Here’s how to use the MT4 platform – the meta trader 4 is the money making (or money losing) engine of FOREX trading… depending on how you know to use it. Live Beyond School makes it the former!
Once you have downloaded the platform, you may go on to the next step.
OK, we got you covered... if you're new to FOREX. Here's a video primer to help you get up to date, quickly...
Here is a step-by-step guide on how to use the MT4 platform to trade the FOREX market.
Click on the file tab (shown in figure above; In orange-color circle). Select “login to trade account” on the drop-down menu. Fill in the details of your account (this details should have been sent to email inbox from your broker)
FOREX is traded in currency (or commodity) pairs. Let's take a look at how to pick the pairs you want to trade.
Currency pairs are displayed in the market watch column on the platform as shown below
Right click on the pair you want to see,
A drop down menu will be displayed...
To see the chart for that pair, click ‘chart window’ on the drop down menu
To place a trade, click on "new order" on the menu
To see all the currency pairs offered by the platform, click on "show all" on the menu
All the pairs you have opened their chart window will show at the bottom of the chart area. Fig below
You can simply click on any of the pairs to see the chart for that pair.
First, select the pair you want to place a trade on (by “select”, I mean you are looking at the chart for that particular pair in the chart area as shown in 3 above)
Secondly, click on ‘new order’ tab. Shown in fig below.
a dialogue box will appear like the one in fig below...
SYMBOL: this displays the pair you want to place the order on. So make sure that it is the same pair with the signal you want to trade. Please pay strict attention to this. NO room for mistakes here!
For example, if a signal reads like this:
BUY at entry price of 1.52000.
The symbol column must read: GBPUSD, Great Britain pound v US dollar. Got it?
VOLUME: The volume you will use is directly tied to how much money you have in your account balance. Follow our recommended plan. Check it out now and before placing any trade to make sure you are not using the wrong volume.
Be warned, using the wrong volume IS DISASTER. Click here to check our recommendation for how you may constistently generate $10,000 or more monthly from our FOREX Trading Signals.
STOP LOSS and TAKE PROFIT: Just impute corresponding values as given in the Trading Signal if available. Skip this if they are not given in the Trading Signals.
TYPE: Click on the type button to select either instant execution or pending order. The one you should pick would be specified in the signals you receive
BUY OR SELL: This will come with the signal. But you must have imputed every other detail before clicking on buy or sell as given in the signal
Let’s take an example…
Once you click trade, as shown in the figure above... the parameters of your on-going trades will be displayed from left to right...
The time of trade, the type, the size (or volume), the symbol (the
pairs u have entered a trade in), the price at which you placed the
trade, stop loss (if any), take profit (if any), current price of the
pair, commission charged on the trade, swap (for trades that extends to
the next day), and on-going profit or loss.
Just to the right of Trade in the figure above, you’ll see EXPOSURE, ACCOUNT HISTORY and so on.
Account history shows you the summary of all concluded trades
There are two ways to close a trade, the first is by setting a take profit point when placing the trade. If the signal has a take profit parameter, do not forget to impute it. That way the trade will automatically close by itself once it reaches that point.
The other way is to manually close it. Using the figure below. Right click on that trade parameter bar, a menu will pop up, select "close order".
For the first time of doing this, a first dialogue box will pop up asking you to accept a on-click setup... please reject or cancel.
Once you click cancel, a second dialogue box will replace the first, like the one shown below.
Click on close tab as shown in the figure to close the trade.
Login to your broker website and click on withdraw. Follow your broker’s steps.
Remember to talk to their customer service personnel by clicking on LIVE CHAT or TECHNICAL SUPPORT if you ever get stuck.
KNOW YOUR CURRENCIES SYMBOLS!
USD – United states Dollar
EUR – EURO Zone
JPY – Japanese Yen
GBP – Great Britain Pounds
CAD – Canadian Dollar
AUD – Australia Dollar
CHF- Switzerland Franc
NZD – New Zealand Dollar
Remember that these currencies are traded in pairs. For example
EURUSD is Euro zone v United States dollar, or
GBPCAD is Great Britain pounds v Canadian dollar.
You find these pairs at the market watch section of the trading platform.
Now, you can begin using our FREE trading signals to enjoy profits, 100% FREE here and now!
What are you waiting for? Click here to start. It's ZERO risk. You don;t need any money to get started, our partner broker provides you with capital and we provide you the signals to trade with. Simple.
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To your success!