How To Setup Your MT4 Buying and selling Platform Like A Professional

This put up is written by Jet Toyco, a dealer and buying and selling coach.

When you’ve dabbled in foreign currency trading…

I can virtually assure that you just’ll come throughout the MT4 buying and selling platform.

It’s in all probability the preferred platform so that you can commerce foreign exchange!

However right here’s the reality…

I’m certain you’ve felt overwhelmed whenever you first fired up your MT4 buying and selling platform.

Check out this:

I’m certain you had been in all probability considering…

“Holy moly, that’s a number of home windows!”

“How can I begin buying and selling with this?”

I get you.

So relaxation assured my good friend…

In in the present day’s information I’m right here to reply your questions as I’ll train you:

• The right way to instantly clear up your MT4 chart and pin-point the correct instruments you should commerce
• The primary characteristic of the MT4 buying and selling software program you should use
• A very powerful and highly effective indicator you MUST set up first
• The MT4 buying and selling software program’s strongest characteristic is that can assist you analyze charts 5x quicker

Sounds good?

Be sure that to have your MT4 buying and selling software program open as a result of in the present day’s information goes to be complete.

Now…

Earlier than we begin…

This course of could be quite a bit quicker if what sort of dealer you might be.

Resembling:

• which timeframe you wish to commerce
• what buying and selling instruments you utilize
• what buying and selling indicators to drag out and the best way to use them

In fact, if you happen to’re unsure about any of these then that’s okay.

As a result of on the finish of this information, I’ll provide the mandatory steps you to take after organising your MT4 buying and selling software program.

Bought it?

Then let’s get began!

Declutter your MT4 buying and selling software program

Bear in mind the primary picture I confirmed you some time in the past?

What’s the very first thing you’ll do?

One phrase.

Declutter.

That’s proper, good a clean canvas…

Shut each window you see aside from one chart.

Right here’s what I imply:

And identical to that.

Your MT4 buying and selling software program has grow to be cleaner, however we’re not accomplished but.

The following step to decluttering is the buttons on high:

So, what you should do is to arrange the bars and take away the buttons that you just don’t suppose you’ll want!

That is the place figuring out your buying and selling profile will provide you with a bonus.

So for instance, let’s say you:

• Commerce the 4-hour timeframe and analyze the every day timeframe
• You employ frequent drawing instruments comparable to the road and Fibonacci instruments
• You don’t use Knowledgeable Advisors (buying and selling robots)

What you would want to do is to take away all of the timeframe buttons in your chart however the H4 and D1, and to additionally take away the instruments on the higher buttons beside your traces and Fibonacci instruments.

Let me present you what I imply:

And eventually, I do recommend eradicating these buttons as nicely:

After only a few tweaks, your MT4 buying and selling software program appears to be like extra intuitive than ever.

From this:

To this:

Lastly, to high all of it off…

Let’s make our charts look extra respectable, lets?

So, press “F8” in your keyboard and enter these settings:

And your chart ought to look one thing like this:

Tremendous clear, am I proper?

However maintain on!

That is simply step one, the appetizer.

As a result of within the subsequent part…

We’ll be transferring to the primary course.

What use is your MT4 buying and selling software program if you happen to don’t know the best way to analyze your charts correctly, proper?

So, let’s transfer on…

Reap the benefits of the MT4 buying and selling software program’s highly effective “template” characteristic

Bear in mind…

I’m not skipping any steps right here.

So, at this level, we needs to be nonetheless seeing the identical factor:

Only one chart with a couple of buttons in your higher tab.

What’s subsequent?

Create a template

I do know, we’re not speaking about including indicators but.

As a result of earlier than I reveal this important indicator, you should know the best way to create your templates within the MT4 buying and selling software program.

So now I wish to ask you…

How do you commerce?

Which indicators do you utilize?

Quite, which indicators do you want?

As a result of what we’re about to do is create a chart of the way you additionally need your different charts to look!

Let me provide you with an instance…

Let’s say you’re a development follower, and also you typically use:

• A 20-period transferring common indicator
• A 50-period transferring common indicator
• An Common True Vary (ATR) indicator

So, within the MT4 buying and selling software program, merely hit the symptoms button and add them one after the other!

Let me present you:

Now we appear to have an additional indicator.

So, if you wish to know the listing of your indicators or wish to edit them, merely right-click and hit the “Indicators tab” identical to this:

Once more…

That is simply an instance, and the symptoms you want is likely to be totally different from mine (or maybe you don’t even use indicators in any respect).

So, at this level let me ask you:

Do you have already got all the symptoms you should enter and exit trades?

Sure?

Good.

As a result of right here’s the place the magic occurs…

Merely hit the template button, after which reserve it as a template.

In order that whenever you open new charts, the identical indicators and settings you positioned some time in the past will now be in your new charts!

Right here’s what I imply:

Fairly cool stuff, proper?

P.S. You can too use the automated tiling characteristic to place your charts side-by-side by urgent ALT+R or by urgent what I did within the video (one other cool stuff).

Now that you understand how to create new templates, let’s declutter the charts I confirmed you from the video:

As a result of keep in mind, we’re not skipping any steps right here!

Now…

There are in all probability hundreds of thousands of indicators on the market.

However these two indicators are one thing you must by no means commerce with out.

So, what’s this energy indicator so as to add to your MT4 buying and selling software program?

Let me share them with you intimately…

Add this highly effective indicator in your MT4 buying and selling software program that’ll prevent from blowing up your account

This indicator is none apart from the…

Pip Worth Calculator

You see, in contrast to shares…

You possibly can enter 100 shares and even 500 shares prefer it’s nothing (relying on the share value).

However with regards to Forex.

Don’t, I repeat—don’t enter 100 items, heck even 500 items!

It’s suicide!

You see, with regards to foreign currency trading utilizing the MT4 buying and selling software program…

Something above the 1.0 quantity is already too large.

So, if you happen to’re simply getting began and never but aware of making use of danger administration.

Begin buying and selling with 0.01 quantity.

That’s proper.

Not 1.00

Not 0.10

However 0.01

Nevertheless!

If you wish to be totally conscious of what you’re risking, then the pip worth calculator will assist save your ass:

With shares, we calculate the motion of the costs based mostly on their “tick worth.”

With foreign exchange, we calculate the motion of the costs based mostly on their “pips.”

If you wish to be taught extra concerning the pip, you may verify this out.

However only a tough guideline…

It takes some time for a significant foreign exchange pair to maneuver 100 pips in only a day.

So, if you happen to’re going to purchase 0.10 tons/quantity on EURUSD…

When you take a look at the pip worth calculator:

It means which you can probably make $100 if the worth strikes 100 pips in your favor whereas probably dropping $100 if the worth strikes 100 pips in opposition to you.

And that is figuring out earlier than we even hit the purchase button.

Are you able to see how vital that is?

So, if you wish to purchase this straightforward indicator:

1. Try the indicator web page here
2. After downloading, go to your MT4 buying and selling software program
3. Click on file
4. Click on Open information folder
5. Go to the MQL4 folder
6. Go to the Specialists folder
7. Drop the indicator there

Right here’s what I imply:

When you place it, merely hit CTRL+N, refresh, after which drag over the indicator to your chart!

Sounds good?

Now, let’s do a fast recap earlier than we transfer on…

First, you’ve decluttered your MT4 Buying and selling software program from this:

To this:

Second, you’ve added templates so that you just’ll have your set of indicators on standby when opening a brand new chart:

And we’ve put in the pip worth calculator so we all know how a lot we’re placing at stake:

So, what’s subsequent?

Nicely, it’s one thing I like concerning the MT4 buying and selling software program few buying and selling platforms possess.

Let me present you…

Make the most of MetaTrader 4’s hidden “secret energy”

To make this work, you should know which markets you wish to commerce.

Do you wish to commerce commodities within the MetaTrader 4 software program?

Maybe you wish to commerce bonds?

Perhaps simply foreign exchange?

Or maybe you don’t know?

When you selected the final half then no downside as a result of I’ll prevent a while and provide you with an instance.

So…

Let’s say that you just solely wish to commerce the foreign exchange markets on the MetaTrader 4 buying and selling platform.

And within the foreign exchange market we’ve got the:

• Main pairs
• Cross-currency pairs
• Unique pairs

So, what are they?

Let me let you know…

Main pairs

These are essentially the most traded pairs within the foreign exchange market, and they’re:

• EURUSD
• GBPUSD
• USDCHF
• USDJPY
• AUDUSD
• NZDUSD
• USDCAD

Subsequent, we’ve got the…

Cross-currency pairs

To place it merely, these are non-USD pairs, and they’re:

• EURCHF
• EURGBP
• EURAUD
• EURJPY
• GBPJPY
• AUDJPY
• GBPAUD
• GBPNZD
• GBPCAD
• AUDCHF

Lastly…

Unique pairs

These pairs typically have increased spreads/commissions when traded, however these are sometimes creating international locations comparable to:

• USDZAR
• USDMXN
• USDTHB
• USDSGD
• USDHKD
• USDSEK

Nice, now we all know which markets we wish to commerce in!

So, return to your MT4 buying and selling software program and create new charts:

And each time you accomplish that, press the “spacebar” and kind within the main pairs one after the other identical to this:

By the point you end typing the entire main pairs, press the tile buttons or just press ALT+R:

And it ought to appear like this:

Fairly cool, proper?

Now, see this button over right here referred to as “default?”

Good, now press it and click on “Save Profile As…”

And sort in “1 – Main Pairs”

Nicely, it may be something you need really.

After that, click on the profile button once more and return to default:

And repeat the method by putting the cross-currency pairs!

Now, when you end putting them, merely add your template to every of the charts:

And ultimately, ought to appear like this:

What’s subsequent?

Merely hit the profile button once more:

However this time, nonetheless…

We title it the cross-currency pair profile:

When you’ve accomplished it, watch the magic occurs…

And that my good friend, is what makes the MetaTrader 4 buying and selling software program intuitive!

With only a few presses of a button, you may select which watchlist you wish to show by using the profile characteristic!

At this level…

I can confidently say that you’ve efficiently “arrange” your MT4 buying and selling software program

And also you are actually free to make use of your creativity to benefit from the “template” and the “profile” options of the platform.

So, with that stated…

What’s subsequent?

I do know that I haven’t proven you the best way to precisely commerce utilizing the MT4 buying and selling software program.

However that may in all probability take a few sections extra that may stretch this information.

So, if you happen to’ve efficiently familiarized your self with the MT4 buying and selling software program by way of this information…

Then I’ve accomplished my job for in the present day.

So, if you wish to take your buying and selling to the following degree…

Then I extremely recommend you try the buying and selling academy here.

Now right here’s what I wish to know…

Which different buying and selling platforms have you ever tried?

Maybe MetaTrader 4 is the primary platform you’ve ever tried?

Let me know within the feedback beneath!