Basic Trading 1 (Let's Do Trading)
It took some time to write a new article. I was little busy. Let’s start learning about Trading. From her onwards all articles will be related to Trading. As you have downloaded the software you can continue practicing as well. These words will be important.
MT4 (Meta Trader 4) - Software
There are several things that are important in MT4 and if you have a good knowledge on them it is easier to do Trading. See this image. Is it similar to what you have?
Now examine the image shown very well. More knowledge means more ease in the end. See the Market watch which shows the currency changes. It is important as it shows many changes in one. Below that you’ll see your account data and advanced Forex details such as Indicator and Technical analysis. No need of them for now. See the chart for GBP/USD which shows its pathway. Everything changes in seconds. Do you see M1, M2, M15, M30, H1, and H2 above this chart? This shows the time interval shown by the charts. M means minutes, H means hours, MN means a month. Using this you can change the time period shown in the chart. But longer time periods are not good when you trade. M5/M15 is good. So keep it there.
Lowermost part of the chart shows the place that shows the details of a trading we have done. MT4 is really easy. It looks like complex software. But it is very simple in use. I’ll put some videos of this software sometime later. Until then you can analyze it.
Opening a Trading
First let’s see how to open a trading via MT4. Do not ask me each and everything. Just get to know what we need. No need to know all of them. Also there is no use. I’ll tell you what’s needed to be done. I’ll show you how to do a trading.
Trading is the most important thing in MT4. We need to use MT4 to be successful in Forex. Yu have to learn how to manipulate trading. Let’s see how to open a trading first.
This is the window we need to open a trading. We modify, open, and close all trading via this. Here is a screen shot of it.
Don’t panic. This is easy. Open the MT4. Make sure your internet connection is on. You can use 4 methods to get a trading window. I’ll tell you how to do. Try this method and see whether it opens. Think that we need a GBP/USD Trading Window. Then follow these steps. This is needed to be tried on your own.
- Right Click on GBP/USD Chat and Trading ----> New Order
- Also you can click on chart and press F9 in keyboard to take this.
- See right to Market Watch and then double click on GBP/USD to open this window.
- There is a place called new order above the chart. Click on it to open this.
I hope you have opened it. Ask me if you have any problems. Let’s see what has to be done next. Remember there is no need to use all types of currencies. Use only one or two. I commonly use GBP/USD and EUR/USD. If you go after all you lose all. I think it’s better for you to GBP/USD.
Let’s go back to window.
01. Symbols- These are currencies. GBP/USD, EUR/USD, AUD/USD are few examples. So check when you open a new trading whether you selected the correct one.
02. Volume- This shows the amount you use out of your account balance. For an example if you have invested 1 million, you are not going to use all at once. You use only a small part. Just like that you use only a part of what you have is used. Now you are having a Demo account. So the lowest value is 0.1. But in real ones, it is 0.01. Remember not to use more than 0.01 in a real account, if your account balance is less than 500$. I’ll tell you later. For the time being, just follow my advices.
03. Stop loss - Not needed. Tell you later
04. Take profit - Not needed. I’ll tell you later
05. Buy or Sell - You can see two signs. It doesn’t matter what ever you click. They ask whether we need to open a Buy trade or a Sell trade. I hope you remember them. Yu have to decide this on the basis of market behavior.
Now you know something. It’s enough for today. Now you have an assignment. Close MT4 and open it. Open 10 Trading to Buy or Sell. It doesn’t matter whatever it is as Demo account is functioning. Train yourselves well. Open 10 trades but not at once. I have shown you a screen shot. Look at it and do the same. Click on the image to maximize.
This is what you get in MT4 when you open a new trading. Do this activity. There is a place called profit in the right corner of trading you have done. When a trading is done it will change to + or -. If it is positive, no mark will be shown. Now look at that value and double click on the Price part I have shown by an arrow in the image. Then a new window will open. There is a button in the bottom of this window in yellow color. Click it before the positive value turns in to a negative value. Do it several times and follow the steps I have given you. I’ll tell you what shall be done later. Let’s talk further in the next article. See the video I have shown you below and it will tell you the whole story.