Learning the Metatrader Platform
Learning how to use the Metatrader platform is essential for all Forex rookies. If you want to learn how to make money, you have to become familiar with this platform. Although it is possible to learn how to trade with a particular broker's custom trading platform, the platform is practically universal with all brokers. So what exactly is this program and how does it work?
Metatrader is a type of trading software platform that is developed by MetaQuotes. The program is used by many different brokerages including Forex, CFD and futures. Most brokers in the Forex market offer it as one of the options that you can choose from when it comes to placing your trades. Metatrader 4 is the most popular version of the program currently, but Metatrader 5 is starting to become more prominent with some brokers. Both programs have a lot of the same features with the 5th version having a few improvements over the 4th (obviously).
This platform is offered by many
for a number of different reasons. It's easy for the broker to offer and integrate within their system. They simply set up a server with information from the market and the client just has to download the program to his computer.
One of the major advantages of this program is that it allows users to write their own scripts and software programs to coincide with the platform. This is why many people use an
with this platform. Pretty much every software program or expert advisor that you buy will be integrated with at least one
of the platform.
You can buy an
expert advisor for
Metatrader from one of the many sellers available online or you can develop your own expert advisor with the compiler that is featured in the program.
Another benefit of this program is that it is simple to use and easy to learn if you're a newbie. It's not very complicated and you can start trading within a few minutes of opening your account once you get a feel for how it works.
When you initially
the program and open it up, you'll notice a few different things on the screen. Most of the time, when you initially open the program, it will have a few charts of currency pairs already open in the middle. You'll see a list of currency pairs on the left with current quotes updating constantly. On the top of the screen, you'll see a toolbar with many different options.
Down on the bottom of the screen, you'll see your account history. It tells you how much money you have in your account (hopefully a lot) and it can also show your trade history, depending on which tab you have open.
Using the Program
Once you're ready to use the software, you may want to open your own charts. Most Forex traders use some type of technical analysis to determine when to get into the market. You can close out of the charts that are already open, unless you want to trade one of the pairs that already appears on the chart. To open a new chart, simply right click on the currency pair in the list. Then choose "New Chart." The chart will then open in the middle of the screen.
At the top of the page, you will notice buttons for different time frames. You can choose to look at the charts from various time frames, such as 1 minute, 5 minute, 15 minute and 1 hour. The time frame that you use will depend on what type of trading strategy you employ.
Once you get a chart open, you may want to add some
to it. Indicators can be really handy when you need to figure out the trend or see when one is ending. To add any of the Metatrader 4
, you go up to the "Insert" option of the menu and then you'll be presented with a number of different indicators that you can add to the chart.
At that point, you may decide that you want to place a trade. To trade, you can right-click on the chart and open an order. Another option is to click the order button at the top left of the screen on the toolbar.
After you use the platform for a little while, you should get comfortable with it. Here on Forex Trading Rookie, we're going to be adding tutorials and articles to help you in your experience with the platform. Check back here often to get information. If you have a specific question about the platform, feel free to ask it in our
section and get the answers you need. Thanks for dropping by FTR!
Have Your Own Metatrader Tips or Advice to Offer?
If you know a trick or a strategy using Metatrader and you think it could be useful to other fellow traders, please share it here. We could all use a few more tools in the arsenal and this is a great place to share them.
Return From Metatrader to Forex Trading