In the second article of our new section “learn daytrading from scratch” we need you to make familiar with the Metatrader 4 trading platform. In order to be a succesful daytrader you need to know every important function of your trading platform by means of which you can manage your risk and your running trade.
If you don’t use the Metatrader 4 trading platform but another one you should check its functions on a demo account first. Basically it is these main functions you need to know about your trading platform, no matter which one you are using:
- How to install and setup it properly
- How to alter templates and colors
- How to insert indicators and oscillators
- How to open a trade by market
- How to put limit trades
- How to set your lots and/or contracts
- How to move your S/L and T/P
- How to close a trade or part of your position properly
- How to extract data for your trading journal
As long as you don’t know how to adjust these basic settings mentioned above, you should not start trading with real money. Open a free demo account instead and renew it when necessary. In this video tutorial you are given a basic introduction into the Metatrader 4 platform and the different order types. If you are new to trading you can pause this video from time to time and execute the settings shown simultaneously.
Introduction into MT4
This video has been recorded with FXPRIMUS. The shown settings work with any Metatrader 4 Broker.