MT4 Starting Guide


MT4 Stating guide

 

Intro

  • You can probably understand how the platform works by playing around with it (on a demo account preferably to avoid some positons you don’t want) but here is a guide to give you a general overview and get you started fast.

 

Get an account

If you already have a real or demo account, you can skip this slide. Otherwise, you can open a demo account [here]. This will give you virtual money to trade with on MT4.

You can then download the platform [here].

Once installed, you should have the opportunity to fill in your account information. If not, click ‘File’ and ‘Login to Trade Account’.

 

 

Global view

 

 

 

How to Open a new chart

 

To open a new chart, move your mouse over the instrument you would want and Right-Click.

Then simply Left-Click on Chart Window. The chart will be displayed on your current chart-window

 

 

 

How to use the toolbar to change the timeframe, zoom in/Out, and add objects (trend lines…)

 

 

 

How to open a position

To open a new chart, move your mouse over a price you would want for the stop and limit orders and Right-Click.

Then select the order type you want to create.

Alternatively, on the top left of the current chart, you can right-click on the small arrow and it will show up

 

 

 

 

How to install a custom indicator or expert advisor(EA)

 

Once you have the indicator or EA you want to install, you need to open the folder containing your platform’s files.

In ‘File’, select ‘Open Data Folder’

Then go to the MQL4 folder, and copy your indicators in the ‘Indicators’ folder and you trading EA and the ‘Experts’ folder.

You should then refresh the platform by Right-Clicking on the Navigator and Refresh.

You should now be able to find them and attach them with a  Right click on their name and ‘Attach to a chart’.

 

 

           
     
   
 
     
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

How to check the rollover in MT4?

 

If the swap short of EUR/USD is -3 pips and I am short one lot, I should expect to [pay]/[earn] every day [3$]/[3€]

Press CTRL+U

 Select the currency pair you want and click the Proprieties button. You can now see the Swap Long and Swap Short fields

From those two numbers, we can calculate the daily interest. The formula is as bellow:

                Daily Interest in counter currency

                                = swap * lot size * pip value

 For example if the swap long of NZD/USD is at 1.92 pips and we buy the pair, it would earn us :

                1.92$ = 1.92 * 100 000 * 0.00001 per day