ACTUAL FOREX TRADING
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MetaTrader 4 Tutorial
Learn how to use MT4 - A Free Guide for Beginners
"MetaTrader is the most popular trading platform for Forex traders. This free training course will cover the basics of MetaTrader 4 (MT4) and include a download for a free MT4 trading account"
MetaTrader 4 Course - Learn the basics of MT4
This free MT4 tutorial will cover all the essential functions, including logging in, using charts, placing trades, enabling one-click trading, adjusting positions, and quick keys.
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MT4 is the most popular trading platform for Forex and CFD trading. It is free to use - no fees or charges for using MetaTrader.
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The course is designed for new traders and is available on this page and my YouTube Channel.
Logging in to MT4
1. Left-click on the icon at the bottom-right of the platform. The icon looks like a series of vertical bars. This is called the status bar. A new box will appear
2. Select 'Login' at the top of the box
3. Enter your account number, account password (different from your investor password), and server. Your broker should have provided all these details when you signed up for an account.
4. Click 'Login'
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Troubleshooter
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'Invalid Account'
If MT4 states 'invalid account', this generally means you entered some details incorrectly, or the account has expired. Try entering the details again. If this fails, open a new MT4 account.
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Server not showing
If the server is not showing in the drop-down list, click 'File' at the top-left of MT4 and 'Open an Account'. The servers should then update. If the server is still not showing, add the server manually by clicking the plus icon at the bottom of the server list access through 'Open an Account'.
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The status bar is not showing
Click 'View' on the top-ribbon and select 'Status Bar'
Platform Layout
MT4 has the following main boxes: Charts, Market Watch, Terminal, Navigator, and Data Window.
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All these boxes can be hidden or unhidden by clicking on 'View' on the top ribbon of MT4.
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The video below will provide examples of the above.
Charting
Opening a new chart
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Right-click on the currency pair in the Market Watch list. A box will appear. Select 'Chart Window'.
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Alternatively, click 'File' on the top ribbon and select 'New Chart.'
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Zooming in and zooming out
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Once a chart is open, use the toolbar's zoom-in and zoom-out buttons. If these buttons are not showing, right-click on the toolbar and select 'Customise' to add the buttons.
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Alternatively, right-click on a chart and select 'Zoom In' and 'Zoom Out' or use the + and - quick keys on your keyboard.
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Customising charts
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Right-click on a chart and go to 'Properties...'. The properties box will appear. Customise chart colours and other properties and click 'OK'.
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Saving chart template
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Once customised, right-click on the chart, select 'Template', then select 'Save Template'.
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Templates can be loaded by right-clicking on the chart, selecting 'Template', then 'Load Template'.
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Time-frames
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Time-frames are selected in the toolbar. If the time-frame buttons are not showing, right-click on the toolbar and select 'Customise' to add the buttons.
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Adding indicators
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Add a chart and click on 'Insert' in the top ribbon. Select 'Indicators' in the sidebox and choose your indicator.
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Editing indicators
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Right-click on the indicator and select the indicator 'properties.'
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Removing indicators
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Right-click on the indicator and select 'Delete Indicator.'
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Drawings
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Select drawings from the toolbar. Click on the chart.
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Editing drawings
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Double-left-click on the drawing and then right-click. Select 'properties'. You can change the thickness and colour of all drawings.
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Removing drawings
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Double-left-click on the drawing and then right-click. Select 'Delete'.
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Alternatively, double-left-click on the drawing, hold shift, and press delete on the keypad.
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Troubleshooter
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The chart is not scrolling back.
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The auto-scroll feature could be enabled. Unselect this from the toolbar. The button is a chart with a small triangle in it.
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Customised charts are now saving.
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MT4 will not automatically save your charts.
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Once your chart is customised, right-click on the chart and select 'Template', then select 'Save Template'.
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Templates can be loaded by right-clicking on the chart, selecting 'Template', then 'Load Template'.
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Charts are not loading or updating.
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This is because you are not logged in or have lost connection.
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Indicator not deleting
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You have to be very precise when you right-click on the indicator. You have to click on an indicator line or wording.
Trading
Pending & market orders
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Right-click on the chart and select 'Trading' and 'New Order'. The Order box will appear.
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Enter your volume (lot size), stop loss, take profit, and order type.
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Order Types:
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Market Execution - buy or sell at the current price—instant execution.
Pending Order - place an order to buy or sell at a specified price in the future.
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Pending Order Types:
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Buy Stop - buy at a set price above current market price
Sell Stop - sell at a set price below current market price
Buy Limit - buy at a set price below current market price
Sell Limit - sell at a set price above current market price
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To confirm your order, click 'Place' for pending orders or 'Sell by Market'/'Buy at Market' for market execution orders.
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Seeing pending orders and open positions
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Select the' Trade' tab in the 'Terminal' (bottom of the platform). A list of all current positions and orders will be displayed.
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Closing positions and cancelling orders
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In the 'Terminal' box under the 'Trade' tab, click the 'X' to close the relevant position or pending order. A box will appear.
For positions, click the yellow 'Close' button.
For orders, click the yellow 'Delete' button.
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Closing part positions
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In the 'Terminal' box under the 'Trade' tab, click the 'X' of the relevant position or pending order. A box will appear. Enter the volume of the amount to close and click on the yellow 'Close' button.
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Turn one-click trading on and off
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Go to 'Tools' on the top ribbon and select 'Options'. A box will appear. Select the 'Trade' tab. Tick or untick the 'One Click Trading' box and click 'OK'.
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Adjusting stop-loss and take-profits
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Select the' Trade' tab in the 'Terminal' (bottom of the platform). A list of all current positions and orders will be displayed. Right-click on the relevant position and select 'Modify or Delete Order'. Change the stop loss and the take profit and click on the yellow 'Modify button'.
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Alternatively, you can click on drag the stop loss or take profit on the chart.
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Troubleshooter
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One-click trading is not showing.
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Not all brokers allow one-click trading. If the option is not showing, your broker doesn't offer one-click trading.
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Invalid S/L or T/P
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Your pending order type must be corrected, or an invalid stop loss or take profit has been set.
Open a free MT4 demo account with no expiry!
Open an account with IC Markets - click here
Ten Additional Items on MT4
Auto-arrange charts
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Arrange MetaTrader charts by clicking the 'Arrange Charts' button in the toolbar. If the button is not showing, right-click on the toolbar and select Customise to add the button to the platform.
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Using multiple monitors
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It's possible to drag the market watch, terminal, and other windows (not charts) off the platform and onto additional monitors.
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Chats
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Message other MetaTrader users publicly and privately and create chat groups using MQL5 chats. Click on the speech bubble at the top-right of MT4 to get started. You will need a free account with MQL5.
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Show period separators
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Right-click on the chart and go to 'properties'. Under the 'Common' tab, tick the 'Show period separators' box and click 'OK'. Depending on the selected time-frame, the separators will display days, weeks, months, and years.
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Download trading history
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Go to the 'Account History' tab in the Terminal. Right-click on the trade history and select 'Save as Report.'
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Alerts to your phone
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Enable mobile alerts by downloading the MetaTrader app. Once logged in, go to settings to find your MetaQuotes ID. You must enter the ID in the 'Notifications' tab under Tools' and 'Options'.
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Quick Keys
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MetaTrader 4 has a lot of quick keys. The most useful are:
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F8 chart properties
F9 order box
F11 full screen
Backspace - delete the latest drawing.
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News updates
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New updates are available on the 'News' tab in the Terminal.
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Logging into multiple trading accounts
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Go to the 'Navigator'. All previous accounts logged in will appear in the list.
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Customise MetaTrader sounds
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Go to 'Tools' on the top ribbon, 'Options', and 'Event's. In this box, you can customise the MetaTrader sounds.
Continue with my six steps!
Step 4 - Learn the basics of Fundamental Analysis