If you want forex trading success, then you need the best forex trading software. Any ‘real world’ tradesman (or woman) will tell you that to do your best work then you need to have the right tools for the job. It’s the same with forex trading.
In order to have the best chance of success, you need to arm yourself with the right tools from the get go. First and foremost you need an excellent forex trading platform – one that is intuitive, quick and easy to execute trades and has all of the charts, technical indicators and news feeds to give you a clear view of what’s going on in the market at all times.
You also need a fast, stable Internet connection and a powerful computer to boot. In this section, we’ll show you how to set yourself up with ‘MetaTrader‘ which if you read a lot of forex trading software reviews you’ll know it’s arguably the most popular and best forex trading platform for beginners and expert traders alike.
Why Use MetaTrader?
Here’s just a few reasons why MetaTrader is the forex trading platform of choice for thousands of traders around the world.
MetaTrader is free forex trading software. With MetaTrader 4 you can manage your trading account with total flexibility. This forex trading software allows you to place any kind of order including market, pending and conditional.
There’s more than 50 analytical tools / technical indicators and charts are easy to set up, use and customize.
The ability to execute automatic forex trading systems i.e. expert advisors / auto forex trading software.
Depending on what your forex broker provides, there is also the ability to stream live forex news into the platform so that you can keep up to date and informed on all pertinent developments in the forex market.
When you use MetaTrader4 in combination with another excellent piece of forex trading software called ‘MYFX‘, you have all you need to be able to plan, execute and manage your forex trades with both speed and precision.
Why Use MYFX?
Once you plug in the MYFX trading console into your MetaTrader4 forex trading platform, you create the ultimate set up. MYFX extends your trading possibilities by allowing you to trade with all the facilities that professional forex traders use e.g.
1 Click Trade Execution
Default Trade TP / SL
1 Click Break Even
1 Click Close Trade
Close All Trades Button
OCO (One Cancels Other) Functions
Live Forex Calendar built in
See your risk per trade
and that’s the just the beginning…
How To Download MetaTrader 4 & MYFX Console
You can download a copy of Metatrader 4 (NOTE: MetaTrader 5 is coming soon) from the majority of forex brokers. Plus, a growing number of brokers are also offering a free 12-month subscription to MYFX (US$249 value) to traders who open a live trading account and fund it above a certain amount e.g. $2,000. You can see which brokers offer MYFX by visiting their website at: http://myfx.com.au. You can also just pay for a subscription in the event that your current broker doesn’t offer MYFX.
MetaTrader4 Video Tutorials
In order to help you get the most out of using both Metatrader 4 and MYFX forex trading software, we have posted several video tutorials below which feature tips and instructions on how to place a trade, add a stop loss, run indicators & Expert Advisors and creating profiles and templates and a whole lot more. Enjoy!
Using the Market Watch
The market watch window allows you to view market prices for all currencies offered. Right click on a currency and you’ll see a variety of options. Here you can place a new trade, bring up a new chart or a tick chart. You can also build a custom watch list by clicking on ‘hide’ and selecting those currencies that you don’t want to see. You can view the properties for any currency by clicking on ‘symbols’, selecting the currency and clicking on ‘properties’ on the right-hand side. Here you’ll find important information such as swap rates.
Placing a Trade
Place a new trade by right clicking on any currency pair within your watch list (at the left of your screen) and selecting ‘new order’. Alternatively, you can press F9 on your keyboard. To place an order at the current market price level simply enter your desired volume. Ensure that market execution is selected as the order type. You’ll now see the current bid and ask prices. Hit the buy or sell bottom accordingly and once your order has been filled you’ll see both a confirmation and trade reference number.The open trade will now appear in the terminal at the bottom of your screen.
Placing a Stop Order
To place a stop on a stop on existing position simply refer to your terminal which will display all of your open positions. Identify the position you want to modify and right click on it. Select ‘modify or delete order’ from the menu that appears. In the trade window that opens make sure that ‘modify’ is selected and then input your desired stop level (remember that 50 points = 500 if you’re using a 5 decimal broker). After that click the ‘modify order’ button and you’ll see your stop loss level take effect in that particular open position in the terminal window at the bottom of your screen.
Closing a Trade
If you’d like to close an existing position, locate the position in question in your terminal, right click on it and you’ll see a menu appear. Select ‘close order’ and you’ll see the close button at the bottom of the deal ticket. Do not click on the buy or sell buttons as this will open a new position. Once the position is closed you’ll see a trade confirmation number and you’ll notice that the position has been removed from your terminal.
MetaTrader4 Forex Trading Software: Placing a Pending Order
If you wish to place a pending order to buy or sell based on the preset instruction (rather than at the market price) firstly refer to a pair from your watch list on the left-hand side of your screen. Right click and then select ‘new order’ from the menu that appears. Alternatively, you can press F9 on your keyboard to short-cut or you can also trade directly of the chart. In the deal ticket that appears ensure that ‘pending order’ is selected next to order type. Next, choose whether you’d like to place a ‘buy limit’, ‘sell limit’, ‘sell stop’, or ‘buy stop’ order from the pending order menu. Input your desired entry price as well as stop loss and profit target if desired. Press the ‘place’ button to execute the trade. Once confirmed, you’ll see open order with desired entry price and stop loss and profit levels (if applicable) in your terminal at the bottom of your screen.
Changing Chart Colours
To change the colors / style of your chart right click on the chart you’d like to change and select properties. Next, choose a preset color scheme from the drop down menu at the top or alternatively you can customize your own color scheme by choosing the colors for each element of your chart in the menu on the right-hand side. Once you’re happy with the look and feel of your chart, click on ‘OK’ and your chart will be changed instantly.
Adding Indicators to Charts
To add an indicator to your chart refer to your ‘navigator’ window to the left of your screen. Use the drop-down box, find the indicator of your choice and simply drag it onto your chart, adjust the indicator parameters (if required) and press ‘OK’. The indicator will now be on your chart. Alternatively, you can also add indicators to your chart via the menu at the top of your screen. Select ‘insert’, then ‘indicators’ and then choose the indicator you want via type. Next, adjust the indicator parameters (if required) and press ‘OK’.
MetaTrader 4 Chart Basics
One of the prime benefits of using the MetaTrader (MT4) platform is the comprehensive charting tools provided. In this video, we’ll go over the basic functions, including how to navigate and completely customize the user interface (including charts, menus, and windows) to your desired specifications.
Using Expert Advisors
To place an expert advisor on your chart for automated forex trading refer to the ‘navigator’ on the left-hand side. Click the drop down box and select your desired EA / robot. Simply left click and drag across to your chart. Make sure that you check the boxes marked ‘allow live trading’ and ‘allow DLL imports’ and that you customize any other applicable settings specific to your expert advisor and click on ‘OK’. If you have correctly loaded your EA then you will notice a smiley face in the top right-hand corner of your chart and you are ready for automated forex trading. If you have missed something or made an error then there will be a cross. In this case, make sure that the expert advisors button at the top of the screen is selected i.e. it is green, not red. If there is a frowning face on the chart, this means that you have not selected the boxes, ‘allow live trading’ and / or ‘allow DLL imports’. NOTE: One of the greatest source of losses as far as automatic forex trading using robots, is incorrect settings. Please double check that all of your settings are correct, before leaving a forex trading robot to trade on its own.
The Terminal Window
The terminal is the hub of the MT4 trading platform. Comprehensive statements can be created, all trading activity can be viewed and open positions can be edited. The most important part of the terminal, the trade tab on the far left-hand side. First, it will display an account balance, your account equity, which is the running total of your account balance including running profits or losses, and free margin available. Any open positions will also appear in the terminal, which includes the ability to view all details available on the position you have open, as well as carry out any changes e.g. close out a position. On the far right-hand side, your will see your profit and loss (as well as a total of all open positions) displayed in your deposit currency. The other 5 tabs in the terminal allow you to view your complete trade history, news headlines from financial news sources, a history of your alerts, your mailbox (i.e. messages from your broker) and your trade journal, which displays in detail every single transaction that has occurred on your platform.
The navigator provides a number of functions on the trading platform including the ability to quickly swap between different trading accounts, including demo accounts. Underneath this you have all your indicators listed in alphabetic order, which you can use by simply dragging across to your chart(s). Underneath that you have all of your expert advisors or forex trading robots, which again you can use by dragging across to your charts check all the appropriate settings. Next, you have your custom indicators which are all indicators that have been added from external sources followed by your scripts, which allow you to execute very specific functions, such as closing all of your open trades at one time.
Creating a Profile
Once you have set the layout of your platform you then have the ability to save it as a profile. Saving a profile differs from a template as it encompasses the complete platform layout or view. Whereas a template focus on setting up the indicators and / or the look and feel of the chart i.e. colors etc. So if we’d like to save any given layout or view as a profile we simply go to ‘File’ at the top of the screen and select ‘profiles’ from the menu. We then select ‘save as’ and give the profile a name before pressing ‘OK’. To load this profile at any time, simply go to ‘File’ and select ‘profiles’. You’ll find a list of all your saved profiles and can select your desired one by clicking on it.
Creating a Template
A template allows you to overlay a preset series of indicators to a chart. Unlike a profile, templates are for an individual chart only and allow you to change the indicators and look and feel of any chart by simply applying them. We do this by first customizing a chart with indicators and a color scheme that we like. We then right click on the chart, select ‘save as template’ and give it a file name. If we’d like to apply this template to any chart in the future, we simply right-click on the chart and select ‘template’ and choose our desired template from the list provided. Alternatively, you can also apply a template by clicking ‘charts’ at the top of the screen, choosing ‘template’ from the menu and then selecting our desired template.
The Differences Between Stop & Limit Orders
The video explains when and why traders use both limit and stop orders. Put simply, when traders are bullish on a currency pair, however, they believe the price is likely to fall before rising then they would place a buy limit order below the current market price.However, if a trader is bullish on a pair but wants to see it break out higher before entering they might place a buy stop order above the current market price.The converse applies where a trader is bearish on a currency pair – sell limit above the current price and sell stop below the current price.
Support & Resistance Levels
This video provides a very basic overview on how to locate support and resistance levels (i.e. potential buy and sell areas) using the MetaTrader forex trading platform.
MYFX Overview Video
This video provides an overview on how the MYFX console can quickly improve your trading and how this incredible forex trading software can revolutionize the way you manage your trades.