MetaTrader 4 Tutorial for Beginners – Getting Started in Forex Trading


In this MetaTrader 4 tutorial, we will show you more about the MetaTrader platform, especially if you are a beginner trader. Moreover, we will give you some tips that you need to know before you trading with Expert Advisors.

This is how the MetaTrader platform looks like after you install it.

MetaTrader tutorial - The platform
The MetaTrader platform

I have selected MetaTrader 4 for the purpose of this course and for most of my courses because it is the most common platform for trading. It allows algorithmic trading, which is very important, and it is free. The brokers pay the MetaQuotes Company and the brokers provide the platform to us for free.

We don’t pay any monthly fees, charges, and so on. What we pay the brokers is the spread. This is the difference between the Bid and the Ask price.

Bid and Ask price MetaTrader tutorial
The Bid and Ask price

For the beginner traders, when we buy an asset, we buy it on the Ask price or this is the more expensive price. And when we sell the asset, we sell it on the Bid price, which is the cheaper price.

For example, if I buy one trading lot at the moment at the price of 1.1860 and the price rises to 1.1960, this will be 100 pips of a profit. If I close the position at that moment, I will be closing it on the Bid price. Therefore, the broker will benefit from the difference between the Buy and the Sell prices. This is very normal and it is important to know when you are trading with Expert Advisors.

The Market Watch

The other cost that we pay the brokers is the swap. The swap comes if we hold our position overnight. If I buy EURUSD today, for example, I hold the position overnight, and I close the trade tomorrow, I will be charged a swap. This is the fee that the broker takes if it transfers the trade to the next day.

It is the same thing if you sell, but some brokers will give you actually a positive swap. In other words, if they hold your position overnight, you may benefit from that.

Let’s see, how much is the swap, for example, for EURUSD. If I right-click over the Market Watch, over the EURUSD and I click on Specification,

Specifications
Right-click over the asset and click on Specification

you will see below that I have some details about the asset.

Asset contract specification
The asset contract specification

I have a Swap long negative and I have a Swap short positive. This means that if I keep my short trade overnight, I will have some positive swap out of that.

In this MetaTrader 4 tutorial for beginners, you will see a MetaTrader 4 Tutorial PDF attached with some basic terminology about Forex trading which will help you learn all of these terms faster.

In the Market Watch, we see all of the assets that the broker offers you. However, if you don’t see too many, right-click anywhere on the Market Watch and check Show All.

MetaTrader Market Watch tutorial
Right-click over the Market Watch and select Show All

This will display more assets that are provided by the broker. Of course, it depends on the broker that you are using and the type of account you’re using.

Risk Diversification

This broker, for example, offers more assets on its real account, which you will see later in the course. In this course, I will focus on the GBPUSD, which I believe you will be able to find with all of the brokers.

Actually, the GBPUSD is the third most traded currency pair, the first being EURUSD. The second is USDJPY, and the third spot is GBPUSD.

However, in most of our courses, we include different strategies for different assets. In other words, if you have already many of our courses, you will have Expert Advisors for EURUSD, USDJPY, EURJPY, and EURGBP.

You will have a great diversification of your risk by trading different assets.

For this course, I will include different strategies for the GBP so you will not rely on one single strategy or one single Expert Advisor. And still, this way, you will have an excellent risk diversification which you will see a little bit later in the course.

If you want to trade any of the assets, all you need to do is to right-click over it in the Market Watch and go to New Order.

Placing a New order
Right-click over the asset and click New Order

This is where you can execute an order, you can set the volume, how much you want to trade, the Stop Loss and the Take Profit.

MetaTrader tutorial order interface
The order

MetaTrader 4 Tutorial: The Navigator

If you want to execute the market price at the moment you can just sell or buy. Or you can use a pending order. In other words, you can select what type of pending order you want to do and select the price at which you want to buy or to sell.

I’m not doing manual trading and I won’t be executing trades manually. You will see how I do it all with Expert Advisors.

In the Navigator, you will see that we have the Accounts. In addition, this is where you will see your account that you opened with the broker, if you have a Demo or if you have a live account.

Then we have different indicators that you can use for your strategies.

The Navigator in MetaTrader
The Navigator

After that, we have the Expert Advisors, which I will show you how to put on your MetaTrader just in the next lectures. Below we have some scripts that are useful for different purposes when you’re using MetaTrader but I am not going into details about that in this tutorial.

The Demo account

Below the Navigator, we have the trading terminal where you will see the open trades and the closed trades. Moreover, we will have the account history where we will see all trades that open and closed.

I have opened a Demo account of 50000 USD, this is virtual money. So if you open a Demo Account and you lose, regardless of whether you are doing manual trading or with Expert Advisors, don’t worry – this is virtual money. In other words, you won’t owe anything to the broker. You can always restart your account and practice. This is the best thing.

To sum up, when you have a Demo account that you are actually trading, you have access to the market and you can practice without losing anything.

Don’t hurry to risk real money until you are confident with the system and until you feel satisfied with the strategies, with the Robots that you’re using. Not just from this course, but any other strategies that you learn.

Make sure to practice and make sure to master it before risking real money on the market.

In the middle of the screen, you see the charts and you can modify those. I can right-click and select Tile Windows. This will split the window into 4 charts, and I can close them if I want and leave just one. As I’ve said in this course, I will be trading the GBPUSD.

Customize the Candlesticks in MetaTrader 4

For the Expert Advisors, it really doesn’t matter if you have indicators over the chart or not. Therefore, what I like to do is just to remove the indicators from the chart, and as well I remove the grid behind. So I can right-click over the chart, go to Properties,

MetaTrader 4 Properties
Right-click over the chart and select Properties

and from Common I can uncheck Show grid as well.

Common settings
Common settings

I can change the colors of the candlesticks or I can leave them the way they are.

MetaTrader 4 color settings
Color settings

It doesn’t really matter for algorithmic trading.

One more time in this MetaTrader 4 tutorial for beginners, I will go to Indicator’s List because I didn’t remove the Moving Average.

The last thing, I will uncheck One-Click trading because I don’t need it. This is the default chart and I can actually save it as a template. I will right-click over the chart, go to Templates, Save Template,

Working with templates on MetaTrader 4
Right-click over the chart, go to Templates, select Save Template

and I will save it as Empty template.

Save a template on MetaTrader 4
I save it as Empty template

This way, I know that whenever I want to have an empty template, I can easily do that.

The 4 Candlestick Values

You can modify your MetaTrader trading platform any way that you want. For instance, you can switch to a bar chart or to a line chart, which is the very same thing.

Switch to bar chart or line chart in MetaTrader 4
You can switch to bar chart or line chart

But with candlesticks, we have a more visual representation of the price by having the candlesticks colored according to whether they were bullish or whether they were bearish.

The candlesticks in MetaTrader 4
The candlesticks

In other words, if they were positive or if they were negative. And if I put my mouse on the closing of any of the candlesticks, you will see that I have 4 values: High, Low, Close, and Volume.

The candlestick values
The candlestick values

These 4 values are for the historical data which we are using in algorithmic trading to create Expert Advisors and to backtest Expert Advisors.

And the current price for GBPUSD is 1.3126 and all the rest that you see before that is called historical data.

GBPUSD price in MetaTrader
Current GBPUSD price

In the next section, I will show you how we use this historical data to create strategies and Expert Advisors and to see how they performed until the moment. And along the course, I will show you more about the MetaTrader platform, so you will feel comfortable with it.

By the end of the course, you will know exactly what you need to do in order to test Expert Advisors and to see some profits into your account.

Thanks for reading this MetaTrader tutorial for beginners. See you in the next lecture.

Have a great day.