A Practical Introduction to Operating the MT4 (MetaTrader 4) Forex Trading Platform

A Practical Introduction to Operating the MT4 (MetaTrader 4) Forex Trading Platform

MT4 is currently the mainstream platform for forex margin trading worldwide, with comprehensive and advanced functionality. Its "Expert Advisor" system can place orders automatically, freeing you from watching the market 24 hours a day. MT4 also has mobile platforms for laptops and phones, making it convenient to monitor quotes and send trading instructions anytime, anywhere. MT4 has many other features as well. In short, MT4 lets you create and apply all kinds of trading strategies effectively, making it the best tool for practical forex trading.

1. Forex Companies That Use the MT4 Platform

First, here are several strong, reputable, properly regulated forex brokers for your reference; all support a Chinese interface and have a simple registration process:

  1. MasterForex: Detailed introduction available; payments received.
  2. NordFX: NordFX supports domestic bank cards, credit cards, and Alipay deposits and withdrawals (now discontinued); payments received; it has a representative office in Dalian, China.
  3. EXNESS: Supports micro-lot trading, extremely low spreads, selectable leverage up to 1:1000, and real-time automatic withdrawal payments.
  4. LiteForex: Its mobile platform supports Android and has a user-friendly interface.
  5. RoboForex: Registering a fix-cent account gives a USD 15 bonus, obtained by double-clicking the verify-client script on the left side of MT4; rebates are available, and I can provide rebates of up to 80%. If interested, please contact 180 8109 4495.
  6. *FXOPEN*: Supports micro-lot trading, such as 0.01 standard lots.
  7. ACTC: No longer pays out; no longer recommended.

Friendly reminder: The above sites also support deposits and withdrawals through foreign online banks such as AP and LR (see online banking for details). The minimum deposit is no more than USD 5; spreads are low, leverage is high, and you can trade forex, gold, silver, the U.S. Dollar Index, U.S. stocks, stock index futures from various countries, Hong Kong Hang Seng Index futures, Shanghai Composite Index futures, oil futures, and more.

Friendly reminder: After registering under this site, please join the stock and forex trading QQ group: group number 122133477, so it will be easier to receive my guidance. For active referrals with sufficient capital, this site will provide special guidance and rewards. If you encounter any problems during registration or operation, be sure to consult me promptly; I will provide online coaching and help resolve them.

2. Logging In and Creating a Demo Account

  1. Choose one of the companies recommended above according to your own situation (of course, you can also work with several at the same time), then register and install that company's MT4 platform. The installation language defaults to Simplified Chinese. When you open it for the first time, it will usually ask whether you want to create a demo account; confirm or cancel according to your needs. To log in to a new account, click "File" -> "Login" in the top menu bar, enter the account number and password in the login window, select the corresponding server, check the option to save account information, and confirm.
  2. If you are logged in to multiple accounts at the same time, expand the "Accounts" folder in the navigation window in the middle-left area, then double-click each account to switch logins.
  3. To open a new demo account, click "File" -> "Open an Account" in the top menu bar.

3. How to Open an Exchange Rate Chart

  1. Click "File" -> "New Chart" in the upper-left menu bar, then select the currency chart you want to open.
  2. Click the "New Chart" button in the upper-left toolbar, then select the currency chart you want to open from the pop-up menu. Recommended.
  3. Click "Window" -> "New Window" in the top menu bar, then select the currency chart you want to open.
  4. Right-click in the Market Watch window on the left, then select "Chart Window" from the pop-up menu to open the chart for that currency pair. Recommended.
  5. To close the current chart, click the small X in the second row at the upper right.

4. How to Place an Order

  1. Double-click in the Market Watch window on the left to open the order window for the currency pair at the clicked position.
  2. Right-click in the Market Watch window on the left and select "New Order" to open the order window for the corresponding currency pair.
  3. Right-click on the chart on the right, then choose "Trading" -> "New Order" from the pop-up menu to open the order window for the current currency pair.
  4. Click the "New Order" button in the upper toolbar to open the order window for the currency pair on the current chart.
  5. Click "Tools" -> "New Order" in the top menu bar to open the order window for the currency pair on the current chart.
  6. Use the keyboard shortcut F9 to open the order window for the currency pair on the current chart. Recommended.

5. Detailed Introduction to the Order Window

1. The Concept of a "Lot"

1 standard lot = 100,000 units. Suppose the EUR/USD exchange rate is 1.3536 and your account leverage is set to 1:500 (recommended). The margin, or principal, required to buy 1 lot of EUR/USD can be calculated as follows:

100000 * 1.3536 / 500 = 270.72 USD

If you buy 0.01 lots, it is:

0.01 * 100000 * 1.3536 / 500 = 2.7072 USD

For micro lots (0.01 standard lots) and mini lots (0.1 standard lots), the required principal for buying the same number of lots is 0.01 and 0.1 times the above calculated result, respectively.

2. Position Ratio

The margin, or principal, used for placing an order divided by the account balance is your position ratio, and this ratio generally should not exceed 20%. The account balance divided by used margin is your margin level.

3. Introduction to Pending Order Price Types

  • Buy Limit: Set a price lower than the current price (market price) to buy.
  • Sell Limit: Set a price higher than the current price (market price) to sell.
  • Buy Stop: Set a price higher than the current price (market price) to buy.
  • Sell Stop: Set a price lower than the current price (market price) to sell.

Tip: If you are a conservative investor, use Limit prices more often to buy low and sell high. If you are an aggressive trader, use Stop prices more often to chase rallies and sell into declines.

6. The Client Terminal and Order Handling

  1. At the bottom of the platform is the Terminal window, which displays detailed information such as your account's order execution status and account balance. You can also use the switch buttons at the very bottom to view trading history, market news, platform mail, and more.
  2. Modifying and deleting orders: In the Terminal window at the bottom, right-click an order row and select "Modify or Delete Order" from the pop-up menu to open a new window. For executed orders, only the stop-loss price and take-profit price can be modified. For pending orders that have not yet been executed, you can modify the trade price, stop-loss price, and take-profit price, and you can also delete the order.
  3. Closing a position: Placing an order is the beginning of a trade, and closing the position is the end of that trade. Only after closing the position will the book loss or profit be settled into the account balance. In the Terminal window at the bottom, right-click an executed order row, click "Close Order" in the pop-up menu, and then click the bar-shaped close button in the new window to close the position.

7. Customizing a Personal Template

The default chart display is usually not ideal, so it is recommended that you modify it appropriately. This mainly includes:

  1. Use the toolbar buttons at the top of the platform to switch the chart to candlestick (K-line) form (recommended), aligning it with stock market analysis. If the change is not obvious after switching, click the zoom-in button at the top to enlarge the effect.
  2. Change the K-line colors: Press F8 directly or right-click on the chart, then click "Properties" near the bottom of the pop-up menu. In the pop-up window, change the colors of the bullish and bearish candles to make the contrast clearer and the chart more comfortable to view.
  3. Add technical indicators: It is recommended to add moving averages (recommended) and volume. To add a moving average, click "Insert" -> "Indicators" -> "Trend" -> "Moving Average" in the top menu bar, then set the period, color, line style, and other options in the pop-up window, and confirm. You can insert multiple moving averages using this method. To add volume, press F8 directly or right-click on the chart, then click "Properties" near the bottom of the pop-up menu. In the pop-up window, under the "Common" tab, check "Show volumes" at the lower right.
  4. After modifying the chart to your satisfaction, right-click on the chart, then choose "Template" -> "Save Template" from the pop-up menu. Name and save the template in the pop-up window. Later, whenever you open a new chart or chart window, right-click -> "Template" -> "Load Template" and select the template you saved to reproduce your configured effect.

8. Customizing Personal Profiles

  1. Usually, we need to observe the charts of multiple instruments in one window, which makes comparison and confirmation easier and helps with judgment. For example, if you want to observe Gold, EUR/USD, GBP/USD, and USE/JPY at the same time, you can open the charts for each instrument one by one using the method introduced in the second section above, then load your customized template for each using the method introduced in the sixth section. You can also click "Window" -> "Cascade", "Tile", or "Arrange Vertically" in the top menu bar to adjust the arrangement of the charts until you achieve the desired effect. Finally, click "File" -> "Profiles" -> "Save As" in the top menu bar and enter a name to save it as your own customized profile. Alternatively, click the "Profiles" button in the upper-left toolbar -> "Save Profile As" and enter a name to save your customized profile.
  2. Sometimes we also need to observe charts for multiple timeframes of a single instrument at the same time. In that case, open multiple new windows for that instrument, load your chosen template for each one, then use the timeframe buttons on the toolbar to set a different timeframe for each window. Adjust the arrangement, then save it as a new profile.
  3. To open a customized personal profile, click "File" -> "Profiles" in the top menu bar, then select the profile you want to open from the pop-up menu. Alternatively, click the "Profiles" button in the upper-left toolbar and select the profile you want to open. This way, you do not need to configure everything again each time. There are switching tabs at the bottom of the charts, which let you switch between different charts.

That is the basic introduction suitable for beginners. If you are experienced, you can of course use the drawing tools in the upper toolbar for chart analysis. If you are an advanced user, you can even use the software's automated trading tester or write your own automated trading programs to manage your trades.

9. Practical Secrets for Stock and Forex Trading

  1. "Ranging" markets are good for making money: The forex market is always in a state of "fluctuation." Fast and wide fluctuations can be called "ranges": ranging upward, ranging downward, or ranging sideways. The forex market is a two-way market, so you can make money by buying low and selling high in either direction. The more it ranges, the more opportunities there are; entering and exiting a dozen or even dozens of times a day is common. What you need to note is this: since it is "ranging," it can move either up or down. Often, when you buy, it drops; when you sell, it rises. Therefore, when you feel an impulse to place an order while watching the market, you might as well use pending orders: place a buy order below the impulsive price, or place a sell order above it. I believe this can lower your system's order-entry cost and make it much easier to profit.
  2. Understand "reflexivity": For long-term investing, look at fundamentals and imitate Buffett; for short-term trading, learn from Soros. Soros's core idea is that financial markets have "reflexivity," meaning traders' own actions in turn influence market trends, of course mainly referring to the actions of large capital. In my experience, small capital has influence too. Do not underestimate your small amount of money; perhaps that one order of yours will trigger a decent subsequent decline or rise, just like "a butterfly in Beijing flapping its wings, after a series of transmissions and chain reactions, causes a storm in New York."
  3. Practical techniques for getting out of a trapped position: Whenever you place an order, if it is wrong, being trapped is natural. If it is right, the market maker may cry "not good!" fearing that someone has seen through the move, then work hard to create a false appearance to confuse you, shake your confidence, and prevent you from committing heavily. This is why everyone is often trapped on both sides. Therefore, getting out of a trapped position is an ordinary matter. If you are only lightly trapped, the problem is not serious. If you are deeply trapped or locked in, then you need to take action instead of passively waiting for a long time and falling into inaction. One way to get out is to place a reverse order at a suitable point to hedge, control risk, and capture profit, equivalent to using part of your troops to harass the enemy and win by attacking from behind. Another way, if you have sufficient supplies, is to add to the position in the direction of the trend, equivalent to sending reinforcements. You can fight a decisive battle, or you can handle the added order opportunistically and exit once there is profit. By adapting to circumstances, going with the flow, and operating repeatedly many times, you can speed up the process of getting unstuck. More variations will be reserved for my active referrals with sufficient capital. Stock and forex trading are like fighting a war: you must also pay attention to troop deployment and be good at dispatching forces. The commander is you; your funds are your troops; the enemy is the market's main force or the market maker.
  4. "Throwing stones to test the road": Most of the time, exchange-rate trends are unclear. Once they become clear, change is usually not far away. So it is very important to enter one step ahead, profit one step ahead, and exit one step ahead. When you cannot see the direction clearly and do not know what to do, you can first send out a small force, meaning place a small order without worrying about gains or losses, to scout, then use the market's or market maker's reaction to help you judge. How exactly will the market maker react? How should you judge it? More secrets will be introduced to my active referrals with sufficient capital. Note that this kind of test works better when trading is thin. It is like throwing stones into a calm water surface: the ripples are obvious. If the water is already surging, then even if you throw in a large brick, you may not detect anything.
  5. Grasp "solitude": Experts are "solitary," and truth is often in the hands of the few. Money itself does not generate money; when you make money, someone else loses it. Therefore, do not blindly follow the crowd, and do not lightly believe rumors or hearsay. The stock and forex markets are markets where ultimately only a minority make money. Broadly speaking, institutions make money from retail traders, and veterans make money from beginners. Therefore, it is normal for beginners to lose money at first. Losing money is a necessary process, so do not be discouraged. As long as you keep practicing, studying, and understanding, you will soon develop your own system. Once you have your own system, hehe, the forex market suddenly becomes transparent. You can discover and seize real opportunities, and the forex market will send money your way, regularly or irregularly.

All right, these few weapons have now been taught. You can begin the practical exercise. Join one step ahead, and become a veteran one step ahead.

This site's MT4 series (excluding MF) has received 46 payments in total, adding up to USD 1180.00.

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