This chapter is about introducing the Metatrader, in this case the 4th edition of it, one of the best trading platforms out there for the retail trader. It goes with showing you around, buttons, types of charts, where to find the currency pairs, basic information regarding your account login, balance, equity, etc. All this information is valuable as, for example, you have three types of charts available, bar chart, candlestick or line chart. Choosing one surely helps a lot as, for example, if you choose candlestick chart, as I actually recommend, you can benefit from all those candlestick pattern theories out there commercially available and apply to any chart. However, bar charts and line charts can also be used as their benefits are of a different nature.
Moreover, where to find the indicators that you need, what kind of buttons are there in the menu, what is useful and what not, tips and tricks for you to get used to the platform as quick as possible. Take your time playing around with buttons, open a demo account at one broker, download the platform and try to play with it a bit. See its basic features and get your guidance from this tutorial.
Being a world known platform, it is being actually offered by any respectable broker out there, so you should have no difficulties in finding one. Before opening an account with a broker, even a demo one, try looking for a broker that offers a five digit account instead of four, meaning try to look for currency rates offered like, for example, in eurusd, 1.31257, that is, it should have five digits. Reason is that brokers that offer this five digit accounts are linked directly to markets through an ECN (Electronic Communication Network) and can get you in and out of a trade at the actual rate the market is offering, sparring you from getting a re-quote.
The next video moves forward helping you to prepare the working space so that it can be as user friendly as possible.
Introducing The Metatrader 4 Platform Video Transcript
Hello, guys. This is the first recording on a series of recordings trying to introduce you into the trading world. In this first recording, I will try to describe the Metatrader 4 platform. This is a platform mostly used in trading. And I just want to show you a couple of features. How to deal with it when trying to place a trade or actually what to look for in types of charts, currency pairs, spreads, indicators, and so on.
This Metatrader is probably the most admired platform in the trading world commercially available. For the normal retailers– I’m not talking about Terminals and platforms for professional traders like Bloomberg or eSignal, that would be a totally different story. This is commercially available for the regular retailer and it is offered by any broker that respects its beauty.
So in here, as you can see in the upper side, you have all the tools needed for analyzing the currency pair. If you click, for example, into the file and you want to open a new chart like this, you have in here all the currency pairs that are being offered by the broker. And this is, for example if you choose 4x, you have in here the Eurodollar, the US dollar Japanese yen, and the Great Britain pound to US dollar, and so on and so forth. Basically, the majors from all over the world. Eurodollar, US dollar Japanese yen, Great Britain pound to US dollar– also being called “cable”– US dollar Swiss franc, US dollar Canadian dollar– also being called “loonie”– New Zealand dollar US dollar being called also “kiwi” like the fruit– and Australian dollar US dollar being also called “aussie”. So in the terminology, you can also find this language being used, especially if you go on Twitter or financial communities between traders and so on.
And then these are the majors, and then you have crosses. And they are being called crosses because actually they are crosses between the currencies that form one measure, see? The Euro Japanese yen is being a cross between the Eurodollar and the US dollar Japanese yen. And the Euro Great Britain pound between Eurodollar and cable. Euro Swiss franc the same, Euro Australian dollar, Euro Canadian dollar, and so on and so forth. I will not go with them all.
So this was in File, New Charts. Or if you want to open a new chart, then just click New Chart. And click your ideal currency pair. And I clicked before the Eurodollar, and you have the Eurodollar Chart in here. As you can see, this is a live chart. The price is moving. We are currently the 1.3106 area, and this is the stand under the full setting that will come with any chart.
Now in terms of type of charts you have, this is a candlestick chart, as you can see in here. But you might have a bar chart if you like this approach and if you think that it will help you most or better. And you also have a line chart if you want to see the chart in terms of what the line will represent. From my point of view, I would recommend candles because there is a totally, let’s say advanced terminology, regarding candlesticks patterns, especially being made famous by the Japanese. So Japanese candlesticks techniques are quite impressive. So I prefer using the candlesticks, but actually you can use all of these three types of charts.
Then of course you have here the window of the Navigator in here. And if you click the Navigator, you will have a window that will open– and you can put the window wherever you like– like this, or like this, or like this, however suits you. I prefer to have it on the right in here. And in here on the first tab, you have the Accounts, when you should get the login information for your account, your account number and your user name and password. Then you have in here the Indicators that you might use in terms of when you want to analyze a currency pair. And of course the Expert Advisors if you want to. If you have an expert advisor or you develop one or you buy one or whatever and you want to apply it on the chart, we will do also a recording solely regarding these Expert Advisors– how to use them.
Then of course you have the Custom Indicators in here and the Scripts. So the Navigator actually has you to log in, log out and then you might close it from here. So click on it and unclick it, and you have the window going and disappearing.
Now this heading here is being called Market Watch. And on the Market Watch, if you click, you have all the currency pairs that are being provided by the broker like this. So you may just click and drag if you want the currency pair to come to the upside on top of the list, or to put it on the downside of the list. Or you can put it, for example, you can put a window in here so that you have a big window for your chart. And then for the Market Watch, only to have this a couple of pairs to watch with the scroll to the downside. It depends very much what are you interested in.
What’s extremely important also in here is to know the fact that this is the market timing, see? Now it is 9:23 in the morning. So this is the market timing. So when you want to look at or to initiate a trade and so on and so on, you know all the time when a five minute candle or one minute candle or a one hour candle will close by the second. So I would recommend for this one to stay all the time on your chart when you try to analyze a pair.
Then if you would like to place an order to get into the market, then just double-click on an order, for example. Or if you go like this, for example, you might have a different type of an account. This is a Pro account, meaning it has five digits as you can see in here.
Look at the number of digits after the main figure. So this is 1.31109, so this is five digits. And it is important to choose a five-digit account instead of a four-digit account because five-digit means that the account is linked through the ECN technology, meaning Electronic Communication Network. By the time you are clicking on the order to be executed, then it will be executed in an instant by the broker direction on the market. So you’ll get the direct quotation out of the market. Instead, if you’re having a four-digit account, for example, or a standard account, then you might risk when price moves violently into one side or the other. You might risk to have a re-quotation and you may miss a trade or an opportunity. So I recommend to leave this on your chart or if not, just click on the button and they will disappear.
Also in here, this is being called the Terminal, and if you click the Terminal, the balance will appear in here. And if you double-click on it, it will open like this. And in here, if you have any active trades, you would actually see that the trades are being made. And also you have in here the Account History. You can see the account history, the news– these are the news that came on the Terminal, the news from the market from all over the world regarding financial information and everything that is happening in the trading world.
Then the Alerts and I set the alerts. Mailbox, the broker is being called Admiral Markets, but this platform is actually a template for all the Metatraders in the world. You also have the Experts tab in here in case you are running an expert. And the Journal, showing you when you logged in or logged out of someone. And this one usually should stay like this. If you don’t want to see it, just click in here and it will disappear.
And one important window that I would like to show you this introduction video, is this Data Window. If you click on the Data Window in here, then when you move your mouse over the candles on the left side in here– actually, let’s move the mouse in here on one candle– and you see the date.
So the candle is from the fifth of April on 2013, and the time, 12 o’clock. The price opened at 1.2919. The high of the candle was 1.2936, the low being 1.2916. The candle closed in 1.2932, and it had a volume of 500. Now the volume is not the volume of the entire market. The foreign exchange market is the most liquid market in the world, the biggest market in the world. But this is only the volume of this specific broker, so I don’t think that that is extremely relevant, the volume button. Anyways, this data shows you this too, OK?
So this being your chart, and this is a Data Window. I also recommend for this one to stay in here all the time. But you will see on the next recording, how are we preparing the working space for regular intraday trading. So for this moment, I will make this one disappear. You can also have Zoom In and the Zoom Out tool, and they work exactly like they are being called. Zoom In, OK? And Zoom Out.
Then in here, the Expert Advisor button. If you click on the Expert Advisor button, see it, the color turned green so it is activated. Or, if you click off, it is deactivated. And in here, this is being called the MetaEditor. If you click the MetaEditor, actually you can just start writing your Expert Advisor if you have knowledge in programming.
Also on the tab in here, so you have the file, you can save as a picture– the entire chart– you can save as a picture. As it is, as is, or as an active chart, you choose the pixels. Or an active workspace, depends on your preferences. Then of course you can Open an Account, Login settings, you can Print the chart. A lot of options for languages to view. You can choose basically all the languages in the world. And of course, the Insert button– this is one of the most important ones– with the Indicators, a lot of Indicators. And Lines, Fibonacci, Arrows, Pitchforks. But this will be the subject of a future recording.
What’s also important to know– I forgot to tell you. The difference between– so in here it is 1.3119, 1.31199, this is being called a “spread”. This is being a five-digit account, the spread. It is quite small, but when a four-digit account– if you go, for example in here– see, on a four-digit account– for example, taking cable in here where we compound US dollar, then the value in here is 1.5333 and 1.5335. So the spread for cable on this broker is 2/5 instead of 1/9 on the Eurodollar. And the spread differs very much from broker to broker and from pair to pair. If you look at the US dollar, the Canadian dollar, then the spread there is 3. So what the spread is, if you are buying or selling– actually, first they are paying your broker the spread and then you are looking for your target to be reached.
This was the first recording in a series of recording, and I just wanted to introduce you to the Metatrader. And on the next one, we’ll look at how to prepare the working space if you are trading on a day-to-day basis. And one to analyze a currency pair. I hope you enjoyed and until next time, stay safe on the markets.