- to work out the number of pips form the point figure, just divide by 10, here is an example: 34 points equalts to 3.4 pips
Last but not least, I want to add some shortkey combination summery, which are very fast to navigate through the metatrader 4 once learned by heart.
F1 – Opens "User Guide"
F2 – Opens "History Center" window
F4 – Open MetaEditor
F8 – Opens the chart setup window
F9 – Opens the "New Order" window
F10 – Open "Pop-up Prices" window
F11 – Enable or Disable the full-screen mode
F12 – Move the chart by one bar to the left
Shift/F12 – Move the chart by one bar to the right
Alt + 2 – Display candlesticks charts
Ctrl + A – Arrange all indicator window heights by default
Ctrl + N – Open "Navigator" window
Using shortcut keys will be in help for everybody since you will not need to navigate through the menu until you reach the destination you want. So, in the beginning it may be hard to keep them in mind by once you learn them you will understand that they are very useful to be used.
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