How To Setup Your MT4 Trading Platform Like A Pro

This put up is written by Jet Toyco, a dealer and buying and selling coach.

If you happen to’ve dabbled in foreign currency trading…

I can nearly assure that you simply’ll come throughout the MT4 buying and selling platform.

It’s in all probability the preferred platform so that you can commerce foreign exchange!

However right here’s the reality…

I’m positive you’ve felt overwhelmed whenever you first fired up your MT4 buying and selling platform.

Check out this:

I’m positive you have been in all probability considering…

“Holy moly, that’s a number of home windows!”

“How can I begin buying and selling with this?”

I get you.

So relaxation assured my pal…

In right now’s information I’m right here to reply your questions as I’ll train you:

  • The right way to instantly clear up your MT4 chart and pin-point the precise instruments it’s essential to commerce
  • The primary function of the MT4 buying and selling software program it’s essential to use
  • A very powerful and highly effective indicator you MUST set up first
  • The MT4 buying and selling software program’s strongest function is that can assist you analyze charts 5x sooner

Sounds good?

Be certain that to have your MT4 buying and selling software program open as a result of right now’s information goes to be complete.

Now…

Earlier than we begin…

This course of can be rather a lot sooner if you realize what sort of dealer you might be.

Akin to:

  • You understand which timeframe you wish to commerce
  • You understand what buying and selling instruments you utilize
  • You understand what buying and selling indicators to drag out and learn how to use them

In fact, should you’re undecided about any of these then that’s okay.

As a result of on the finish of this information, I’ll provide the essential steps you to take after establishing your MT4 buying and selling software program.

Received it?

Then let’s get began!

Declutter your MT4 buying and selling software program

Bear in mind the primary picture I confirmed you some time in the past?

mt4 trading,metatrader 4,metatrader 4 strategy

What’s the very first thing you’ll do?

One phrase.

Declutter.

That’s proper, excellent a clean canvas…

Shut each window you see apart from one chart.

Right here’s what I imply:

mt4 trading,metatrader 4,metatrader 4 strategy

And similar to that.

Your MT4 buying and selling software program has develop into cleaner, however we’re not executed but.

The following step to decluttering is the buttons on high:

mt4 trading,metatrader 4,metatrader 4 strategy

So, what it’s essential to do is to arrange the bars and take away the buttons that you simply don’t suppose you’ll want!

That is the place realizing your buying and selling profile provides you with a bonus.

So for instance, let’s say you:

  • Commerce the 4-hour timeframe and analyze the day by day timeframe
  • You employ frequent drawing instruments comparable to the road and Fibonacci instruments
  • You don’t use Knowledgeable Advisors (buying and selling robots)

What you would wish to do is to take away all of the timeframe buttons in your chart however the H4 and D1, and to additionally take away the instruments on the higher buttons beside your strains and Fibonacci instruments.

Let me present you what I imply:

mt4 trading,metatrader 4,metatrader 4 strategy

mt4 trading,metatrader 4,metatrader 4 strategy

And at last, I do recommend eradicating these buttons as properly:

mt4 trading,metatrader 4,metatrader 4 strategy

mt4 trading,metatrader 4,metatrader 4 strategy

After just some tweaks, your MT4 buying and selling software program seems to be extra intuitive than ever.

From this:

mt4 trading,metatrader 4,metatrader 4 strategy

To this:

mt4 trading,metatrader 4,metatrader 4 strategy

Lastly, to high all of it off…

Let’s make our charts look extra respectable, lets?

So, press “F8” in your keyboard and enter these settings:

mt4 trading,metatrader 4,metatrader 4 strategy

And your chart ought to look one thing like this:

mt4 trading,metatrader 4,metatrader 4 strategy

Tremendous clear, am I proper?

However maintain on!

That is simply step one, the appetizer.

As a result of within the subsequent part…

We’ll be shifting to the principle course.

What use is your MT4 buying and selling software program should you don’t know learn how to analyze your charts correctly, proper?

So, let’s transfer on…

Benefit from the MT4 buying and selling software program’s highly effective “template” function

Consider…

I’m not skipping any steps right here.

So, at this level, we needs to be nonetheless seeing the identical factor:

mt4 trading,metatrader 4,metatrader 4 strategy

Only one chart with a couple of buttons in your higher tab.

What’s subsequent?

Create a template

I do know, we’re not speaking about including indicators but.

As a result of earlier than I reveal this important indicator, it’s essential to know learn how to create your templates within the MT4 buying and selling software program.

So now I wish to ask you…

How do you commerce?

Which indicators do you utilize?

Quite, which indicators do you want?

As a result of what we’re about to do is create a chart of the way you additionally need your different charts to look!

Let me offer you an instance…

Let’s say you’re a pattern follower, and also you typically use:

  • A 20-period shifting common indicator
  • A 50-period shifting common indicator
  • An Common True Vary (ATR) indicator

So, within the MT4 buying and selling software program, merely hit the indications button and add them one after the other!

Let me present you:

mt4 trading,metatrader 4,metatrader 4 strategy

mt4 trading,metatrader 4,metatrader 4 strategy

Now we appear to have an additional indicator.

So, if you wish to know the listing of your indicators or wish to edit them, merely right-click and hit the “Indicators tab” similar to this:

mt4 trading,metatrader 4,metatrader 4 strategy

Once more…

That is simply an instance, and the indications you want is perhaps completely different from mine (or maybe you don’t even use indicators in any respect).

So, at this level let me ask you:

Do you have already got all the indications it’s essential to enter and exit trades?

Sure?

Good.

As a result of right here’s the place the magic occurs…

Merely hit the template button, after which put it aside as a template.

In order that whenever you open new charts, the identical indicators and settings you positioned some time in the past will now be in your new charts!

Right here’s what I imply:

mt4 trading,metatrader 4,metatrader 4 strategy

mt4 trading,metatrader 4,metatrader 4 strategy

Fairly cool stuff, proper?

P.S. You can too use the automated tiling function to place your charts side-by-side by urgent ALT+R or by urgent what I did within the video (one other cool stuff).

Now that you understand how to create new templates, let’s declutter the charts I confirmed you from the video:

mt4 trading,metatrader 4,metatrader 4 strategy

As a result of bear in mind, we’re not skipping any steps right here!

Now…

There are in all probability thousands and thousands of indicators on the market.

However these two indicators are one thing you need to by no means commerce with out.

So, what’s this energy indicator so as to add to your MT4 buying and selling software program?

Let me share them with you intimately…

Add this highly effective indicator in your MT4 buying and selling software program that’ll prevent from blowing up your account

This indicator is none apart from the…

Pip Worth Calculator

You see, not like shares…

You’ll be able to enter 100 shares and even 500 shares prefer it’s nothing (relying on the share value).

However in relation to Forex.

Don’t, I repeat—don’t enter 100 models, heck even 500 models!

It’s suicide!

mt4 trading,metatrader 4,metatrader 4 strategy

You see, in relation to foreign currency trading utilizing the MT4 buying and selling software program…

Something above the 1.0 quantity is already too large.

So, should you’re simply getting began and never but aware of making use of threat administration.

Begin buying and selling with 0.01 quantity.

That’s proper.

Not 1.00

Not 0.10

However 0.01

Nevertheless!

If you wish to be totally conscious of what you’re risking, then the pip worth calculator will assist save your ass:

mt4 trading,metatrader 4,metatrader 4 strategy

With shares, we calculate the motion of the costs primarily based on their “tick worth.”

With foreign exchange, we calculate the motion of the costs primarily based on their “pips.”

If you wish to be taught extra concerning the pip, you’ll be able to test this out.

However only a tough guideline…

It takes some time for a serious foreign exchange pair to maneuver 100 pips in only a day.

So, should you’re going to purchase 0.10 heaps/quantity on EURUSD…

If you happen to take a look at the pip worth calculator:

mt4 trading,metatrader 4,metatrader 4 strategy

It means you could doubtlessly make $100 if the value strikes 100 pips in your favor whereas doubtlessly dropping $100 if the value strikes 100 pips in opposition to you.

And that is realizing earlier than we even hit the purchase button.

Are you able to see how essential that is?

So, if you wish to purchase this straightforward indicator:

  1. Take a look at the indicator web page here
  2. After downloading, go to your MT4 buying and selling software program
  3. Click on file
  4. Click on Open knowledge folder
  5. Go to the MQL4 folder
  6. Go to the Consultants folder
  7. Drop the indicator there

Right here’s what I imply:

mt4 trading,metatrader 4,metatrader 4 strategy

When you place it, merely hit CTRL+N, refresh, after which drag over the indicator to your chart!

mt4 trading,metatrader 4,metatrader 4 strategy

Sounds good?

Now, let’s do a fast recap earlier than we transfer on…

First, you’ve decluttered your MT4 Buying and selling software program from this:

mt4 trading,metatrader 4,metatrader 4 strategy

To this:

mt4 trading,metatrader 4,metatrader 4 strategy

Second, you’ve added templates so that you simply’ll have your set of indicators on standby when opening a brand new chart:

mt4 trading,metatrader 4,metatrader 4 strategy

And we’ve put in the pip worth calculator so we all know how a lot we’re placing at stake:

mt4 trading,metatrader 4,metatrader 4 strategy

So, what’s subsequent?

Effectively, it’s one thing I really like concerning the MT4 buying and selling software program few buying and selling platforms possess.

Let me present you…

Make the most of MetaTrader 4’s hidden “secret energy”

To make this work, it’s essential to know which markets you wish to commerce.

Do you wish to commerce commodities within the MetaTrader 4 software program?

Maybe you wish to commerce bonds?

Perhaps simply foreign exchange?

Or maybe you don’t know?

If you happen to selected the final half then no downside as a result of I’ll prevent a while and offer you an instance.

So…

Let’s say that you simply solely wish to commerce the foreign exchange markets on the MetaTrader 4 buying and selling platform.

And within the foreign exchange market now we have the:

  • Main pairs
  • Cross-currency pairs
  • Unique pairs

So, what are they?

Let me inform you…

Main pairs

These are probably the most traded pairs within the foreign exchange market, and they’re:

  • EURUSD
  • GBPUSD
  • USDCHF
  • USDJPY
  • AUDUSD
  • NZDUSD
  • USDCAD

Subsequent, now we have the…

Cross-currency pairs

To place it merely, these are non-USD pairs, and they’re:

  • EURCHF
  • EURGBP
  • EURAUD
  • EURJPY
  • GBPJPY
  • AUDJPY
  • GBPAUD
  • GBPNZD
  • GBPCAD
  • AUDCHF

Lastly…

Unique pairs

These pairs typically have larger spreads/commissions when traded, however these are sometimes creating international locations comparable to:

  • USDZAR
  • USDMXN
  • USDTHB
  • USDSGD
  • USDHKD
  • USDSEK

Nice, now we all know which markets we wish to commerce in!

So, return to your MT4 buying and selling software program and create new charts:

mt4 trading,metatrader 4,metatrader 4 strategy

And each time you achieve this, press the “spacebar” and sort within the main pairs one after the other similar to this:

mt4 trading,metatrader 4,metatrader 4 strategy

By the point you end typing the entire main pairs, press the tile buttons or just press ALT+R:

mt4 trading,metatrader 4,metatrader 4 strategy

And it ought to seem like this:

mt4 trading,metatrader 4,metatrader 4 strategy

Fairly cool, proper?

Now, see this button over right here known as “default?”

mt4 trading,metatrader 4,metatrader 4 strategy

Good, now press it and click on “Save Profile As…”

mt4 trading,metatrader 4,metatrader 4 strategy

And kind in “1 – Main Pairs”

mt4 trading,metatrader 4,metatrader 4 strategy

Effectively, it may be something you need really.

After that, click on the profile button once more and return to default:

mt4 trading,metatrader 4,metatrader 4 strategy

And repeat the method by inserting the cross-currency pairs!

Now, when you end inserting them, merely add your template to every of the charts:

mt4 trading,metatrader 4,metatrader 4 strategy

And in the long run, ought to seem like this:

mt4 trading,metatrader 4,metatrader 4 strategy

What’s subsequent?

Merely hit the profile button once more:

mt4 trading,metatrader 4,metatrader 4 strategy

However this time, nonetheless…

We title it the cross-currency pair profile:

mt4 trading,metatrader 4,metatrader 4 strategy

When you’ve executed it, watch the magic occurs…

mt4 trading,metatrader 4,metatrader 4 strategy

And that my pal, is what makes the MetaTrader 4 buying and selling software program intuitive!

With just some presses of a button, you’ll be able to select which watchlist you wish to show by using the profile function!

At this level…

I can confidently say that you’ve efficiently “arrange” your MT4 buying and selling software program

And also you at the moment are free to make use of your creativity to reap the benefits of the “template” and the “profile” options of the platform.

So, with that mentioned…

What’s subsequent?

I do know that I haven’t proven you learn how to precisely commerce utilizing the MT4 buying and selling software program.

However that may in all probability take a few sections extra that may stretch this information.

So, should you’ve efficiently familiarized your self with the MT4 buying and selling software program by way of this information…

Then I’ve executed my job for right now.

So, if you wish to take your buying and selling to the following stage…

Then I extremely recommend you try the buying and selling academy here.

Now right here’s what I wish to know…

Which different buying and selling platforms have you ever tried?

Maybe MetaTrader 4 is the primary platform you’ve ever tried?

Let me know within the feedback under!

 

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