CM Trading MetaTrader 4 Tutorial

by | May 21, 2018 | CM Trading

FSB Regulated » Forex Trading » Forex Brokers » CM Trading » CM Trading MetaTrader 4 Tutorial

Welcome back traders all right let’s go through what MetaTrader is and how it’s going to help us and basically how the whole layout works.

It can be a little daunting at first so we’re going to break it down into smaller sections.

First of all the main screen of metatrader what you’re seeing in front of you right now this is everything that we need in order to trade. It’s broken into different areas of the screen. We have the main menu which gives you access to all the programs in various menu settings.

The next we have the toolbars which are basically a quick access to the various programs and features that MetaTrader offers.

We also have the market watch window which will show real time quotes for specific currencies and various other indexes that we might have loaded up. It can also be changed across to a tick chart, you can also select one of the different currency pairs or anything else on the market watch window and have a look at the tick chart and the tick chart gives you very up-to-date information on the price changes itself.

The next window is the Navigator window, this is a way that you can quickly find various indicators and if you have expert advisors installed or access to different trading accounts and that sort of thing.

You can all find it inside the navigator window and then the bottom section is the terminal section, this is where you can view your open trades your accounts history a lot of information is held inside here although we haven’t placed any trades yet so that side of it, it’s not there we can look at some of the news events which are fed through by CM trading.

Later on when we have alerts and that sort of thing it will be monitored inside here. For now the most important two tabs in the terminal window will be trade and remember that will show our current and existing trades and account history which will show trades that we have closed then the most important part of the window is the chart window this is the main area of the screen which takes up the lion’s share of your desktop real estate and this is where we’re going to be looking and analyzing the charts so that we can make our decisions as to whether we should buy sell or stay out of the market.

One of the very nice features in Metatrader is the ability to move things around how we would like them to be for example if you’d like the market watch to rather hover over your chart you can click on the menu and drag it and as soon as you let go it’ll pop up. You can also resize it to make it larger if you’d like or shrink it down this can be useful if you are trying to see several symbols all at the same time to get this sort of information and another nice ability with market watch is, let’s say you’re watching the Australian US dollar and you’d like to have a quick look at what’s happening there you can select it in your market watch click and then drop it on a chart and it will update showing you that information.

I can resize the window like that just to make it a little bit clearer what I’m going to do is go ahead and close these charts so we can start fresh. You’ll see that we had multiple charts and each of them had the option to expand, minimize or close. We’re getting rid of all of them.

I’m going to put market watch back where it was just by clicking and dragging it there and now it’s over there. I don’t use the navigator that much and so I’m going to be closing it because I find this is more useful than the Navigator and I’m actually also going to close Market Watch it is displaying a lot of information here most of which we won’t really be using you’ll see as we go through the course.

Now looking at the actual numbers doesn’t really matter as much as looking at the chart so let’s go and get rid of that market watch now. As you can see the Chop window the chart space is now this huge main area on our monitor even the screen that I’m displaying annual is only 720p this is a lot of room that we can look at our charts so let’s go ahead and start looking at the menu options so that we can load a new chart so now that we have all of the space dedicated to a chart window.

Let’s go ahead and add a chart one thing about Metatrader is that they’d like to offer people a lot of different options to do the same thing so look at the different ways and see which one you are more comfortable with for example adding a new chart we can either look for this
button over here.

Create a new chart and then select whichever chart we would
like and click and it will load or you
can go to file and select new charts and
it’ll bring up the same information so
let me use the button this is a way that
I usually do it I just click to creating
new charts and let’s play with the
Eurodollar

After a few seconds it
downloads all of the historical data as
well so that we can look back in time
and now we have our Eurodollar chart
open each chart that’s open we can
minimize maximize or close it inside the
chart window let’s maximize it now we
have a full view of how the Eurodollar
has been responding let’s keep moving
along the different toolbar options that
we have.

So now we’ve learned how to add
a new chart we can also select profiles
this will become a little more important
later on basically once you have several
charts loaded and how you want
everything set up you can save it as a
profile so it’s easy for you to reiax.

The way that you have everything set up
and by switching between profiles it
will allow you to change a lot of things
very very quickly the market watch that
we had open before you can click on it
here to quickly bring it back and you
can click again to get rid of it the
same applies for a data window the data
window is quite interesting once it’s
opened up and you move your mouse over
the chart you’ll see that it’s showing
you a lot of information wherever you
set the mouse it will show you the exact
date and time that that candle opened as
well as the open high/low close price we
don’t really use the volume that much
but the important parts would be time
date and then obviously the open high
low and close but we can see that
information elsewhere so I’m not going
to use the data window.

I can either click on the option here or
you can click over there to get rid of
it

The next one is the navigator we had a
look at that a bit earlier and we can
click to close

The next option is the terminal at the
bottom this you will find you generally
do keep open a lot of the time if you do
want to get rid of it to see a charge
you can click on the terminal button
here and you can click on it again to
bring it back.

I’m going to leave mine open the
strategy tester is a quite an
interesting feature inside Metatrader if
you have an expert advisor that will
allow you to trade automatically you can
load it up here and test it based on
historical data one thing to keep in
mind is that a lot of these expert
advisors will test very differently
using historical data than a does in
real time

so never expected to work quite as well
so even if your test results are
incredibly positive that does not mean
it will actually make money in the
future those course is about teaching
you how to trade and you to make the
decisions

so we don’t need to rely on
these sorts of things anyway so I can
click here to close it or I can click up
this button again to close it there
that’s the end of the first part of the
toolbars the next one that we’re looking
at is the new order button this one is
obviously very very important

you can either select it over here by clicking
our new order to load it up or you can
press the f9 key alternatively you can
select tools and new order so there’s
quite a few different options for you to
place in your order let me load that
window up again and we’ll have a look at
it you’ll see here that it automatically
brings up the symbol of whatever chart
was active

so if you have four or five
different currency pairs open whichever
one was the last one you used by either
one that is active and Metatrader the
symbol will automatically be put in
there the volume is in lots so when
we’re looking at a volume of 1.0 that is
not one dollar that is one lot which is
a hundred thousand the stop-loss is the
price level where you would like to set
your stop-loss the take profit is the
price level we’d like to set your take
profit comment is only useful for you it
appears in your account history so if
you’re placing a trade but you’re not
comfortable with that perhaps you want
to put that in the comments or if you’re
placing it because of the news events
you might want to put it in there as
well

So in a month or twos time when you’re
looking at your account history you will
see the comments which will explain why
you did what you did type is market execution this is because
it is an instant order we can also
select pending orders this will be
discussed in more detail later in the
course you see here we have two
different prices we have one for sale by
market and one for buy by market if we
believe the currency pair is going to be
dropping so the charts are going to be
going down we will want to sell if we
believe that the charts are going to be
heading up then we’ll want to buy now
your broker will charge you different
rates depending on what you’re doing for
example if we’re selling CM trading will
charge us a slightly different price to
the actual value the same with buying
the difference between the two prices is
what we call the spread so you’ll see
here they have a very reasonable rate at
CM trading we’re looking at two point five pips.

I’m not going to be entering a trade just yet we’ll cover that a bit
later the next button will load up the
meta quotes language editor or MQL we
will not be covering this as it is more
of a programming side of things and it
is also not necessary at all the auto
trading button is very important if
you’ve been installing expert advisors
which can trade on your behalf and
you’ve been testing them out you can
sometimes use them just to bring up a
pop-up just to give you advice or maybe
show you a trade that you wouldn’t have
picked up before but these things can
also trade automatically now this could
be quite dangerous because if you’ve
been playing around with it and just
testing it out to NASA laughing and then
it does actually try it automatically
for you it could cost you a lot of money
so with auto trading button if I click
on it you see we have the green play
that means it will allow expert advisors
to actually place trades if you had the
red stop it will not allow them to place
trades so even if the EA is set up to be
like to place a trade and everything
else is good to go
if this button is red it will stop it
from being able to place a trade so keep
that red.

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