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MetaTrader 4, How to Set Orders, How to Use EA and Indicators

MetaTrader 4, How to Set Orders, How to Use EA and Indicators

MetaTrader 4: What It Is And Why It Is The Weapon Of Choice For Most Traders

MetaTrader 4, How to Set Orders, How to Use EA and IndicatorsIf you are a forex trader or are interested in trading, the chances are that you have come across the term “MetaTrader 4.” It is a platform that brokers traders use to access the forex market.

Traders use MetaTrader 4 (MT4) to access currency pair prices in real-time and also to execute orders. The platform also offers fundamental and technical analysis tools that traders can rely on to improve their trading experience.  Many brokers also use MT 4 to attract more users to their services because the platform is highly trusted.

One of the major advantages of MT 4 is that it provides a large variety of currency pairs, and this increases its appeal to both traders and brokers. It also goes the extra mile by offering intuitive and customizable charts so that even those who are new to the platform can understand it.

Mechanical traders can also leverage the MT4 platform by incorporating their Expert Advisors (EAs) on the platform so that they can easily keep track of trading opportunities.

How to access MetaTrader 4

Brokers and traders can access the MT4 platform through its website where they can download its software and install it on their computers or phones. This means that you can access currency prices, as well as your trades through the device in which you install the MT4 software.

Once you download and install MT4, you will be required to fill in your details such as your name, country, and other details on a prompt as part of the account creation process. Make sure that you record the personal details that you will use to create the account before you finalize the registration process.

Also, confirm which type of account you have selected before you start executing trades. MT4 provides you with the ability to access or create multiple accounts and thus the need to identify which account you are using before you execute.

Keep in mind that MT4 also provides traders with demo accounts so that they can practice. It is always suggested to start with a demo account before a live account so that you can develop and sharpen your strategy.

MT4 Basics: How to Set Orders

How To Execute Orders On MT4

MetaTrader 4, How to Set Orders, How to Use EA and IndicatorsSo you have completed the process of creating an account on MetaTrader 4 (MT4), and now you have access to several features including the charts. The software interface may look intimidating, especially to newbies, but there is always a first time for everything.

Once you are familiar with the interface, the next step as far as the basics are concerned should be learning how to set orders on MT4. Setting orders refers to the process of buying or selling through market execution, buying and selling through pending order and trade modifications after execution.

Placing a trade through market execution

The standard toolbar contains a “New Order” tab which when clicked, pulls up a list of currency pairs to choose from. The Market Execution tab is located within the drop-down list for order types. Select the lot size or the size of your trade that you want to execute.

Each standard lot size is equivalent to 100,000 units. Therefore, if you want to purchase 5,000 units of a particular currency pair, then your input in the volume field should be “0.05”. There is also an optional comment section where a trader can include their remarks. You also have to choose whether to “buy” or “sell” your preferred currency.

Profit-taking and stop-loss

Once you execute your trade, a dialogue box will pop up to confirm the execution. The MT4 platform also has a section where the trader can specify the take profit level and stop orders. The former is the level at which the trader is comfortable with exiting the trade after making some profit. Stop-loss allows the trader to specify the losses they are willing to bear from a losing trade before closing the position to avoid further losses.

The profit-taking and stop-loss levels can be specified after the trade is executed and running. However, the fields for entering the take profit and stop loss are usually disabled before the trade is executed.

Executing a trade through pending order

Click on “New Order” to access the currency pair list and select your preference. Next, click on “Pending Order” on the “Order Type” list. Select “Buy” or ”Sell.” Once you are done, you can enter your preferred lot size and also the take profit and stop loss.

Modifying your trades

To modify your trades, go to the “Trade” tab which will pull up all your active trades. Go to the modify profit target/stop loss. Right-click to access the modification options. Once adjusted to preferred levels, close and confirm, and you are good to go.

MT4 Basics: How to Install an EA

MetaTrader 4 Basics: Installing an Expert Advisor

An expert advisor commonly referred to as EA in the forex industry is a program that you can install onto a platform which will be following trader’s instructions automatically once a specific criterion is met.

Advantage of EA

The upside of using the expert advisor is that once you have a mechanical system in place, you can easily create an EA to replicate the required actions immediately your system give an indicator. This is very vital for traders who prefer trading in multiple pairs or for those who don’t have time to be on the screen to trade.

Before you install an EA, you should be WARNED that some of the EA programs offered out there may not perform optimally as advertised.

Learn about the EA you want to use

It is recommended that you should get to understand all the aspects of the EA you want to use.

If the EA uses Stochastic ensure you understand the settings used in generating signals. Equally, if it is based on moving average make a point to ascertain whether it uses exponential or simplified moving averages and the number of bars it covers.

After understanding all aspects of the EA, you can begin the process of loading it on the terminal.

Steps of installing an Expert Advisor

Step 1: Transfer of files

  1. First, download or create an EA and always note the location it is saved.
  2. Highlight and copy the file you want to install
  3. Search for the MetaTrader4 folder which is usually located in drive C
  4. Paste your files into the Experts folder. You will get pop-up prompt seeking permission which you should click continue.

Step 2: installation of the EA on the MetaTrader4 platform

  1. Begin by launching the MT4 platform
  2. Search for the EA section on the Navigator window and click on the + and all EAs will appear
  3. Select your preferred EA and drag it onto one of the charts

Step 3: Adjustment of Settings

  1. You will get a pop-up that shows your EA settings
  2. Ensure all settings, as well as alerts, are okay before you click OK

Don’t use the EA blindly. Try it first on demo to understand how everything works.

MT4 Basics: How to Use Indicators

Using Indicators

Trading platforms are built differently; even the MT4 platforms are not the same. Depending on the broker, the platforms will have different sets of indicators. Some may come with only the basics, and others are comprehensively equipped with tools and advanced studies to assist you in making trading decisions.

The advantage of MT4 is that it is customizable and you can take as the PC of the trading platform. You can run different indicators and expert advisors, change settings in whichever way you prefer or even develop one from scratch.

Mastering entry and exit of trade is not sufficient, and you can get the most out of MT4 platform by using its tools to the maximum. You should know how to tailor them to meet your needs.

Addition of chart objects

  1. Click on Insert on the main menu
  2. Select an object to add to your charts such as shapes, lines, arrows or Fibonacci

3. Then click the chat where your object should appear

Addition of indicators

  1. On the menu click Insert
  2. Select the indicator you are interested in adding. The indicators are normally categorized according to type. In the example below the moving average indicator falls under the Trend-following section.

3. Once you have chosen the indicator, you will get a pop-up to set parameters. The indicator is customizable. You can change the line style, the, and other settings.

4. After changing the parameters and settings, click OK, and your indicator will now be ready.

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