Metatrader is the most popular platform used by forex traders today. It can also be used by those that are involved in other equity markets namely futures and CFD. This platform us designed to provide brokerage services to the user. MT4 or Metatrader 4 is currently free of charge and this is why a lot of forex traders take this opportunity to utilize the said platform.

Forex Metatrader has plenty of indicators built within the system. Also, you get to develop your own trading strategies with the Metatrader. Many traders consider this platform as the best one out there due to the fact that it has several features that really help in every trader’s activities. You can test your strategies here once you have coded it in the Expert Advisor, which is on the historical data of the platform. For instance, in simulated testing, you can make sure that your trades are being performed well because of they are vividly displayed on the charts and are provided with testing reports.

What is great about Metatrader is that you do not have to be an expert just to access the platform. It is user friendly and can be very versatile and flexible. You can use it no matter what your trading style is and whatever ready made forex software you will use while trading in this financial market. This platform also allows you to analyze quotes and even make trades even if you are not present during the transaction.

You can find and download from the Internet the Expert Advisors, indicators, scripts, libraries and other things that you can use in the MT4 platform, which are all readily available for the forex traders. The other software that you can use, if not available on the Internet can be bought or are available from professional Metatrader programmers.

MQL4 or the MetaQuotes language 4 is the built in language used when you will develop trading strategies for the system. If you understand C++, you will be able to use this effectively. This language permits the trader to create automated programs, which is often the Expert Advisors. You can now trade automatically with the help of your trading system.

Another advantage that you will like is that you can trade almost anytime you want wherever you may be. This is because you can now trade with just your mobile phone you’re your Personal digital Assistant (PDA). Make sure you are connected to the Internet via GPRS or WAP so that you can access your trades without interruption. This mobile trading is comparable to the typical trading terminal using computers. They have the same features and capabilities and thus, you get the same efficiency level even when you are not in your office or at home.

Metatrader 4 has indeed revolutionized the way traders deal with the forex market. We all know how risky it is when you are involved with this equity market. Therefore, you have to be prepared and with the help of the forex Metatrader, there is no doubt that you will increase gains while reducing your losses.

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There are several ways to make a trader become successful in his chosen business venture. He can have a good strategy and have great analytical skills. However, most professionals think that you should be able to spot the movements in the foreign exchange market and be able to make the right decisions regarding the fluctuation. As you know, this type of market is really volatile. Nevertheless, this is evidently the most liquid of all. Thus, there is no room for making mistakes since your money is at stake here. Now, how can you beat the market? One of the ways is to seek the help of a Metatrader.

A forex Metatrader is a complex trading platform that is designed to provide services to their customers by acting as the broker for Forex, CFD and Futures market traders. This platform is a whole cycle center. This means that there is no need for you to purchase any other available software out there just so you will be bale to organize the broker services for your business. The Online Metatrader 4 platform consists of a server, administrator, data center, manager and the mobile or client terminals. The server is the kernel of the system all of the queries that you have entered flood down to it. What the server does is to get the queries so that it can give you news and quotations and also for the fulfillment of the operations as well as for placing orders and trade execution.

When it comes to the administrator, this part of the platform enables the server to perform remote administration. The data transfer between the two is encrypted by 128-bit keys so you can be sure that the data you have entered is safe and protected at all times. The administrator is responsible of several jobs. These include controlling and managing the user groups and the rights settings. In addition, it also configures the financial securities list as well as the data feeds and the database backup operations. On the other hand, the data center is the connecting link between the clients’ and system server terminals. Most of the time, this is used to eliminate the association the client terminal and the main server. The manager is the one that processes the trade operations and the trader’s accounts. With this, you can access different terminals such as the risk-managers, dealers and account managers.

With the mobile program is similar to a full function terminal for trading. The difference here is that you get full access to the financial markets and even make deals no matter where you are. You can download Metatrader 4 mobile for free to test it or you can opt to buy it. This program supports thirty technical indicators including the Alligator and the Bollinger Bands. You also get sound alerts so that there is no need for you to watch your PDA every now and then just to know that there are changes in the market.

As for the client terminal, this is created so that it can provide technical analysis and trade operations in real time mode. Its key features include different execution technologies such as Instant, Request and Market Execution and this also provides online news coming from the financial markets.

The Metatrader platform has a friendly user interface so that you will be able to use it easily and effectively.

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Putting metatrader indicators one over another in the indicators window

You can place several metatrader indicators or copies of one metatrader indicator, but with different parameters, in one window. View -> Navigator. We open the metatrader indicators menu, click on the necessary metatrader indicator by the left mouse button and drag and drop it in the metatrader indicators window. This method is quite approaches for indicators, which have an identical scale (for example, 0-100): Stochastic, RSI, etc.

The transaction from history on the chart.

View -> Terminal -> Account History. Click on the order, drag and drop it on the chart of the same instrument (if you drop it on the chart of another instrument, it will be substituted by the chosen one).

The order is displayed in form of arrows of opening and closing the order; it is connected by a section of trend line. Levels of Stop Loss and Take Profit are displayed on one vertical axis with open price.

If you drag and drop the order, pressing the “Shift” key, the whole trade history of this instrument (believe, it is very demonstrable) will be displayed on the chart.

Fast transition over the schedule.

You can use the fast metatrader navigation line for convenient positioning of the chart on necessary time (very convenient to use in full-screen mode, F11).

Disable auto scrolling of the chart. Press “Blank” or “Enter”. Write necessary value in the fast navigation line and confirm it by pressing “Enter”.

[time (hours:minutes)]
example: 12:00
[date]
example: 14.01.2007
[date] [time]
example: 14.01.2007 12:00

Symbol and period of the chart are changed in the same way.

[instrument]
example: FDAX
[period]
example: M15
[instrument],[period]
example: FDAX,M15

Arrangement of instruments in the metatrader terminal window

It is convenient to group charts in the metatrader terminal window (for example, yen pairs, metals, oil and gas, grain, etc.). If you opened many charts in your MT4, you can group them. In order to do it you should click on the instrument name by the left mouse button (below, where all open instruments in the form of a horizontal line are situated), and then drag and drop it in the necessary place on this line.

Metatrader Quotes window

By pressing F10 you open metatrader quotes window, those instruments, which you see in the “Market Review” window.

If you mark the item “Always on top” in the menu of this window, you can track quotes constantly, having moved them somewhere in a corner, so that the window doesn’t hinder work with other programs. The font and color gamma can be changed in the “Properties” contextual menu.

Metatrader Standard template

In order to make so that each new chart in the metatrader terminal is opened according to your options and preferences (color, indicators, type of chart, and so on) you should do the following. As a matter of fact, adjust those preferences and save the received template (Charts -> Template -> Save Template) as default.tpl.

Metatrader Lot size

By default, there are 13 variants of lot size (from 0.01 to in drop-down menu at setting up an order. It does not mean you cannot choose the desirable lot. You should only edit the value according to the size you want to have, or to set defaults in options (Service -> Options -> Trade).

Crosshair

Press the middle mouse button or the combination of keys “Ctrl+F” for fast activation of the “Crosshair” object. This property can be very useful in full-screen mode.

Ruler

It is a very useful tool. You can quickly see the distance in points and the number of bars between two points on the chart. Activate “Crosshair” (press the middle mouse button), click in the necessary point by the left mouse button and move the crosshair to the second point. Numbers in line indicate the following: the number of bars / the number of points / bid in the second point.

Order modification

Double-click on the order in area, where stop-loss or take-profit is specified, for fast order modification, when the “Trade” tab is opened. Double-click in other area of the order will open the “Buy by market” window.

Market review – fast addition of instruments

In order to add an instrument in the “Market Review” window quickly, you don’t have to open the whole list and to search among hundreds of forex pairs, futures and shares. You just need to double-click in empty area, type a symbol manually in the appeared window, and press “Enter”. The instrument is in the list.

Close a part of position

You don’t have to close the whole position; it is possible to close the position only partially. In order to do it you should click on the “close position” item by the right mouse button, and type the size of a lot, required for close, manually.

Compression of the chart vertically

For this purpose you should move the mouse cursor to the right, in the area where price is shown, until the arrow becomes bidirectional. Grab the price and drag it downwards. Compression functions on all timeframes of the chart. Double-click in the area of price will return the chart in initial state.

Types of passwords in MT4

There are two types of passwords in MetaTrader: the password of trader (the main password) and the password of investor (viewing of open positions, account history, and balance without the rights to trade).

Distinctive features of the investor’s password: idle F9 key; the terminal does not react on clicking on positions; there are no items for controlling positions in the menu of the right mouse button on the “Trade” tab.

Change of trader’s password

Menu -> Service -> Options, the “Server” tab. Press the “Change” button, fill the “Current Password” field in the opened window, and also type the new password twice in corresponding windows below. The window is closed after pressing “Ок” at successful change of the password. If something is done incorrectly (for example, only one kind of symbols, mistake at repeated input of the new password) the terminal will not react and the window will not be closed. The password can be changed only when there is a connection to the server; the option does not work without connection to the network.

Change of investor’s password

The procedure is the same, but radio button should be set in the “Change the investor’s password” position.

Trailing stop

It works only when there is connection to the server. Trailing stop is activated only when the profit exceeded the given value; it will move after the price on the specified distance until the price makes retracement and closes position. The order with activated trailing-stop is marked by the “Т” letter in the left corner of the line in the “Terminal” window.

How to make a copy of line

For example, to draw the channel, it is enough to draw a trend line, double-click on it and drag it, holding the left mouse button and the “Ctrl” key. The received duplicate will be parallel to the basic line (well, almost parallel, there will be curvature on seniors timeframes; it is incurable “disease” of the Metatrader).

Chart picture

In order to save the current chart in form of a picture, you should choose the “Save as picture” item in the menu by the right mouse button, and then to choose required values from the offered ones.

Cancel of object removal

If you have accidentally removed any important line, don’t be upset. You just need to press “Ctrl + Z”, and this line will be restored.

If you have accidentally closed a chart with a full set of options, you can restore it from the menu File -> Open deleted.

Best regards,

BJF Trading group

http://iticsoftware.com

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MetaTrader 4… It is widely known and unknown at the same time… Let’s consider those functions, which are available at our “work tool”, but which we either rarely use or do not know at all (in truth, few people read built-in help or other manuals).

Market review

Read article: How to Select the Right MT4 Dealing Firm

Right after installation, the Metatrader terminal often does not shows all instruments, accessible for trade, but only some. If you want to see the full list of possibilities, you should click the right mouse button and choose “Show all symbols” in the “Market Review” window.

Here, in the “Market Review” window, we can also change the arrangement of trading instruments in any desirable way. We just grab any currency or futures by the left mouse button and move it in the beginning of the list.

In order to reduce traffic, it would be better to remove unused symbols from the market review (there can be hundreds instruments, accessible for trade, and MetaTrader downloads quotes for each instrument). “Market Review” -> “Hide all symbols”. So only those instruments, on which charts are opened or there are open positions or pending orders, will remain in the review.

By choosing the “Symbols” menu, we can manually add in “Market Review” only those trading instruments, which we are going to use (double-click on the necessary instrument or by clicking on the “Show” button for the chosen instrument or the whole group). By the way, here we can see the time of trade and the expiration date (the date of change of delivery month under the futures). By pressing the “Properties” button, we can also get some additional information: margin rate for opening and maintenance margin rate, spread size for futures with spread, size and value of tick; and for forex instruments – size of spread and swaps rate.

You can remove a symbol manually: just click on it by the left mouse button and to press the “Delete” button (or choose the corresponding item in the contextual menu by the right mouse button).

In order not to keep all used symbols in the market review, you can divide instruments into groups and switch between groups whenever you want (for example, forex, futures, indexes, shares, etc.). You just need to hide all spare symbols and save the set.

Traffic saving: disable news in the terminal (Tools-> Options -> remove the tick in the “Enable News” line)

BJF Trading Group

http://iticsoftware.com

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