Navigating Metatrader

 

Video Transcription:

Hey, traders. Welcome to Video 4: The Forex Beginners Course. This is Corey
Mitchell. In this video we are looking at navigating MetaTrader, a forex
trading platform, brought to you by Investoo.com.

So in the last video, I showed you how to open a demo account, so hopefully
you have opened a demo account with some broker. It doesn’t really matter
which one at this point. You’ll eventually choose. If you like that demo
account, you may choose to open a real account with that broker, but
basically we are just looking through MetaTrader at this point.

So MetaTrader is a popular forex trading platform used by many forex
brokers. You can use another platform, and you may be using one already. If
so, this tutorial may provide some insights into that platform as well.
Many trading platforms have a lot of similarities.

MetaTrader 5 is now out, but many of the features and functionalities are
the same as MetaTrader 4. So whether you are using 4 or 5, or eventually 6
or 7 that are eventually going to come out, you’ll still probably find this
helpful because a lot of the functionality has remained the same from one
version to the next. They just make a few minor updates. So, this should be
fine for you if you are using MetaTrader 5 or you’re using another
platform.

So let’s just jump right in. So here is what the MetaTrader platform looks
like. I have my charts customized to how I like them. I will show you how
to do that in a minute.

So let’s start with this Market Watch first. So to get that up, you can hit
this button here. It pulls up a whole bunch of different pairs. You can
filter those out by going into this list here and you can select. If you
want to see it, you highlight it and select show. If you want to hide it,
you would select it and hit hide. That will remove it from your list.

Then, if you want to see a chart, as you can see along the bottom here, I
already have a ton of charts saved on this one. So, lots, but let’s say I
wanted to add a new one for gold, let’s say. So, we can go to new chart.
It’s going to pull up a default chart, then, you can change it to how you
want it.

So, let’s say you want to look at a 4-hour time frame. These are what we
call high-low close bars. A little boring to look at, I prefer
candlesticks. So, that gives it a little different appearance. Then, we can
go into the Properties tab and change all these settings so that you can
get the chart looking exactly like you would like it to.

You can also go to the Common, and change if you want to have all these
grid lines on there. You might want to put in some period separators. What
that is going to do is it’s going to separate from day to day if you are
looking at an intra-day chart or if you are looking at a daily chart, it’s
going to show you each month. So, let’s select those and you can see each
we a little period separator. If we switch out to the daily chart, then it
puts it for every month.

So, it’s easy to have that. That’s how we set up our charts. Once you have
a chart set up how you like, so that you never have to set it up again,
because sometimes it can take a long time, right click, go to Template and
save template. Save it whatever name you like. I have a few saved here
already. So, you want to save that template.

Then, over time, you may accumulate a whole bunch of charts like I have
here along the bottom. Everything is set up the way you like it. Then,
before you close, what you are going to want to do is go to Profiles and
save a profile. So, a template saves just that chart and template saves
this entire thing, so your whole set-up, your whole platform.

So you can choose one and just override it if you don’t care about the ones
that they have in there or you can just create a new name and click OK. I
have mine already set up so I am not going to change mine.

So, the next thing is this Navigator menu. That is this button right here.
Just to mention, you can get rid of these at any time just by clicking
close and reopening them. So, if you want to see more of your chart, you
can just get rid of those and you can always open them back up.

This shows your account. I am using just a demo account here to show you so
that my account numbers here don’t matter, they are all just demos. Right
here is a quick way to add indicators to your charts. You can just pull
them onto the chart and select the criteria for each individual indicator.
Click OK and it will add it to your chart.

If you want to get rid of it, you can just go to indicators list. Select
the one you want to get rid of, delete, OK. So, it’s a pretty easy to use
platform. You can click out of that. We don’t really need too much of that
during regular trading.

One other thing that we may want is the Data Window. What I just did there
is if you have a mouse wheel and you click on it, it will pull up what we
call a crosshair, so that when you hover over a bar, it will show you the
information for that bar. So, we can see the high, low, close for that bar
over here. So, whatever bar we are touching, it will show the information
over here.

This box we also don’t need because if you look down at the bottom of the
screen here, once I move my mouse away, you are going to see all the same
information. So if you look down at the bottom of the screen now, as I move
from bar to bar, you’ll be able to see the high, low, close of that bar.
So, typically we don’t need this data window either. Switching from
different types of bars is fairly easy, or a line chart if we want to just
see clean to get rid of some of the noise that we see on these bars.

Some little tools that you may want. If you want to write yourself a note,
we have the text tool. Trend lines tools are very common so that we can
draw on our chart to show ourselves sort of a simple trend. Crosshair
again, you can just click on this or if you have a mouse wheel, you can
just click on it that way.

If you want to see a bigger perspective of your chart, you can keep zooming
out. Change the timeframes to see even more, so this is showing a 4-year
span or we can really zoom in to see the most recent data. So, we can zoom
in or zoom out using these.

This here, it’s this button right up here at the top called our terminal,
this show your account balance and will show any trades that you have
outstanding. So, I just opened this demo account. It has 25,000 play money
dollars in it. So, if I open a trade, the trade will show up in here.
Account History shows anything that’s happened in the account. Nothing has
happened in my account. You can see there are no trades; it just shows,
basically, the deposit of the fake money.

You have all sorts of other things along here, which will vary slightly by
broker. We have news, so if your broker provides news, you will see some
headlines here along with your own mailbox. So, this will be from your own
broker, it’s your little hello emails from them.

So, setting up a trade, we are going to look more in depth with this later
on, as we start getting into actual trading strategies and stuff like that.
But for right now, if you want to play around, what you can do is there are
a few different ways to set up trades. If you right click above the price,
you will get a sell limit order. If you right click below the price, you
will get a buy limit order.

So, let’s just click on that. Say we want to buy if we think that this is
going up. It will pull up an order window so you can change. We are set up
in the AUD/JPY pair. You can change your volume to whatever you want. We
have the current price here, so typically you’re going to want to put a
stop loss in.

A stop loss is just simply how much you are willing to risk on the trade.
So, if we are going to buy at 90.36, we may want to put a stop loss order
in at 90. So, that way if it falls back from 90.36 to 90, we’ll get out of
the trade and we’ll lose that 36 pips.

We may also want to put in a profit target at let’s say 90.80. And this is
a buy limit order meaning the order is going to go outside of the market.
So, the market is trading at 95.91 and I put that buy limit out way down at
90.36, which is way down here somewhere. So, it is in no danger of being
hit at the moment, but if the price comes back, it will eventually do it.

Another option, but let’s just place that one just so you can see, and it
shows up down here. You can see that order way outside and you can easily
move it, which makes it kind of handy. You don’t have to type in all the
information again.

Now we have another option. We can go to Tools then New Order and this will
give us an option. We can go to either Market Execution, so that means we
get the exact price that’s happening in the market right now, which is also
shown here. So, we can buy at 95.92 or we can sell at 95.91. So, whichever
one we decide and we can just click buy or we can click sell.

We can also put out a Pending Order from there. So, we can change that up
if we want to put out an order that is a little bit away or a ways away
like this one was. So, that’s how you can start to make some trades.

As you can see just going through the menus should give you a pretty good
indication of the other features available. We have gone through most of
them. Indicators, you can also choose indicators through here if you don’t
want to open up this again, just go to Insert then Indicators. You can also
pick up your trend lines here and a few other technical analysis tools.

Here are a few other things that you want. If you have a profitable trade,
you may want to give yourself a thumbs up. A few other things as we
mentioned like the text. These are all things from your menu here. They are
also available here so that if you want to reduce some of the clutter here,
you can get rid of some of these lines. I prefer to keep them there.

And if you do put out an order, just as practice, remember to delete it so
that it doesn’t get filled by accident later on. So, each time that you
close your platform, make sure that the orders you have out. If you were
just trying a few things out, make sure that those are the orders you
actually want.

Even though we are just playing with play money at the moment, you still
want to make sure that you don’t leave any orders out that you don’t
actually want to be filled by the market. So, that is why I deleted that
one.

So that should give you a good indication of how the MetaTrader platform
works. You can still go in and practice on your own, just get used to all
the features that it offers, set up your charts the way you like, get used
to zooming in and out, and ideally set up a profile where you have all the
charts that you like to watch set up so that they are easily there for you
every time you log in, so everything is set up.

And if you set up a new chart, you can go to your template and load the
template you like so that you don’t have to set up the criteria every time
you set up a new chart. So that is MetaTrader. Until next time, happy
trading.

Comments are closed.