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Definitive Guide to the MT4 Options Dialogue

Metaquotes’ MetaTrader 4 (MT4) platform is by far the most popular trading platform among retail forex traders. In this quick and handy guide we’ll walk you through the various settings and options available in the MT4 options dialogue so you can get the most out of your MT4 platform.

Accessing the options dialogue

To bring up the MT4 options dialogue, simply click the Tools menu in your MT4 or terminal and then click Options (or Ctrl + O on your Windows keyboard):

Accessing mt4 options

Server tab

Once you’ve opened up the MT4 options dialogue you’ll find yourself on the Server tab:

Mt4 Server Tab

This tab allows you to switch trading servers, change your master and investor passwords, enable proxy server functionality, choose whether or not to retain personal settings and data at startup, enable live quote export via a DDE server and enable or disable incoming news. Generally the only thing you’ll ever need to do on this screen is change your password; you tend to set the trading server at login, you only need to setup a proxy server if your ISP uses one, you will nearly always want the program to retain your personal settings and data (unless you are using a public computer), price export via DDE is a functionality reserved for advanced users, and brokers rarely enable the incoming news feature these days.

Charts tab

The second tab in MT4 options dialogue is the Charts tab. Here you will find a lot of useful settings regarding chart display and interaction:

forex charts Tab

On this tab you can show/hide trade levels, enable/disable OHLC data, enable/disable the ask line, show/hide period separators, enable/disable colour printing, enable/disable the save deleted charts feature (very handy if you accidentally close a chart) and increase or decrease the max bars per chart and history values (used in back testing when you need to load extensive historical data).

You may want to disable trade levels if you are posting a chart and you don’t want to also post your position. OHLC (Open, High, Low, Close) data is very handy, but you may want to disable this if your charts are to cluttered or the data isn’t relevant to your trading style.

Objects tab

This tab gives you a few options used to customize the way you work with chart objects like trend-lines and fibs:

Mt4 Object Tab

You can set the platform to automatically display object properties dialogue when you create a new chart object, automatically select an object after creation, enable/disable object selection with a single mouse click and adjust object magnet sensitivity.

Automatically displaying the object properties dialogue on object creation is a very handy setting if you often draw trend-lines on lower time frame charts which you don’t want to appear on higher time frame charts.

Trade tab

This tab has a few options for streamlining order placement. You can change the default parameters used when creating orders, as well as enable/disable One Click Trading:

mt4 Trade tab

We’ve never personally had to change the default parameter settings on this tab, but One Click Trading is a very handy feature for the active trader.

Expert Advisors tab

Here you can access some essential options regarding the use of Expert Advisors:

Mt4 Expert Adviser Tab

There is a global setting which will allow/disallow automated trading, settings regarding when to automatically disable automated trading and security focussed settings related to allowing DLL imports and internet access. The vendor of your EA will advise you if you need to enable the final two settings. Be aware that these two settings can compromise the security of your terminal and PC, so only enable them if you have purchased your EA from a reliable vendor. The vendor will generally explain why their EA needs access to DLL’s or a web server.

Notifications tab

This tab allows you to enable or disable handy push notifications for your mobile device using your Metaquotes ID:

Mt4 Notification Tab

These notifications are delivered instantly, never lost and arrive directly in your Android/iOS mobile terminal. This is a very handy feature if you are often away from your terminal and require notification about a critical event with an EA or a market event which triggers a trade alert.

Email tab

The Email tab allows you to set where emails triggered by Expert Advisors or alerts will be sent from and who they will be sent to:

MT4 Email Tab

Simply enter the address of your mail (SMPT) server (you can ask your mail provider for this info if you are unsure), your email address and password, and complete the From and To fields as required. The simplest way of setting this up is just to enter your own email address in both the From and To fields. (Entering “Ýour Name”in these last two fields is optional).

FTP tab

Here you can enable automatic publishing of account data to an FTP server:

Mt4 Ftp Tab

This is generally used to connect your MT4 account to a third party analysis service like Myfxbook. The service you are using will provide you with all the information required by this tab .

Events tab

This tab is pretty self-explanatory, it allows you to enable/disable MT4’s event sound effects, as well as customize which sound effects are played:

Mt4 event Tab

Community tab

The final tab in the MT4 options dialogue is the Community tab. Here you can register for a new MQL5 account or login to an existing one:

Community Tab

If you would like to take advantage of the MQL5 Expert Advisor market, MT4 automatic trading signals, advertise/bid for coding jobs or post on the MetaTrader forums, you will need to create an MQL5 account from here in your terminal, or at mql5.com.

Enjoy

We hope you have enjoyed this guide to the options available to you in the MetaTrader 4 platform. If you are going to be spending a lot of time trading, it’s nice to be able to customize the way your MT4 platform works, in order to make it work for you.

Mt4 options infographics

Forex Trading Signals | All Things You Need To Know

The popularity of Forex today is surging - that is an undeniable fact. It is a place where most individuals, business people, and corporations are trying to familiarize. Or if not, they are making sure that they can bag a profit out of this foreign exchange market with the use of the Forex trading signals.

Before we introduce Forex trading signal, we will give you a general idea about Forex - just in case you are curious about it.

Forex Trading Signals

What is Forex?

Forex is a global marketplace for currency trade. Foreign exchange is important for the continuous movement of the global economy. Global trade and foreign exchange and business are not possible without the currencies.

Take this as an example. If you are residing in the United States and you want to buy meat from Australia, then it’s either you or the meat company will have to pay for the product in Australian dollar (AUD). If you are a German, and you are in touring in China, don't expect that you can buy goods there using Euro. You need to exchange it for Chinese Yuan Renminbi (CNY). That is the basic use of currency.

Because of the critical role of currencies, Forex is now the leading liquid financial market across the world. All other markets will fall in comparison to the breadth of Forex, even stock markets.

According to the Bank for International Settlements, the average trade volume of Forex is already $6 trillion a day. That means that in each hour, there are around $220 billion exchanged amount.

Perhaps, what makes Forex a hit nowadays is because it is done electronically or over-the-counter trade? Other markets require physical trading, which makes them limited and arduous. On the other hand, you can easily do foreign exchange because you can do it in front of a computer.

Aside from that, your playing field is vast because the transactions are global. The centers are located in Tokyo, London, New York, Hong Kong, Sydney, Paris, Zurich, Singapore, and Frankfurt. This market is also open 24 hours a day for a five and half day in a week.

But to be successful in this liquid financial market, you need to get familiar with Forex trading signals.

Introduction to Forex Trading Signal

If you are new to foreign exchange, one thing that you have to learn is the use of Forex trading signal. These signals are being used by most experienced Forex traders to guide them. Signals are important, especially on engaging critical trades.

Since there are a lot of providers for Forex signals, traders may have different ways of using this tool. But generally, all of them are using these Forex signals as a safety net from a crashing trade.

How does a Forex Signal work?

Each provider has different schemes for their Forex trading signal. But basically, these signals are founded into two cornerstones. First is technical analysis. The technical analysis is a sophisticated system way of computing the price of the currencies and their possible trends.

The second one is an analysis of global events and how these happening may shift the prices for the short and long-term period.

Some of the Forex signal providers are teaching their systems on how to react to current events. After the analysis, the input would be a signal that was independently generated by the system.

If you think about it, these kinds of systems are advantageous for you. First, a system like this will remove every downside of human psychology. Most of our decisions always involve fear, hesitation, and doubt. Notably, these emotions are ever-present especially at crucial moments such as high-stake trades.

Ironically, the removal of human psychology in the factor is also the greatest downside of these trading signal systems. Without instinct, intuition, and risk-taking, big opportunities might slip away from your hands. Computers are inflexible. Therefore, they will only function the way you programmed them.

Providers usually send the Forex signals directly to your phone or email. By this mechanism, you, as a Forex trader, can track daily your activities. Also, this system will enable you not to miss any great trading opportunities.

How to choose the best Forex signal provider?

In the choice of the best Forex trading signal service, you have to check the following factors first. By doing so, you can assure yourself that you are well-equipped for commercial trade.

1. Comprehensive System - The trade signal that you choose should have an easy-to-use interface. It should have configurations that can aid you in the development of your account as well as management of your resources.

Necessary configurations for a good Forex signal

l Entry Prices

l Stop Loss

l Take Profit

1. All Information Are Present - The Forex trading signal must contain all the necessary data you need before you decide for a trade. All the information under Entry Point, Stop Loss, and Take Profit should be indicated neatly. These pieces of information should have up-to-time updates.

Your provider should also offer the following services for you to get familiar with trade signals:

l Coaching and interaction platforms such as customer support and forum

l Account management platform to manage your trade signals

l Repositories of materials related to Forex and trade signals

1. Avoid Unrealistic Profit - In looking for the best Forex trading signal, avoid subscribing to those providers that indicate +5PIPs, +7PIPs from individual trades. An expert Forex trader would automatically dismiss these profits as unrealistic and may cause you to enter losing trades. These profits are usually robot-generated and may not be dependable.

1. Avoid Random Signals - Aside from the generation of unrealistic profit, some Forex signal providers also produce random trade signals that are not even reliable at all. These signals are not analyzed thoroughly and usually created just to show their clients that they offer "quality service."

1. Signal Arrival - The provider you should choose should have a definite time when they will send signals. You just can't wait all day for a trade signal to arrive, right? The best Forex trade signal providers have a schedule when they are releasing messages to their clients.

1. Ability to Monitor Trade - One of the most important services a trade signal provider can give you is business monitoring. Aside from signals, you should also consider every situation that could affect the market. As we have said earlier, foreign exchange is a liquid financial market. Any major events can cause shifts in prices and trend of trade.

In line with these, we will give you the four types of Forex signal a provider can offer to you:

l Free and unpaid trade signals

l Paid signals (Either by personal analysis or algorithmic analysis)

l Paid signals (From multiple and aggregated systems and networks)

l Signals from a trading system, which is commonly called as Forex robot or EA

Most of all, it is also important that you will select a provider that can give you monthly commitments to the number of the signal that they will give. By doing so, you have a benchmark to how you will rate their service. If they will fail to deliver this, then jumping to another provider is just a logical thing to do.

There are a lot of providers today that are offering trade signals. Always heed the considerations we gave. They can save your money. They can also save you from disappointments.

As you go further to Forex trading, you will get more familiar with these signals. They will help you to avoid risks in trading currencies, which in turn, will maximize your profit.

Do not be afraid to learn about foreign exchange. In this era where access to information is easy, learning about financial trade is possible. Some people get afraid whenever it comes to business, trade, and finance. They say that these subjects are too complex.

Yes, we won’t deny that they can get hard. However, we never told that foreign exchange is something you can’t learn.

Also, take into account that there is no instant success on Forex, neither to any goals that you set. You need to pour constant effort and dedication. Getting familiar with the numbers and learning how to analyze the global market are ways you can get ahead. Keep eye on the events that are happening around you. Some of them can give you your biggest break!

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Ultimate Guide to make Money from Forex Trading

 Introduction to Forex Trading

The world of forex is complex indeed. There’s so much to be learnt and incomplete knowledge about forex, well can be dangerous. I started investing in the Forex world a couple of years back, and it has been a rewarding ride.

Forex trading carries with it a number of dangers. If you aren’t careful, you might just find yourself in a huge debt. Of course, if you know how everything works, you can make quite a bit of money too.

This is why you need forex trading for beginners.

Let’s take a brief look at what the forex market really is. Technically, forex trading is defined as the market where global currencies are exchanged. The main participants in this market are of course banks and many financial centers.

But that doesn’t mean only large financial institutions take part. There are small financial firms too and dealers who deal with quite a lot of money too, sometimes even to the tune of over hundreds of millions of dollars.

Forex trading by and large has little supervision as it has international trade and there’s no sovereign authority controlling it.

2. What if you want to become a part of this forex trading system?

One can make big money here if they understand the complexities of the foreign trading system. Say the currency exchange rate of $1 to another currency is translates to 10 units of the other currency when you buy it. Later, when the same exchange rate becomes $1 = 14 of the other currency, you can sell what you have to earn a handsome margin of profits.

Things to do before starting forex trading:

Forex trading is undoubtedly a huge source of making money. Before starting to trade you should have the basics of  forex trading. If you have those ideas, you will get confidence in trading. Keep in mind forex is not a gambling platform to make money overnight. If you can develop a strategy that work, it will be potentially profitable for your trading career.

You can do the following things to be successful in forex trading

(a) Learn the basics of forex trading

(b) Choose a Suitable forex Broker

(c) Open a demo account and practice it

(d) Follow a successful trader

(e) Develop your own strategy

(f) Trade in Live account

3. How to Make Money from Forex Trading?

Having a trading strategy is the single most important factor in successful forex trading. Traders who don’t utilize a strategy have a clear idea why this is important.

“A trading strategy may be important, but it is how you integrate it with other aspects of your trading activities that will determine your level of success.” We are going to help you by walking you through how to build your very own trading model.

l Your strategy dictates where to enter and exit a trade, the duration of the trade, money management practices and even risk management criteria you use.

l The next step is to identify the forex security you will be trading.

It could be assets or currency pairs.

Your choice should be made after careful consideration.

They don’t carry the same amount of risk.

3.1 Include Forex Specific Parameters

The next step in building your trading model is to include four specific parameters.

News is important because you cannot ignore how the news will affect the market.

Your model should also have any timing dependencies that you may want to include.

You could decide to only enter the trade just before Macroeconomic figures are announced.

The next step is to set your trading objectives.

This means that you should incorporate the following values into your trading model and keep testing and tweaking until you find the right fit:

Profit levels

Stop loss levels

Money Management techniques

Risk Management criteria

3.2 Consistent and Continuous Testing

No trading model is perfect at conception stage;

it takes a while to make it work just right.

The time is well spent testing and re-testing every aspect of the trading model.

The model should not only work but is consistent with your trading style.

Before a trading model can become perfect, you will have to exercise discipline and patience.

3.3 Get Idea of Currency Volatility

Technical analysis works much the same as it does to analyze the stock market. It’s assumed that the current price reflects the news, charts, and other objects of analysis.

Fundamental analysis, on the other hand, is difficult when it comes to the forex market. This is because unlike businesses, countries do not have balance sheets.

“Fundamental analysis of the forex market will correlate economic conditions and a nation’s currency valuation.”

Several fundamental factors that play a major role in a currency movement.

In order to understand fundamental analysis for forex, we need to look at these factors.

3.3.1 Economic Indicators

The following economic indicators that play a major role in fundamental analysis:

Gross Domestic Product: Most traders will use two reports that are issued just before the GDP as a basis for their fundamental analysis.

Retail Sales: Retail sales can accurately determine the direction of an economy, making it the most important factor in fundamental analysis.

Industrial Production: The utility production in a country can significantly affect its currency.

Consumer Price Index: Traders focus on the Consumer Price Index as prices of exports affect volatility of currency.

3.3.2 Other Indicators

Economic indicators are just some of the vital factors to assessing the volatility of a currency. Other technical factors and third party reports can actually have valuable information.

Short Profit Level - If you're looking to trade forex, know that you can also make a short profit. Many forex players look at making short profits instead go long term profits - and you need to have a level in mind. Once the forex level reaches that, it's time to sell.

Stop Loss level - If you're experiencing loss, do not worry. A little loss is okay, but have a stop loss level in mind or the level the you would want to sell the currency, to avoid making more loss.

Tips to Do Better in Forex Trading 

1. Use experience

Use all of your experience in online trading. Read books and consult experts. Join forums online and be up to date with the current trends. Even if it was a hobby before, you might have learned an important lesson in the process. Know what your mistakes were in the past and try to avoid them. More importantly, study the market behavioral patterns. Create time to improve upon your skills.

2. Get the required skills

If you seek to be professional in trading then, get a professional degree in finance, business or related degrees. There are four-year relevant programs like investment management, international markets, banking, corporate finance, global economy, and business economics. In addition, develop strong analytical, interpersonal and communication skills. This will help bring more business.

3. Get the necessary tools

Are you using the right tools? Like other business professions, there are tools that can make your work process easier. Today, you have predictable analytics software that can help you know the trends easily. Get a good analytics software or trading software that can automate your work to the utmost; however, do not rely on these software wholly as it can be fatal. These will help you analyze or manage your investment in more effective way.

4. Self-development

As you will be working from home, you may not have chance to interact with the best in the business. Make sure you visit forums, webinars, seminars, or conventions. This will help you meet the best traders in the business. Interaction with other traders will help you learn more about the business. If you can afford to spare a little money, you can get a mentor who might stay close to you during your first few months when your work as a consultant.

Understanding Forex Trends

One important factor in forex-trends. Trends are basically movements on a graph, which when plotted, gives us an idea of the currency, which direction it is headed in, and its movements over the recent past. Trends are very useful, because, if you see a consistent upward trend between a currency pair, then you are in a better position to take a call regarding the transaction of that particular pair. Trends are vital, because they are numerical, absolute, and represent the most raw form of data, that a forex trader can use to his advantage to trade currencies.

The collection of data points plotted on a chart, shows the general direction of the currency.In some cases, it is easy to identify the trend. Forex trading, however, is not at all predictable, and sometimes you may see a haphazard trend, i.e, the rise and fall, often between short spaces of time.

A trendline is a charting technique, in which a line is added to represent the trend in a currency trend. It is as simple as drawing a straight line that follows a general trend. Trend lines, are useful in identifying trend reversals.

Studying and understanding trends, is important, so you can trade and profit from the general direction in which a currency pair is heading. Not paying attention to trends, could attract monetary losses. Losses, when small, can be swept under the blanket as learning experiences. But, long term losses could drain your funds. Hence it is important to observe, and study the prevalent trend. Forex trading is all about analyzing data, and getting the most out of it.

Making Money in Forex

I believe if you have the right strategy, you would be able to make a lot of money in Forex. Study the market carefully before investing and do not take uncalculated risks - it is important to know the basics well.

Make money in forex trading