Welcome back, I hope you found the previous section easy. We shall now move on to some practical things.
The meta trader 4 is the most common trading software you will come across, although most of the things we learn here would be limited to meta trader 4, it can also be applied to meta trader 5.
The meta trader software is the interface between you and the international forex market.
Whatever order you place here would have a direct effect on your finances, thus it is important we understand its use first before proceeding to other things.
The Meta Trader 4 interface
When you launch your meta trader software, this is what you would see.
Note the following:
- The black screen you see is the chart window, depending on your settings, it could be white.
- To the left, you have the market watch. The market watch contains all the currency pairs your broker allows you to trade with.
- Beneath the Market watch, is the Navigator, which contains your account details and your indicators.
- At the base of it all, we have Trade to the left, which would show you any live trades you may have running.
- Account history shows you all your previous trades. Both losses and wins and several other things.
The chart window as described above shows you details of the chart of a selected currency pair. Here are a few tricks you can play.
Gridlines: CTRL + G, they would disappear or appear.
Market Watch: CTRL + M, would make it disappear, another press would make it appear.
Navigator: CTRL + N, would make it appear or disappear.
Multiple Charts per window: ALT + R
Place an Order: Click on New order, Enter Stop Loss and Take Profits and Place your order.
After you place your order, you can modify the stop loss by double-tap your mouse and drag the stop loss line or take profits line. Another way to do this is to click on the trade tab and the bottom left, right-click on the trade you want to modify, and enter your details from there.
There are other ways to display price history in the meta trader software.
We have the following:
- Line chart – Enable by pressing ALT +3
- Bar chart – Alt + 1
- Candlesticks – Alt +2
To close a trade, Under the trade tab, you would see your active trades, check under profit, you would see a sign (x) click on it to close your trade.