Part 17 Meta Trader 4 How to trade Forex with MT4

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Part 17: Meta Trader 4: How to trade Forex with MT4

As most of you know, Meta Trader is the most popular Forex trading platform. It’s frequently used in options trading, too, specifically for conducting analyses. In options trading, MT4 is used purely for analyzing whereas the entering of trading is done via the options’ trading platform e.g.at www.iqoption.com.

What about using Meta Trader for Forex? Knowing that the number of options you have is more than just two (sell or buy), you can significantly eliminate the risk at the point of entering a trading order.

Meta Trader 4

List of MT4 orders

Meta Trader 4 or its latest version Meta Trader 5 is the most widespread trading platform in the world. The reason is its intuitiveness: With MT4 even a total beginner will quickly orientate.

The easiness of navigation is a quality also appreciated by Forex professionals who need to quickly enter a trading order. Objectively speaking, program-wise Meta Trader is quite a cumbersome tool. You would surely find more elegant and somewhat faster software tools than MT4. However, these types of software often represent a proprietary solution offered by individual brokers, whereas for a trader the maintenance of such software is too expensive.

Meta Trader orders

Normally, in the left upper section, you will see a button „new order“. By clicking on this button a new pop up window will open. This is where you can enter your order. Before taking this step, we will return one step back. Meta Trader offers control using keyboard shortcuts. The F9 key is used for opening a trade. When it comes to Forex trading, sometimes fractions of seconds may be critical. This is exactly where a shortcut can help. I personally use shortcuts because they are no doubt the fastest way of entering a trading order.

MT4 pop-up window

Now, looking at the pop-up window you can enter a trading order. Obviously, you can enter the traditional buy or sell (executed instantly). On the other hand, you don’t have to confine yourself to the two. What you can also do is use limit orders i.e. buy and sell limits.

The buy limit is executed once the price falls to your selected price (now you find the price too high expecting decline – buy limit – followed by an increase).

The sell limit works in the opposite direction. The order is executed after reaching a preset level. However, if you expect that the price will continue to grow by a few points and then, after exceeding a certain level, a new significant growth will start again you should use buy stop, or its opposite, sell stop.

Control your profits and losses

Forex is sometimes seen as a tool for generating unlimited profits or losses. In theory, this is true. Nevertheless, since you are not a gambler but a serious trader you must keep things under control. This is why you shouldn’t forget – when entering a trading order – to define your stop loss (a point at which a losing trade will be stopped) or take profit (a price level at which a profitable trade will be stopped).

If you strictly follow the Forex trading strategy Forex trading is a safe undertaking. Your discipline and consistency in entering trading orders play a key role.

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Summary of MT4 trading (online)

Let’s sum up the issue: Binary options trading is realized using a special platform. This happens most frequently at a specific website. After logging into the system, two buttons CALL and PUT are displayed on the screen.

The majority of Forex brokers uses the MT4 platform or software whose principle is similar to MT4. For instance, Plus500 has its internal software. The best way to understand how trading works is to test it on your own. Most brokers offer their demo accounts designed for this particular purpose. Pick one of the below brokers and try out trading without a risk!

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Author

More about the author J. Pro

Unlike Stephen (the other author) I have been thinking mainly about online business lately. I wasn’t very successfull with dropshipping on Amazon and other ways of making money online, and I’d only earn a few hundreds of dollars in years. But then binary options caught my attention with it’s simplicity. Now I’m glad it did because it really is worth it. More posts by this author

MetaTrader 4

What are the system requirements for MetaTrader 4?

Operating system: Windows XP or more recent

Screen resolution: Minimum of 1024×768

Internet: Connection speed of 36.6 Kbps or faster

Can I download MetaTrader 4 on Mac?

There are several options for Mac users who would like to use MT4. Parallels, a third-party software, is a fast and easy way to run Windows on your Mac. You can run both Windows and Mac operating systems at the same time, making it easy to download and run MT4 in the Windows OS on your Mac. Visit the Parallels website for more information.

Does MetaTrader 4 adhere to the First in First Out (FIFO) rule?

No, positions opened within a particular currency pair or product do not have to be closed in the order in which they were originally opened. However, positions will close on a FIFO basis if not specified otherwise.

What trade execution modes are supported on MetaTrader 4?

The MetaTrader 4 platform supports the following execution modes. This section should be read in conjunction with the Trade and Order Execution Policy.

Market orders

Market orders are executed at the best available price at the time the order is received.

Gapping/Volatility

When economic data releases or major news events are announced, prices may “gap” as the market reacts and adjusts to the news–i.e. prices may move dramatically in one direction. We always aim to provide liquidity, but in extreme market conditions there may be no available liquidity for a very short period. Gap market conditions are also common when trading resumes after a weekend or holiday. You should be aware of the following risks associated with volatile markets:

Stop and limit orders may be executed at a different price from the requested price, or the last quoted trade price at the time of order entry. Orders may be partially executed or may be executed in several stages at different prices.

Opening prices may differ significantly from the previous day’s close.

Slippage

Our quoted prices are executable the majority of the time. In fast moving markets, orders may be executed at a price which has ceased to be the best market price. Limit order will always be filled at the price asked or better.

Execution Sources

Our foreign exchange, gold, and silver price quotes are generally derived from prices provided to us by selected top-tier global banks in the wholesale foreign exchange, gold and silver markets which we believe will provide the best available prices to you on a consistent basis.

What order types are available on MetaTrader 4?

Market orders are executed at the best available price at the time the order is received.

Limit Orders

Limit orders are executed at the order rate or better. Sell limit orders are filled when the bid reaches the requested rate; limit orders to buy are filled on the offer.

Stop Orders

A stop order is an order to buy or sell once a pre-defined price is reached. When the price is reached, the stop order becomes a market order and is executed at the best available price.

Stop Entry Order – this is an order placed to buy above the current price, or to sell below the current price. These orders are useful if you believe the market is heading in one direction and you have a target entry price.

Stop Loss Order – this is an order placed to sell below the current price (to close a long position), or to buy above the current price (to close a short position). Stop loss orders are an important risk management tool. By setting stop loss orders against open positions you can limit your potential downside should the market move against you.

Remember that stop orders do not guarantee your execution price – a stop order is triggered once the stop level is reached, and will be executed at the next available price.

Time and sales reports for a specific period can be requested by contacting customer service.

All of the above orders may be entered as Day Orders, entered today and good until end of New York business day (5pm New York time). Or, customers may choose to enter a Good ’til Cancelled Order (GTC), which is valid until the order is executed or cancelled.

Orders remain open until they are triggered or cancelled. If a position is closed manually, any order(s) relating to that position must also be cancelled.

Placing contingent orders may not necessarily limit your losses.

Minimum Placement Distance
Limits and stops must be set at least 1 pip away from the prevailing market price.

Order Expiry
End of Day (EOD) orders automatically expire at 5pm New York time on the same day the order was entered. Good ‘til cancelled (GTC) orders are valid until the order is executed or cancelled. Alternatively, you can specify the exact expiration time of your order.

Orders Left Over the Weekend or Holidays
FOREX.com’s trading hours are from Sunday at 5pm New York time through Friday at pm New York time . Orders (e.g. stops, limits, and contingent orders) left pending over a weekend or holiday period will not be executed until FOREX.com resumes regular trading hours.

How do I trade over the phone with my MetaTrader 4 account?

Phone trading is available to customers during market hours. To place a trade over the phone, contact customer service.

Phone Trading Instructions:

  • State your Account Number. You will be asked to verify the name on the account and answer other security questions.
  • Ask for the current price. For example, “I would like a price on Euro/U.S. Dollar.”
  • FOREX.com will provide the current bid/offer. For example, “Euro/U.S. Dollar is trading at 1.28551/562” (the first number being the bid, the second the offer).
  • If you wish to place a market order, state your interest. “I sell 50,000 of Euro/U.S. Dollar at the market.”
  • FOREX.com will provide verbal confirmation of the trade. Your trade will be entered on your behalf and the trade will appear in the trading platform immediately.
  • If you do not wish to deal at the quoted levels, simply say “Nothing done.”
  • You may also request that a stop or limit order be placed on your behalf. Be sure to indicate the type of order and the price.

All trades executed via the phone are subject to a pre-deal margin availability check and will be manually entered into the customer’s account for integrated P&L analysis and reporting.

All phone orders will be recorded to ensure fairness and accuracy for all parties involved.

How do I access my MetaTrader 4 account reports?

Account reports are accessible from directly within the trading platform. Click on the Account History tab in the Terminal section and select Save as Report.

How do I set up rate alerts in MetaTrader 4?

To receive rate alerts, you’ll need to obtain your MetaQuotes mobile app ID. To do this, you must download one of the MT4 mobile apps to your iPhone, Android or Windows phone. Once downloaded, open the app, log in, and go to Settings > Messages. The first message labelled “Hi” contains your MetaQuotes ID.

Go back to the desktop terminal and go to Tools > Options> Notifications and enter your MetaQuotes mobile app ID, check “Enable Push Notifications” and click OK. Click on the Alerts tab and right-click to pull up the options menu.

To create a new alert, click Create, enter your specifications, and choose Notifications as your delivery method within the Actions section. You will then receive your rate alert as a push notification to your mobile device.

What are Expert Advisors?

Expert Advisors (EAs) are programs that can be used to automate trading and can be written using the MQL4 language or purchased from a third party. Keep in mind that EAs run locally on your computer and will not execute strategies when disconnected from the server. For qualified clients, EA hosting services are available to run your strategy on a secure VPS environment. Click here to learn more.

Please note that MetaTrader 4 allows you to run more than one Expert Advisor simultaneously.

How do I use Expert Advisors in MetaTrader 4?

This video will show you how to upload, run, and set parameters for an Expert Advisor on MetaTrader 4.

For more platform walkthroughs, click here.

How do I qualify for free EA Hosting at FOREX.com?

  • You must maintain a minimum of $5,000 in your account
  • You must execute at least 10 round trip mini lots or the equivalent per calendar month

We will re-evaluate your eligibility at the end of each calendar month. Accounts that do not meet the minimum requirement will be denied access to Expert Advisor Hosting. Expert Advisor Hosting is provided by Gallant Partners Hosting.

For more information on EA Hosting and to request EA Hosting, click here.

Can I manage my account on MT4 Mobile?

Yes, you can monitor your account, access your reports and more on the MT4 mobile app.

MetaTrader 4 Resources

MetaTrader 4

MetaTrader 4 Web

MetaTrader 4 for iOS

MetaTrader 4 for Android

Make the switch to MetaTrader 5

How do I add the FOREX.com MetaTrader apps on MT4?

Download the MT4 version of our MetaTrader apps, open the file and follow the install instructions. Please note that the MT5 version of the apps will not work in MT4.

What are Expert Advisors?

Expert Advisors (EAs) are programs that can be used to automate your trading. For MT4, they can be written using the MQL4 language or purchased from a third party. Remember that EAs run locally on your computer and will not execute strategies when disconnected from the server. EAs written for MT5 (using MQL5) may not work in MT4.

For eligible clients, EA hosting services are available to run your strategy on a secure VPS environment. Find out more.

How do I use EAs on MetaTrader 4?

This video will show you how to upload, run, and set parameters for an Expert Advisor on the MetaTrader platforms. Note that EAs built in MT5 will not work in MT4 and vice versa.

For more platform walkthroughs, click here.

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Please note that foreign exchange and other leveraged trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary.

Contracts for Difference (CFDs) are not available to US residents.

FOREX.com is a trading name of GAIN Global Markets Inc. which is authorized and regulated by the Cayman Islands Monetary Authority under the Securities Investment Business Law of the Cayman Islands (as revised) with License number 25033.

FOREX.com may, from time to time, offer payment processing services with respect to card deposits through its affiliate, GAIN Capital UK Ltd, Park House, 16 Finsbury Circus, London, EC2M 7EB, United Kingdom.

GAIN Global Markets Inc. is part of the GAIN Capital Holdings, Inc. group of companies, which has its principal place of business at 135 US Hwy 202/206, Bedminster, NJ 07921, USA.

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