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    MetaTrader 4: Learn to Earn in FOREX
    MetaTrader 4: Learn to Earn in FOREX
    MetaTrader 4: Learn to Earn in FOREX
    Ebook193 pages1 hour

    MetaTrader 4: Learn to Earn in FOREX

    By Kostyantyn Kondakov

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    About this ebook

    The present book discusses in detail the basics of working with the MetaTrader 4 platform: starting from installation of the terminal on your computer to testing advisors.
    The main emphasis of the book is on visual demonstration of the processes that traders will encounter in the course of working with the terminal. The book is rich with examples of implementing the main MetaTrader 4 tools in practice.
    The book is intended for professional traders as well as beginning investors using the MetaTrader 4 trading platform in their work.
    LanguageEnglish
    PublisherBookBaby
    Release dateApr 10, 2012
    ISBN9781483510675
    MetaTrader 4: Learn to Earn in FOREX

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      Book preview

      MetaTrader 4 - Kostyantyn Kondakov

      INTRODUCTION

      If you are holding this book in your hands then it means that you have made the decision to change your life for the better. The things you will read here will not change your world view or reveal the secrets of the Universe, but they will take you to a completely new level – from dreaming to acting.

      The first and most important step has been made – you have decided to become a participant of the foreign exchange market. Now there is a little work left to do – to learn the technical side of trading, master the use of the trading platform and finally make successful trades. That is what we are going to talk about in this book.

      The material in the book will be invaluable for beginners who are only starting to get a sense of Forex trading, as well as serving as a useful user guide for experienced traders. Our aim is to help you to understand the finer points of working with MetaTrader 4 and some of the technical details of this renowned world leader in financial market software.

      I will get straight to the point: it is very easy to master the fundamentals of trading with the MetaTrader 4 platform. All you need are some basic computer skills, concentration and the will to discover the world of Forex.

      And I will help you along the way of learning how to use the trading platform. I am your helping hand - MaTe4 U. If you pay attention to what I say then I will help you to master this material. During the course of our training you will see various identifying symbols. Remembering them will allow you to comprehend and quickly assimilate large chunks of information without missing anything important.

      Chapter 1 — GENERAL INFORMATION ABOUT THE MT4 TRADING TERMINAL

      For starters, let’s find out what the MetaTrader 4 trading platform is and why it is the market leader among numerous trading terminals.

      The MetaTrader 4 client terminal is a part of an information and trading system that is installed on a trader’s computer which, when installed, allows the trader to take advantage of all the applications many features. The trader can:

      Receive quotes and news in real-time;

      Perform trading operations;

      Control and manage open positions and limit orders;

      Perform technical analysis; and

      Write expert advisors, custom indicators, scripts and automated trading systems in MetaQuotes Language 4 (MQL 4);

      Test and optimize trading strategies.

      The list of functions is vast.

      As I am sure you will agree, if a trader is going to be able to take the decision to carry out a trading operation it is absolutely imperative that he or she has access to timely and reliable information. To achieve this MetaTrader 4 has an embedded function which delivers quotes and news in real-time. This allows the trader to analyze the market with the help of technical indicators and information displays known as line instruments.

      Another important advantage of the trading platform is the availability of expert advisors. They allow the trader to escape the routine of constantly monitoring market conditions and his or hers positions within those markets. Moreover, the terminal has several types of embedded orders to provide more flexible management of those positions.

      As to the system requirements, they are limited only to the operating system. The client terminal can work under Microsoft Windows 98S, ME, 2000, XP, 2003, Vista or 7 operating systems.

      One question that is probably of vital interest to most of our readers is the quality of the terminal’s security system. There is nothing to worry about – the developers have taken care of that. Any information exchange between the client terminal and the server is performed with a 128-bit key encryption which is more than enough to ensure the security of trading operations. In addition to that encryption the terminal also has a security system based on the RSA electronic digital signature encryption algorithm. It is an asymmetric encryption algorithm with public and secret keys. In layman’s terms it is impossible to break in and obtain the secret access key to the trading terminal. Even the most powerful computers will take tens or hundreds of years to do that.

      Another advantage of the MetaTrader 4 terminal is automatic update. If you have installed the terminal on your computer before you will probably have noticed a Live Update window offering to download the updates for you. To begin downloading the update files you need to click Start, and you will be able to see the update progress in the corresponding window. When the download is complete the update will automatically be installed and the terminal will restart with the new version. The automatic update system is always on and cannot be switched off!

      Chapter 2 — PREPARING TO INSTALL AND LAUNCH THE TERMINAL

      2.1. How to Download the Trading Platform

      I am confident that you have no more doubts regarding your decision to trade in the currency market with the MT 4 trading platform. In this chapter we will talk about how to download and install it on your computer.

      To download the MetaTrader 4 trading platform go to the FOREX MMCIS group website at this address: http://forex-mmcis.com/

      Pic. 2.1. Downloading the MetaTrader 4 Trading Platform

      On the home page of the company’s website you will see links for downloading MetaTrader 4. Click any link and download the program to your computer by choosing one of the options: Open/Launch or Save.

      Pic. 2.2. Launching the Application

      2.2 Installation

      We have completed part of the procedure – we have successfully downloaded the platform and can now proceed with the installation. MetaTrader 4 will install automatically as soon as you select the Open/Launch option in the download window. If you selected Save, you will need to choose the folder to which the MetaTrader 4 setup file will be downloaded. After downloading the file you will need to go to the folder that you specified and double click on the mt4setup.exe file.

      Follow the setup instructions: select the installation language; read the welcome page, recommendations and copyright warning; click Next; and read the license agreement. If you agree with the conditions of the agreement, tick the box and click Next.

      Pic. 2.3. Saving the Installation File

      We then go on to the next step of the setup process – selecting the installation folder on your computer. If you wish to change the location of the program, click Browse and select the desired installation folder. If you are ok with the default folder, then simply click Next.

      Pic. 2.4. Launching the Installation File

      Pic. 2.5. License Agreement

      Pic. 2.6. Selecting the Installation Folder for the Trading Platform

      The program will invite you to select a group in the program menu – we will leave the default group and click the Next button.

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