Are you tired of working 8 hours every day, without paid vacation, and your boss barely or never gives you a bonus when you did more than what the job required you to do or forced to do overtime? Assuming you have a decent paying job or not, trading in currencies like Forex or Crypto is considered “friendly” compared to stocks. Forex, for example, even if the economy is not doing so well, you can still profit if you know what you’re doing. In addition, did you know that you can automate your trades?
You’ve probably heard about eToro, where you can just follow an investor, and you’ll copy theirs. That said, you’ve also probably heard about Metatrader4.
Will Metatrader4help you get out of that situation where financially speaking, you are stuck in a hole where you can’t do what you want, like, travel, because your salary is not enough to support your wants and needs (essentials, bills, etc.)? Well, if you play your cards right, then the short answer is yes. Sounds great, right? This article will discuss how to get started with Metatrader.
Before we get started, what kind of investments can you use with Metatrader4? In Metatrader4, you can trade Forex, commodities via CFDs, and cryptocurrencies.
What is Metatrader4? This automated trading platform has gained a lot of popularity, especially with the Forex and cryptocurrency markets, and it runs on the MQL4 scripting language. It’s similar to APIs but provides a platform designed to make trading more manageable and less error-ridden. The main advantage of using Metatrader4 instead of trading manually is new indicators and technical analysis. It also has a much higher trading volume than other automated platforms, making it a more reliable resource for your trading needs.
One may ask how the system works. Simply put, it uses statistical models to identify profitable trades in real-time and administrative processes to balance the books out at the end of each trading day. In addition to the automated trading platform, Metatrader 4 operates a full-service exchange service that offers users the opportunity to buy and sell stocks, futures, options, and other instruments from various online marketplaces.
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So, do you want to automate your trading activities in Forex Trading, Crypto, and CFDs? Using Metatrader4 will surely help you improve your trading portfolio and what’s best is that getting started/signing up is easy, and here’s how you should do it.
Step 1: Download Metatrader4
– This is obviously self-explanatory. Download Metatrader4.
Step 2: Create/Practice a DEMO Account
– You can skip this step, but if you have no experience with Metatrader4 or just started trading, it’s highly advised that you start with a demo account first and understand what you need to understand before dropping your real money.
Step 3: Open an Account
– To sign up for an account, be sure to visit your broker’s site and click the sign-up option; some might show up as ‘start trading or open a live account,’ but either way, open an account and follow your broker’s instructions carefully.
Step 4: Fund your account
– Right after creating an account, you can deposit funds to your account via credit card or bank transfer.
Step 5: Get started
– Metatrader4 is available on both PC and Mobile, and you can start trading on the go.
After setting up an account, the second step is choosing a market where you can trade-in. There are a variety of markets you can trade on either Forex or CFDs. To select a market, you can click ‘view’> ‘symbols’ to see the market or just press the short key, which is ‘Ctrl – u.’ You should see lists of markets categorized with symbols and just drag a symbol/market you desire on the chart.
Make sure to add indicators to your chart from the navigator window and drag and drop it on your chart. Doing so will appear as a window where you can customize the indicators to further assist you in analyzing your position. If you wish to edit or delete an indicator, simply right-click on the chart > click on the indicator list then you can edit or remove it.
Set up alerts, explicitly speaking, price-alert. From the terminal window > Ctrl + T and choose the Alerts tab. From the window, right-click and press select. An alert editor will appear, and you can set your price alert here.
Start trading by going to tools and clicking ‘new order.’ From there, you can place a symbol which you can select where you desire to trade in; then, stop loss > take profit if you want to lock in profits > and volume where you can set several lots you would love to trade.
From here, you can buy and sell; limit your buy and sell and set your take-profit limit or stop-loss. Here, you can also set your price level and expiry to set a date for your order. Then place an order.
You can see your trading history in the account history tab, and you can generate a trade report that will provide you detailed information about your order and have a copy of it.
Metatrader4 will help you improve your trading portfolio, and after reading this article and still have the hesitance to start using the program, then don’t be afraid to watch YouTube videos covering Metatrader4 to have access to visual tutorials and presentations further.