How to use Metatrader4 application as a beginner in forex trading.

1
How to use Metatrader4 application as a beginner
in forex trading.

• The goal of this MetaTrader 4 Guide is to walk
  new forex traders around the world through the
  many facets of forex trading and, in particular,
  how to utilize MetaTrader 4 as a trading
  platform.
• MetaTrader 4 is not only one of the most popular
  forex trading platforms today, but it is also one
  of the most user-friendly and adaptable platforms
  with a plethora of features. This training is
  intended for broad usage of the platform.

2
Terms Guide for MetaTrader 4

• Before beginning to trade, traders should educate
  themselves with MetaTrader 4 Guide words.
• Even though there is an extensive vocabulary,
  some of the most commonly used terms include, but
  are not limited to

3
Currency pair

• a pair of two currencies. The base currency is
  the first in the pair, while the counter currency
  is the second.

4
Bid or Ask Price

• At any one time, there are two prices relevant to
  a currency pair the bid and the ask price.

5
Bid Price

• the amount of money buyers are willing to pay for
  a product.
• The price at which sellers are willing to sell is
  the ask price.
• While most brokers do not charge commissions or
  fees when a trader places a trade, there is a
  bid/ask spread that remains the primary cost for
  Forex traders.
• These are only a few of the phrases that traders
  will encounter therefore, it is critical to keep
  a dictionary handy to ensure that traders
  comprehend them.

6
How to Modify the Chart Style

• When the MetaTrader 4 application is launched,
  the trader is greeted with a default chart that
  may or may not make any sense, but this chart can
  be altered.
• Charts in MetaTrader 4 can be seen as
  candlestick, bar, or line charts, and this can be
  changed by selecting the appropriate icon in the
  top toolbar between the 'New Order' and zoom
  in/out icons.
• Traders can easily alter the chart type to what
  they desire. The candlestick chart style will be
  used for this tutorial.

7
How to Change the Color Scheme of the Chart

• After selecting a candlestick chart, the trader
  must be able to distinguish between the candles
  so that the trader can identify when the price
  has moved to the upside or downward.

8
Traders can accomplish this by following the
procedures outlined below

• Rick, click anywhere on the chart, and then move
  the mouse arrow down to 'Properties.' (You can
  also reach 'Properties' by hitting F8 on the
  keyboard.)
• Choose the 'Colours' tab from the three available
  options (Common, Show, and Colours). When you
  enter this tab, you will see a range of
  components of the chart and different colours
  that can be altered for each. Background,
  Foreground, Grid, Bar Up, Bar Down, and other
  options are available.
• There are many other colours to pick from, but
  keep in mind that the most contrasting colours
  will make the chart simpler to see while also
  allowing you to track movement.

9
Gridlines and other alternatives

• After making modifications to the chart style and
  colour scheme, the trader has the option of
  eliminating the gridlines from the chart.
• The grid lines serve as a reference, but they can
  also confuse the appearance and make the chart
  more difficult to interpret, especially for new
  traders.
• The gridlines on the chart can be removed by
  Right-clicking on the chart and selecting
  'Properties' from the list (or hitting F8 to
  access Properties), then selecting 'Show' under
  'Properties', deselecting the option to show the
  grid.

10
How to Use Chart Drawing Tools

• MetaTrader 4 includes several objects that can be
  drawn on charts, including
• Horizontal lines, Vertical lines, Trendlines,
  Equidistant channel, Text, Text table, Fibonacci
  retracement and Arrows.
• Traders can utilize these tools by selecting the
  object they want to use from the given toolbar
  and then clicking on the chart. Traders can
  change the width and location of some items on
  the chart by simply moving the mouse while
  clicking.

11
Indicators on charts How to Add and Use Them

• MetaTrader 4 comes with a plethora of
  pre-installed indicators and the option to
  develop new ones and import them into the
  platform.
• Using the menu bar, indicators can be added to
  the selected chart.

12
How to set a Price Alert

• This is readily accomplished by opening the
  'Terminal' window and shifting the cursor to
  'Alerts.'
• By right-clicking in this window and selecting
  'Create' from the menu, the trader can enter the
  'Alert Editor' window, where they can customize
  price alerts.

13
Conclusion

• MetaTrader 4 not only provides tools, features,
  and offerings that cater to sophisticated traders
  but getting to know the trading platform, as well
  as essential functions, is relatively
  straightforward and painless.