Create and optimize our client’s knowledge is a fundamental part of our mission. In 1000Extra we push ourselves to give our traders the best educational resources in Forex, trading and financial world. Parting from the basic, to the most complex technical analysis tools.
For that we count with specialized advisers that will give you all the support needed for your experience to be as satisfying as possible. In parallel, we continue developing our educational section, inspire people to increase their possibilities in this sector, while controlling their trading skills is part of our mission.
In 1000Extra educational sector we analyze different aspects to enhance trading, such as Forex origins, the most popular pairs of foreign currencies, propelling factors and stirrers that affect price.
Developed in 2005 by MetaQuotes, MetaTrader was launched in the market in 2006 to be used as a Forex platform and CFDs. Afterwards, a large amount of functions had been added, making it today one of the most used platforms by traders in the world.
In this tutorial preamble, we will guide you closely to many of the Meta Trader 4 traits, including graphics configuration.
MT4 provides tools and resources that allow the operators to analyze prices, allocate and manage operations and to apply automate trading techniques. Thanks to this claimed platform, you can implement strategies at any complex level.
Try trading strategies, choose between classic or technical analysis, or back testing strategies. Likewise, thanks to the Metatrader MQL4 language you can create signs, scripts and indicators.
The MT4 platform perfectly integrates a wide range of services offered by Milex Trade, including an expert adviser, a program that allows you to automate your commercial operations.
When opening a MT4 platform, four graphic windows appear, each one represents a different pair of foreign currencies. In the superior part of the screen you will find the tools bar, full of icons. Under the bar at the left, you will find the “Market Observation” window, highlighted a pair of foreign currencies list, next to the correspondent offer and Bid, Ask prices.
In the lower part of this window, you can find two tabs:
1.-Symbols, by default, where the pairs of foreign currencies are listed
Below, we have another window, “browser”. In this, the operators can see their account, as well as a large set of functions including indicators, expert advisers and scripts.
Once open the graphic by default, customize it at your own way. For that, place the pointer in the graphic and with the right button of the mouse select “Properties”.
In the “Colors” tab, there are several combinations for you to change the wallpaper (black or white are the most used by the operator), remove the grid or color the candlestick whether bull trend (green) or bearish trend (red)
In the lower part of the screen, you can locate “the terminal”, with several tabs: Operations, Explanation, Accounts record, News, Alerts, Email Inbox, Company, Market, Signs, Experts and Record. We suggest familiarizing first with each tab through practice.
For instance, Operations tab allows the follow up of stablished orders, with information such as the used foreign currency, or the entrance price. From that same spot, you can take benefits of your operations or stop the loss you fall into. Likewise, in the “Accounts record” you can see the operations done, including the closed orders.
Once you have chosen the color scheme, you can save it as a template. For that, just click in the “Templates” icon, in the superior tools bar and select: “save template”. Add a name for the template and the new template will appear in the drill down menu template list.
You will be able to apply this template to any graphic by just clicking in the “Template” icon and selecting in the drill down menu of your template already configured.
Same, with the selected graphic, you can configurate to see the price: bar data, candlesticks or online price.
Any prices graphic can be closed, maximized, minimized or restored by clicking right in the graphic tab under the graphic windows.
Several types of time frames can be applied into a graphic by clicking in the “Terms” icon by selecting the time frame wished in the tools bar. That so, M1 represents a time frame of a minute, M5 one of five minutes and so on.
The traders can use a large variety of drawing tools to improve their market analysis. Such as vertical lines, horizontal lines, trend lines, channels or Fibonacci setbacks. Each drawing tool has its own icon, located in the tools bar.
The low right corner of the screen shows a state icon that indicates if the platform is connected to Internet, as well as receiving market updates. The red bars indicate there is no connection. On the contrary, the green bars indicate connection and the number exposed shows the connection speed.
To start, click in the “new order” button. Located in the standard tools bar. A dialogue chart will appear. In the drill down menu list, select the pair of foreign currencies you want to trade with.
Afterwards, select “Market execution” in the drill down menu list “Type of order”. Then, add the size of position you would like to open. Consider the volume, that indicates the size of your position, it is expressed in terms of standard lot sizes. Remember, a standard lot worth’s 100.000 units. Therefore, if you want to buy 5.000 units of a determined pair of foreign currencies, you must add “0,05” in the volume filed.
Finally, determine if you decide to “buy” or “sale” the pair of foreign currencies. A dialogue chart to confirm that your execution was done will appear. In that moment it will be in the market and you can tell that the price is moving. You can specify your take profits and stop loss modifying the operation after you entered.
HOW TO ADD INDICATORS IN THE MT4
One of the biggest advantages of the MetaTrader 4 is that is highly customized. In this section you will learn to add indicators and modify parameters. To start, in the upper tools bar you can find the “Add indicators” icon, highlighted with a +. You can also do it directly by clicking “add” in the superior tools bar and selecting “Indicators”.
Many indicators are grouped in function of its type, as a trend follow up, oscillator, or volumes. Once the indicator is selected, the operator has the choice of configurating his parameters. Also, you can edit the color of the indicator, line style (thicker or thinner) or use the predetermined configuration. By “accept”, the indicator will appear in the price graphic and will be ready for its analysis.
HOW TO INSTALL AN EA
Once we finished explaining the indicators in MT4, lets move to the following stage: how to install an expert adviser, also known in the forex world as “EA”.
Is a program that you install in the platform and automatically follows the instructions according to the programming execution. It is known as “automatic trading”, is especially useful if you like working with several pairs of foreign currencies or simply do not have time to be in front of graphics.
To install an EA in MT4, the first thing you need to create, or download is an EA. Select and copy the EA file that you wish to install. Browse the MetaTrader4 file, usually is in Unit C. Paste the files in the “Experts” folder.
Once in the MT4 platform, go to Experts Advisers section under the browser panel in the left side of the platform. Click in the + sign and the available EAs will appear there.
Click in the EA you wish to install and drag it to one of the platform graphics. To adjust the configuration, a chart will pop out. Make sure that all the configurations and alerts accomplished their analysis before clicking accept. Remember to try the EA that was implanted in demo and understand how it works before doing it in real life and compromising your capital.
MetaTrader 4 is one of the most popular business platforms in the world. It provides all that is necessary to operate online from a unique interface. If you wish to try it out, contact Milex support team and we will be glad to assist you.
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1000Extra gives you the possibility of learning at your own pace. We consider Education is vital. Therefore, we count with eBooks in PDF format and training videos to explain, teach and educate novice and advanced traders different aspects of trading world. Among other subjects, you will learn about technical analysis, advanced tools, Forex strategies, operational psychology, and key indicators to consider during the news or capital management, one of the most important aspects in a day by day of a trader. All this knowledge will help you to feel safe about graphics and to operate with confidence.YES, I WANT MY EBOOK