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| Learn this impressive
Forex trading application in less than a minute |
| Without much fussing around, this is exactly what
you need to know about MT4 ( Metatrader Forex trading software ) if
you are going to manually trade, and you need to know much less if
you are going to auto trade using an EA. If you are going to use the
Forexbody EA with Askobid Mt4 then you do not need to know anything
since this EA comes preloaded and already setup with Askobid MT4 if
downloaded from this link |
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1. The market Watch
| As soon as Mt4 is installed
on your system, it will automatically starts with 4 charts,
It is up to you if you want to keep those charts open or
close them and open your own selection of currency charts.
You will be shown later how to open a chart ahead in this
tutorial. Nothing can happen unless an account is open
weather demo or live, Go to
account opening area if you do not already have account
open In this section
you must learn how to show your Market watch which is done
by the circled button on Mt4 main toolbar. The function of
this button is to show/hide the market watch bordered in red
in the figure to the right.
The market watch is important
aspect of Mt4, it allows you to monitor currency prices and
opening chars, Once you get your charts open and learn your
broker GMT offset you may hide the market watch window
without affecting your trading. |
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| The first thing you need to do while
you have your market watch open is right click on it as
shown ob the figure and select Show All. That because MT4 is
into the habit of hiding the most important currencies from
view. Once you do that you
certainly will be able to find the currency you were looking
for.
You can click on currency of your
choice and move it to the top of the list by grabbing while
left mouse button is pressed. |
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| The terminal area is the most important
aspect of your Mt4 Forex trading platform, It shows a list
of your open trades and your already closed trades in the
account history tabs. Account summary in bold under your
open trades, while the journal tab shows any important
messages. Once you understand the account summary line you
will have full understanding of Forex trading with this
application so it will be explained in full details. below |
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| Balance: The balance includes your
original deposit and closed trades profit / Loss |
| Equity: The equity includes your
balance after deducting or adding your currently open trades |
| Margin: Margin is a portion of your
deposit that is tucked away from your account for currently
open trades |
| Free Margin: Free margin is
additional funds available in the account that you can still
use for additional trading or as protection from the market.
Some broker refer to this as usable margin, but do not be
tempted by the term, using all available free margin in your
account endangers your account and can cause your positions
to be instantly liquidated. If you do not know a lot about
Forex lots and risks start experimenting or
Let an advanced Forex
Robot automatically trade for you. Free margin = Equity
- Margin. |
| Margin Level: This is Mt4 indicator
of account health, The smaller it gets the more you have to
worry. The smaller the number the higher the leverage your
account is using. |
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| 4.
How to place an order in Mt4 |
| To place an order all you have
to do is click the New Order button and select your options:
usualy the currency is preselected and is your active chart
currency., The Volume determines the size of your order,
either choose from drop down menu or type your own. With
most brokers a standard lot is 1.00 which is 100 000 of the
selected currency. Mini lot 0.1 is 10 000 and micro lot 0.01
is 1000. yu can provide a comment for order. Order type can
either be Instant execution or Pending. Pending orders will
be executed when market meets your condition while Instant
execution means the order will be executed when you press
Sell or Buy buttons. each button displays the execution
price above it. |
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| The difference between the Sell and Buy prices above is
Spread, which is the way for broker to make money from the
deal . |
| 5.
How to close an order in
Mt4 |
| To close an order in Metatrader 4 All you
have to do is double click on ( Do not double click on it
under TP or SL column as that will open the SL or TP
assignment window instead ).
Once an order is double
clicked the order window will be displayed with a yellow
button displaying close price, you can click that or if your
broker does not allow hedging just create an opposite order
of same currency and same size.
Most Mt4 brokers outside USA allow hedging so closing
orders is basically performed with MT4 yellow button shown
to the right. |
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Quick insights on Forex trading for beginners
In the past, Forex trading was only offered to large financial
institutions, like banks. And, it was also only offered to large
companies, multi-national corporations and large currency dealers.
This is because of the large and extremely strict financial
requirements the Forex market imposed. This means that individual
traders and small businesses are not able to participate in this
liquid market.
New in the Forex market? This market may sound really complicated
and scary to tackle but it’s not. Just like in any kinds of trade,
you make money when you buy low and sell high. Forex trading is
simply trading currencies in the Forex market.
Forex is the largest financial market in the world. It generates
trillions of dollars of currency exchanges everyday and it operates
24 hours a day and seven days a week therefore, also making it the
most liquid market in the world.
In the world of Forex, trading in this very liquid market is very
unique compared to other financial market like stocks. Since the
Forex market operates 24 hours a day worldwide, which starts at
Sydney and ends in New York, trading is not centralized in one
location. You can trade in Forex whenever you want regardless of the
local time.
However, in the late 90s, Forex was made available to individual
traders and small businesses. This is due to the advances in the
communications technology. High speed internet made it possible for
people to enter the Forex market and have become one of the best
make money at home businesses.
Forex trading is getting more and more popular each day. Besides,
who wouldn’t want to trade in the largest and the most liquid
financial market in the world? Trading in Forex will certainly give
you the opportunity to earn a lot of money. However, trading in this
ever liquid market also has its risk. It is a fact that many people
who traded in Forex lost a substantial amount of money and some of
these people are seasoned traders.
This is why it is very important for you, as a beginner trader in
the Forex market, to have the proper knowledge and education on how
to trade in the Forex market. Firstly, there are hundreds or even
thousands of available websites in the internet that offers Forex
education. Some of these websites offer dummy Forex trading where
you can practice trading in the Forex market using dummy money.
These programs will really take you closer to actually trading in
Forex. Many experts say that you’ll never really understand how
Forex really works until you traded in the market. So, if you want
to learn how to trade Forex, you may want to sign up for a dummy
account that numerous Forex trading websites offer.
With a dummy account, you can trade Forex by not using real money at
all. With this program you can practice your knowledge and skills in
trading in the Forex market and not waste money.
To get started in trading in this market, all you need is a computer
with a high speed internet connection, a funded Forex account, and a
trading system. These three simple things are enough to get you
started in Forex trading.
In order for you to minimize the risk of losing money, you need to
have some basic knowledge in charting before you start trading. In
most Forex trading systems, Forex charts are there to assist you
with your trades. Forex charts are a visual representation of the
exchange rates of currencies. This is where you will mostly base
your decisions to buy and sell currencies. You have to learn how to
read the different Forex charts in order for you to successfully
trade in the Forex market.
Each Forex chart is different although they represent the same
fluctuations. For example, in the daily Forex chart, you can
evaluate market trends in the past 24 hours to help you make
decisions on the next 24 hours of trading. In the hourly chart, you
can use this chart to spot trends within the day. And, in the 15
minute chart, where it can help you recent currency fluctuations in
a 15 minute interval to help you decide on which currency to buy and
sell. Sometimes, there are 5 minute chart available to better help
you get closer to the action.
These are the basics on how to trade in the Forex market. Always
remember that aside from the promising earning potential that you
can have in the Forex market, there are also underlying risks that
you have to consider. It is therefore wise to trade in this market
with a proper investment plan and strategy. If you are just starting
out to trade in Forex, consider opening a dummy account to help you
practice trading Forex without risking money.
On site provided you can download one of the best automated Forex
trading systems in existence today for free and you can use on
unlimited practice accounts. Automated system means you do not have
to trade by yourself. By installing this software as instructed on
Metatrader 4 it will do all the trading automatically for you. and
you can judge your results later on. Make sure your computer is
always on and connected during market open hours.
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