welcome back traders all right let’s go
through what meta trader 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 meta
trader 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 it’s 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
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 tech 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
01:41
some of the news events which are fed
01:42
through by CM trading and later on when
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we have alerts and that sort of thing it
01:47
will be monitored inside here for now
01:50
the most important two tabs in the
01:53
terminal window will be trade and
01:55
remember that will show our current and
01:57
existing trades and account history
01:59
which will show trades that we have
02:01
closed then the most important part of
02:03
the window is the chart window this is
02:06
the main area of the screen which takes
02:08
up the lion’s share of your desktop real
02:11
estate and this is where we’re going to
02:13
be looking
02:13
and analyzing the charts so that we can
02:15
make our decisions as to whether we
02:17
should buy sell or stay out of the
02:19
market one of the very nice features in
02:21
Metatrader is the ability to move things
02:23
around how we would like them to be
02:26
for example if you’d like the market
02:29
watch to rather hover over your chart
02:31
you can click on the menu and drag it
02:33
and as soon as you let go it’ll pop up
02:35
you can also resize it to make it larger
02:38
if you’d like or shrink it down this can
02:40
be useful if you are trying to see
02:42
several symbols all at the same time to
02:44
get this sort of information and another
02:46
nice ability with market watch is let’s
02:49
say you’re watching the Australian US
02:52
dollar and you’d like to have a quick
02:53
look at what’s happening there you can
02:55
select it in your market watch click and
02:58
then drop it on a chart and it will
03:00
update showing you that information I
03:06
can resize the window like that
03:09
just to make it a little bit clearer
03:13
what I’m going to do is go ahead and
03:15
close these charts so we can start fresh
03:20
you’ll see that we had multiple charts
03:22
and each of them had the option to
03:24
expand minimize or close we’re getting
03:26
rid of all of them I’m going to put
03:28
market watch back where it was just by
03:29
clicking and dragging it there and now
03:38
it’s over there I don’t use the
03:41
navigator that much and so I’m going to
03:43
be closing it because I find this is
03:45
more useful than the Navigator and I’m
03:48
actually also going to close Market
03:50
Watch it is displaying a lot of
03:53
information here most of which we won’t
03:56
really be using you’ll see as we go
03:58
through the course how looking at the
04:00
actual numbers doesn’t really matter as
04:01
much as looking at the chart so let’s go
04:04
and get rid of that market watch now as
04:06
you can see the Chop window the chart
04:08
space is now this huge main area on our
04:11
monitor even the screen that I’m
04:13
displaying annul is only 720p this is a
04:16
lot of room that we can look at our
04:18
charts so let’s go ahead and start
04:20
looking at the menu options so that we
04:22
can load a new chart so now that we have
04:24
all of the space dedicated to a chart
04:26
window
04:27
let’s go ahead and add a chart one thing
04:29
about Metatrader is that they’d like to
04:31
offer people a lot of different options
04:33
to do the same thing so look at the
04:35
different ways and see which one you are
04:37
more comfortable with for example adding
04:39
a new chart we can either look for this
04:41
button over here create a new chart and
04:43
then select whichever chart we would
04:45
like and click and it will load or you
04:47
can go to file and select new charts and
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it’ll bring up the same information so
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let me use the button this is a way that
04:57
I usually do it I just click to creating
05:00
new charts and let’s play with the
05:03
Eurodollar after a few seconds it
05:08
downloads all of the historical data as
05:11
well so that we can look back in time
05:12
and now we have our Eurodollar chart
05:15
open each chart that’s open we can
05:19
minimize maximize or close it inside the
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chart window let’s maximize it now we
05:26
have a full view of how the Eurodollar
05:29
has been responding let’s keep moving
05:31
along the different toolbar options that
05:33
we have so now we’ve learned how to add
05:35
a new chart we can also select profiles
05:38
this will become a little more important
05:40
later on basically once you have several
05:43
charts loaded and how you want
05:45
everything set up you can save it as a
05:47
profile so it’s easy for you to reiax s
05:49
the way that you have everything set up
05:51
and by switching between profiles it
05:53
will allow you to change a lot of things
05:55
very very quickly the market watch that
05:59
we had open before you can click on it
06:01
here to quickly bring it back and you
06:04
can click again to get rid of it the
06:07
same applies for a data window the data
06:10
window is quite interesting once it’s
06:12
opened up and you move your mouse over
06:13
the chart you’ll see that it’s showing
06:15
you a lot of information wherever you
06:18
set the mouse it will show you the exact
06:20
date and time that that candle opened as
06:22
well as the open high/low close price we
06:27
don’t really use the volume that much
06:29
but the important parts would be time
06:31
date and then obviously the open high
06:34
low and close but we can see that
06:36
information elsewhere so I’m not going
06:39
to use the data window
06:40
I can either click on the option here or
06:43
you can click over there to get rid of
06:44
it
06:47
the next one is the navigator we had a
06:50
look at that a bit earlier and we can
06:51
click to close
06:54
the next option is the terminal at the
06:56
bottom this you will find you generally
06:59
do keep open a lot of the time if you do
07:02
want to get rid of it to see a charge
07:04
you can click on the terminal button
07:05
here and you can click on it again to
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bring it back
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I’m going to leave mine open the
07:12
strategy tester is a quite an
07:14
interesting feature inside Metatrader if
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you have an expert advisor that will
07:18
allow you to trade automatically you can
07:21
load it up here and test it based on
07:23
historical data one thing to keep in
07:25
mind is that a lot of these expert
07:27
advisors will test very differently
07:29
using historical data than a does in
07:32
real time
07:33
so never expected to work quite as well
07:36
so even if your test results are
07:38
incredibly positive that does not mean
07:41
it will actually make money in the
07:42
future those course is about teaching
07:44
you how to trade and you to make the
07:46
decisions so we don’t need to rely on
07:48
these sorts of things anyway so I can
07:51
click here to close it or I can click up
07:54
this button again to close it there
07:56
that’s the end of the first part of the
07:58
toolbars the next one that we’re looking
08:00
at is the new order button this one is
08:03
obviously very very important you can
08:05
either select it over here by clicking
08:07
our new order to load it up or you can
08:10
press the f9 key alternatively you can
08:14
select tools and new order so there’s
08:19
quite a few different options for you to
08:21
place in your order let me load that
08:23
window up again and we’ll have a look at
08:24
it you’ll see here that it automatically
08:29
brings up the symbol of whatever chart
08:31
was active so if you have four or five
08:34
different currency pairs open whichever
08:36
one was the last one you used by either
08:38
one that is active and Metatrader the
08:40
symbol will automatically be put in
08:42
there the volume is in lots so when
08:46
we’re looking at a volume of 1.0 that is
08:48
not one dollar that is one lot which is
08:51
a hundred thousand the stop-loss is the
08:55
price level where you would like to set
08:57
your stop-loss the tag profit is the
08:59
price level we’d like to set your take
09:00
profit comment is only useful for you it
09:04
appears in your account history so if
09:06
you’re placing a trade but you’re not
09:07
comfortable with that perhaps you want
09:09
to put that in the comments or if you’re
09:11
placing it because of the news events
09:12
you might want to put it in there as
09:14
well
09:14
so in a month or twos time when you’re
09:16
looking at your account history you will
09:18
see the comments which will explain why
09:20
you did what you did
09:23
type is market execution this is because
09:26
it is an instant order we can also
09:30
select pending orders this will be
09:31
discussed in more detail later in the
09:33
course you see here we have two
09:35
different prices we have one for sale by
09:38
market and one for buy by market if we
09:42
believe the currency pair is going to be
09:44
dropping so the charts are going to be
09:45
going down we will want to sell if we
09:48
believe that the charts are going to be
09:49
heading up then we’ll want to buy now
09:52
your broker will charge you different
09:54
rates depending on what you’re doing for
09:57
example if we’re selling CM trading will
10:00
charge us a slightly different price to
10:02
the actual value the same with buying
10:04
the difference between the two prices is
10:07
what we call the spread so you’ll see
10:10
here they have a very reasonable rate at
10:12
CM trading we’re looking at two point
10:14
five pups I’m not going to be entering a
10:17
trade just yet we’ll cover that a bit
10:18
later the next button will load up the
10:25
meta quotes language editor or MQL we
10:28
will not be covering this as it is more
10:30
of a programming side of things and it
10:32
is also not necessary at all the auto
10:35
trading button is very important if
10:38
you’ve been installing expert advisors
10:40
which can trade on your behalf and
10:42
you’ve been testing them out you can
10:43
sometimes use them just to bring up a
10:45
pop-up just to give you advice or maybe
10:47
show you a trade that you wouldn’t have
10:48
picked up before but these things can
10:51
also trade automatically now this could
10:54
be quite dangerous because if you’ve
10:55
been playing around with it and just
10:57
testing it out to NASA laughing and then
11:00
it does actually try it automatically
11:02
for you it could cost you a lot of money
11:04
so with auto trading button if I click
11:07
on it you see we have the green play
11:09
that means it will allow expert advisors
11:12
to actually place trades if you had the
11:15
red stop it will not allow them to place
11:18
trades so even if the EA is set up to be
11:21
like to place a trade and everything
11:23
else is good to go
11:24
if this button is red it will stop it
11:26
from being able to place a trade so keep
11:28
that red