MT4 GUIDE AND KEYBOARD SHORTCUTS

MetaTrader4 is an excellent freeware platform that over the years has become the undisputed Forex industry’s standard platform. MetaTrader4 and MetaTrader5 by MetaQuotes can be used for trading Foreign Exchange currencies but also for trading Equities, Metals, Energies and Soft Commodities via CFDs and Futures.

 

ESSENTIAL MT4 TIPS FOR FOREX TRADERS

Here are some useful tips when trading with MT4 and MT5:

 

(1) Language Customization

Actions:

  1. Go to Mt4 Top-Menu and there Select >View
  2. Select > Languages (chose your preferred language among tens of selections)

 

(2) Adding Assets on Metatrader4

Usually, beginners don’t know that they can add assets to those visible on the left of their MT4 screen (Market-Watch Window).

Actions:

  1. Press Ctrl-U to see all Symbols
  2. Select a Symbol and press -Show- (on the Right), now it is available on MT4 Market-Watch Window

 

BUY BITCOIN AND ETHEREUM WITH CREDIT CARDS

 

(3) Common Template Creation (used in all Charts)

You don’t have to add indicators and other stuff each time you open a new chart window. You can create a custom template, save it, and use it automatically each time you open a new chart:

Actions:

  1. Right-Click on a Price Chart and press >Properties
  2. Customize you chart (colors and other preferences)
  3. Insert your favorite indicators
  4. After you have customized everything you need, go to Top-Menu
  5. Choose >Charts and then choose >Template
  6. Choose >Save (and name your template)
  7. Finally, when you open a new chart you can go to >Charts and >Template and then >Load Template (click on your previously saved template)
  8. All your chart preferences and loaded automatically.

 

(4) Altering the Size of your Position, Without Completely Closing it

Actions:

  1. Right click on your open trade (It is visible on the bottom where is the Terminal Area (Ctrl+T)
  2. Select "Close" as you normally would
  3. Change the number of lots you wish to close. For example, if you have opened 0.5 lot and you wish to be left with 0.3 lot, then close 0.2

 

(5) Measure the Distance of Pips and Period with Accuracy

Actions:

  1. Press Ctrl-F and the Crosshairs Tool will appear on your screen (this tool appears also if you just keep pressing continuously the mouse-wheel)
  2. Hold down the left button of your mouse starting from a certain point, and then move your cursor to another point.
  3. Three numbers appear which are divided by slashes (these numbers corresponds to Bars/Pips /Price)

 

(6) Duplicate Objects on MetaTrader-4

Actions:

  1. Select any object by clicking it (for example a trendline)
  2. Press Ctrl+Left-Click on it (the object is now duplicated)
  3. Go to the copied object and drag the duplicated object from it

Note: If you use this trick on a trendline you may easily create a price channel and that is extremely useful as channels are very important when trading Forex.

 

 

(7) Combine Two Indicators in one place

Actions:

  1. Insert an oscillator (for example RSI)
  2. Press Ctrl-N in order to reveal the -Navigator Window- on the left
  3. Drag any additional indicator from the Navigator Window to the already opened indicator (RSI in our example)
  4. Choose your settings and enjoy the combination

 

The Basics of Forex Trading
 
Here are some basic definitions regarding Forex Trading:
 
What is Trader
A Forex trader is an individual who is buying and selling currencies in order to make a profit.
 
What is a Trading Platform
A trading platform consist software and hardware and provides the ability to trade using a personal computer. A trading platforms may be manual and / or automated.
 
What is Lot
Lot in Forex is the smallest volume of a transaction.
 
What is Pip or Point
A pip in Forex is the minimum change in a currency price.
 
What is Quotation
Quotation is the price of a particular currency, expressed in the units of another currency.
 
What is Leverage
Leverage in Forex means the ratio of capital leverage used by traders when trading currencies. In Forex market capital leverage is usually 1:100 but it can be set up to 1:500 even more.
 
What is Hedging
Hedging is the strategic procedure which helps traders to reduce their portfolio risk using multiple financial instruments like derivatives.
 
What is Scalping
Scalping trading in Forex is the strategy of selling currencies and gaining profits by tiny changes of the currencies price level. Some Forex brokers allow scalping others don’t.