Let’s check My Forex Funds Meta Trader 4 information:
MetaTrader 4, also known as MT4, is an electronic trading platform widely used by online retail foreign exchange speculative traders. It was developed by MetaQuotes Software and released in 2005. The software is licensed to foreign exchange brokers who provide the software to their clients.
| Broker: | Traders Global Group |
| Platform: | Meta Trader 4 |
| Instruments: | 1. Forex, 2. Cryptocurrency, 3. Index, 4. Metals, 5. Commodities |
| Leverage: | 1:100 |
| Order Execution Speed: | From 0.006 to 0.15 seconds |
| Slippage: | Up to 30 pips |
Average spread list
| EURUSD | 0.1 pips |
| GBPUSD | 0.3 pips |
| USDCAD | 0.3 pips |
| USDCHF | 0.4 pips |
| USDJPY | 0.3 pips |
| NZDUSD | 0.9 pips |
| XAUUSD | 1.5 pips |
| BTCUSD | 33 USD/pips |
| AUDUSD | 0.3 pips |
| XAGUSD | 1.1 pips |
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You can visit the My Forex Funds website here, or read a review here.
How do you use MT4?
Open a position
using the order window When you’re ready to place a trade, go to ‘tools’ and click ‘new order’. This will bring up the ‘order’ window. Alternatively, you can press F9 on your keyboard.
Once you’ve done that, you’ll be presented with the order window.
While the order window can seem daunting at first, here’s a quick guide to all the components:
- Symbol – this drop-down menu allows you to select which market you would like to trade
- Volume – for a CFD account this is the number of contracts you would like to trade
- Stop loss – if you want to use a stop to close the trade if it moves against you, enter your desired level here. Stops on MT4 are equivalent to basic stops on the IG platform
- Take profit – if you want to use a limit to lock in profits, enter your desired level here
- Comment – a small space to leave a comment about a particular trade; or for more advanced trade-management purposes
- Type – choose ‘instant execution’ if you want to place your trade the moment you select either ‘buy’ or ‘sell’. Alternatively, select ‘pending order’ if you want to choose the level at which your trade opens
Depending on what type of trade you are placing, you’ll then be faced with the following options:
Instant execution
- Enable maximum deviation from the quoted price – trades can sometimes be rejected if prices move suddenly as you place them. If you would still want to place the trade within a certain price range, check the box and fill out the ‘maximum deviation’ in pips (from the current price) that you would be willing to accept
- Buy or sell – when you’re ready to place your trade, click ‘buy’ if you think the market will rise in value, or ‘sell’ if you think it will fall. This will place your trade
Pending order
- Type – choose the type of order you want to place, from ‘buy limit’, ‘sell limit’, ‘buy stop’ and ‘sell stop’. Discover the difference between stop and limit orders
- At price – select the price level at which you want your order to be triggered (note: for some order types you will be dealt at market level, irrespective of whether your chosen level is breached)
- Expiry – check this box to specify a date and time for your order to expire if the market does not reach your ‘at price’
- Place – click this button when you are ready to place your order
Monitor and close your positions and pending orders
To monitor your open positions and pending orders open the ‘terminal’ window by pressing Ctrl + T, or by clicking ‘view’ in the toolbar and selecting ‘terminal’. Next, navigate to the ‘trade’ tab. You can close a position or delete a pending order by clicking the small ‘x’ on the far right of the profit column.
Modify stops and limits on open positions
To modify stops or limits on open positions and pending orders, open the ‘terminal’ window (Ctrl + T) and navigate to the ‘trade’ tab. Right click on the position or pending order you’d like to edit, then select ‘modify or delete order’ to bring up the order window.
You will then have the option to modify or add stops and limits to your position. When you are finished, click the red ‘modify’ button to confirm your changes.
Customise MT4 charts
MT4 offers a range of tools you can use to customise charts. Here’s how to:
Draw on charts
MT4 includes a number of ‘objects’ you can use to draw on charts. From left to right on the below image:
- Cursor
- Crosshair
- Draw vertical line
- Draw horizontal line
- Draw trendline
- Draw equidistant channel
- Draw Fibonacci retracement
- Draw text
- Draw text label
- Arrows
To draw, simply select the object you want from the toolbar and click on the chart. The width and positioning of some objects is adjusted by moving your mouse as you click on the chart, while others open a separate window for customisation.
To edit or remove an object, right click on the chart then select ‘objects list’ from the menu. This will open a window that displays a list of all the active objects shown on the chart. Select your chosen object from the list then click ‘edit’ to customise the indicator settings or ‘delete’ to remove
Add indicators
You can add indicators such as RSI, stochastic oscillator and Bollinger bands to charts. Simply drag your chosen indicator from the ‘navigator’ window and drop it on top of a chart. This will usually open a window, where you can customise how the indicator is displayed.
Alternatively, you can add indicators to a selected price chart using the menu bar. Click ‘insert’ then ‘indicators’ and choose your chosen indicator from the drop-down menu.
To edit or remove an indicator that is displaying on a chart, right click within the chart window then select ‘indicators list’ from the menu. This will open a window that displays a list of all the active indicators shown on the chart. Select your chosen indicator from the list then click ‘edit’ to customise the indicator settings or ‘delete’ to remove.
Change timeframe
To change the timeframe of a price chart, simply right click on the chart, select ‘timeframe’, then choose your preferred option from the drop-down menu. Timeframes range from one minute to monthly.
You can also change the timeframe of a selected price chart using toolbar buttons. From left to right:
- M1 (1 minute)
- M5 (5 minutes)
- M15 (15 minutes)
- M30 (30 minutes)
- H1 (1 hour)
- H4 (4 hours)
- D1 (1 day)
- W1 (1 week)
- MN (1 month)
Set up a price alert
To set up a price alert, open the ‘terminal’ window then navigate to the ‘alerts’ tab. Right click within this window and select ‘create’ from the menu. This will bring up the ‘alert editor’ window where you can customise your price alert.
View your trade history
To view your trade history, open the ‘terminal’ window and navigate to the ‘account history’ tab. You can change the date range by right clicking within the window and selecting one of the following options:
- All history
- Last three months
- Last month
- Custom period (if you select this option, you can choose a date range in a new window)
Download trade reports
To produce a trade report, open the ‘terminal’ window and navigate to the ‘account history’ tab again. Right click within the window then select one of the following options:
- Save as report
- Save as detailed report
Both options will produce a report detailing individual trades (closed transactions, open trades and working orders) plus an account summary. The detailed report includes additional metrics such as drawdown and profit factor.
Choose from thousands of MT4 indicators and add-ons
Add-ons and indicators are a big part of MT4.
Indicators are technical analysis tools that are designed to help in your decision making during your time on the markets. Some of the indicators available to your through IG are pivot points, order history and the Renko indicator.
Add-ons, on the other hand, are more designed to help you customise the MT4 platform to your individual trading style and goals. The add-ons provided for free by IG include mini terminal, stealth orders and alarm manager which aim to help you fully customise the MT4 platform.
My Forex Funds discount code: forexpropreviews5
You can visit the My Forex Funds website here, or read a review here.
