MetaTrader 4 training for Forex and stock trading

MetaTrader 4 (MT4) is one of the most popular trading platforms in the world. It was developed by MetaQuotes Software and released in 2005. Our MetaTrader 4 Training Guide will get you up and running quickly in Forex and stock trading, so stay tuned!

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MetaTrader installation steps 4

First, download MetaTrader 4 software from this link.
Then open the installation file in Windows environment and press the Run key.
Select the installation language and click Next.
Complete the installation process like other Windows software, then open MetaTrader.
Fill in the user information registration form and click Next to create a demo account (demo account).
Write your demo account information on a piece of paper and then log in to MetaTrader with that information.
Congratulations! You have now successfully installed MetaTrader 4. Now we will teach you how to work with this software.

It should be noted that each Forex brokerage has its own MetaTrader that you must download and use their special MetaTrader after opening an account in each. But the tutorials and tips in this article are comprehensive and can be used by all brokers.

Online Forex Rates

The Market Watch window contains a list of rates that are constantly updated. You can access the Market Watch window by doing any of the following:

Press Ctrl + M
Select ‘Market Watch’ from the ‘view’ menu
Click the button in the standard toolbar

Each line in the Market Watch window corresponds to a specific market tool and has the following fields.

Phrase	Explanation
Symbol	Symbol for market tools
Bid	Supply price (sale)
Ask	Demand price (purchase)
Update Time	Last update time
Maximum	Highest price today
Minimum	The lowest price today

Types of MetaTrader charts and how to build them

Charts allow you to track the price of market instruments and analyze this data using indicators and experts. There are three different types of charts in MetaTrader:

Line Chart
Bar Chart
Candlestick Chart

Line Chart

The bar chart shows the closing price per time frame; Prices are connected by direct lines. You can set the transaction time frame in minutes, hours or days.

To open a bar chart, do one of the following:

Press Alt + 3
Select “Line Chart” in the “Charts” menu
Open the bar chart from the ‘Chart Setup’ window

Bar Chart

The bar chart shows each trading interval as a vertical bar. A bar shows the following information:

Maximum price – top of the bar
Minimum price – low bar
Opening price – horizontal line to the left of the bar
Closing price – horizontal line to the right of the bar

To open a bar chart, do one of the following:

Press Alt + 1
Select the “Bar Chart” bar in the “Charts” menu.
Open the bar chart from the ‘Chart Setup’ window.

Candle stick diagram

Candlestick charts provide more information than bar charts. They represent supply and demand and reflect the balance between bears and cows in the market. Candlesticks include the following:

A main rectangular body – this indicates the opening and closing price
A top line or wick – this indicates the highest price
A bottom line or a pair – this indicates the lowest price

Candle body color provides more information:

The candle body does not fill when the closing price is higher than the opening price.
The candlestick body fills up when the closing price is lower than the open price.

To open a candlestick chart, do one of the following:

Press Alt + 2
Select “Candlestick Chart” in the “Chart” menu.

Opening and closing transactions in MetaTrader 4

To start a trade, you must open a trading position in one of the market trading tools. There are two ways to do this:

Creating a Market Order: This item executes the transaction immediately.
Create a Pending Order: In this case, it will execute the trade only when the price reaches your desired range.

This section deals with market orders.

Open a new order

To get a new trading position, you need to send a new order. There are several ways to do this:

Select “New Order” from the “Tools” menu
Press F9
Double-click the icon you want in the Market Watch window
Select “New Order” from the context menu of the “Market Watch” window
Select “New Order” from the context menu of the “Trader” tab in the “Terminal” window
Press the “New Order” button on the standard toolbar

The ‘Order’ window shows the following parameters.

Parameter	Explanation	Optional / mandatory
Symbol	The instrument you want to trade.	Mandatory
Volume	The amount of volume you want to trade.	Mandatory
Stop Loss	Closing price if you are losing money. Note that this is the Bid price for buying positions and the Ask price for selling positions. A value of ‘0’ indicates no loss limit.	Optional
Take Profit	Closing price if you are making a profit. Note that this is the Bid price for buying positions and the Ask price for selling positions. A value of ‘0’ indicates no profit limit.	Optional
Comment	Text up to 25 characters You can not change or rewrite this after sending the order.	Optional
Type	Set this to “Instant Execution”.	Mandatory

Maximum deviation from the price or Maximum deviation

When you set “Type” to “Execution Instant”, the bottom panel of the window contains additional parameters related to maximum deviation:

This is used if the price is between when you open the window and change the time of your order
We will reject your order and if the price difference is more than your specified amount is a new quote
Type the check mark and enable maximum deviation in the pipe to enable this feature

Place an order

After entering all the parameters, do one of the following:

Click the “Buy” button to open a buy position at the current Ask price
Press the “Sell” button to open the sell position at the current Bid price

Your order will be sent to the server and the forex broker will check it. The brokerage will reject the order if:

You do not have enough margins in your account
The price has changed and the difference over the maximum deviation has been marked
“Stop loss” or “profit” is very close to the current market price

In the latter case you will receive an invalid S / L or T / P message. You will need to adjust these levels and resend your order.

Otherwise, your order will be executed and we will adjust the stop loss and get the profit level. You will see the following:

Your new location status bar appears in the ‘Trade’ tab of the ‘Terminal’ window
The opening price will be displayed in the corresponding chart
The loss is stopped and the profit level is also displayed on the chart

Note that the information trade is only displayed in the charts if you have enabled the ‘Show the trade levels’ option.

Close the deal in MetaTrader 4

You must close your position to make a profit or a loss. This can happen in the following cases:

Automatically and when the profit or loss limit is set.
When you close your position manually. (By right-clicking on the trade and selecting Close Trade or clicking on the cross next to the trade in the Trade window in Terminal)

In all cases, information about the status of your package will appear in the “Account History” tab of the “Terminal” window.

Insert, modify, and delete pending orders

You do not have to trade at current market prices. Instead, you can place a pending order, which will be executed once the price reaches your level, even if you are not logged in to the MetaTrader 4 terminal.

Put an order pending

To place a pending order, you must first open a new order. You can do this using any of the following methods:

Select “New Order” from the “Tools” menu
Press F9
Double-click the icon you want in the Market Watch window.
Select “New Order” from the context menu of the “Market Watch” window.
Select “New Order” from the context menu of the “Trade” tab in the “Terminal” window.

When ‘Order’ is open, you must fill in the order parameters, as shown in the table below.

Parameter	Explanation	Compulsory / optional
Symbol	Market tools you want to trade.	Mandatory
Volume	The amount of volume you want to trade.	Mandatory
Stop Loss	Closing price if you are losing money. Note that this is the Bid price for buying positions and the Ask price for selling positions. A value of ‘0’ indicates no loss limit.	Optional
Take Profit	Closing price if you are making a profit. Note that this is the Bid price for buying positions and the Ask price for selling positions. A value of ‘0’ indicates no profit limit.	Optional
Comment	Text up to 25 characters You can not change or rewrite this after sending the order.	Optional
Type	Set this to “Pending Order”.	Mandatory

When you set “Type” to “Pending Order”, more parameters will appear in the lower half of the “Order” page. Fill in these as well.

Parameter	Explanation	Compulsory / optional
Type	Order the type you expect to place – see below.	Mandatory
At price	The price at which you want to execute the order.	Mandatory
Expiry	Time to cancel the order if it is not executed.	Optional

Types of pending orders

You can place pending orders to buy or sell, and this can be either a stop order or limited orders. You have to choose the right type, depending on what you think will happen to the price.

Type	Current Price	Trigger	Price Prediction
Buy Limit	Ask> ‘At Price’	Ask = ‘At Price’	If the price drops to “At Price”, then it will increase
Buy Stop	Ask <‘At Price	Ask = ‘At Price’	If the price rises to “At Price”, it will continue to rise
Sell Limit	Bid <‘At Price’	Bid = ‘At Price’	If the price rises to “At Price”, then it will fall
Sell Stop	Bid> ‘At Price’	Bid = ‘At Price’	If the price drops to “At Price”, it will continue to fall

Okay! In this article, we tried to acquaint you with the most important parts of MetaTrader 4 software and provide you with a comprehensive guide to MetaTrader 4 training for Forex and stock trading.