Jump to content

MT4; Learn to Trade


Recommended Posts

MT4 Learn to Trade


Though there are many platforms to choose from learning to trade on mt4 stands out for a good number of important reasons. IG offers a multitude of platforms each with their own special features but essentially they all set out to do the same job. If you are just starting out you should not be looking to specialise but should first be seeking to learn the basic art of trading on a average market on a average time frame. Once you have learnt to use a platform picking up how to use any of the others is relatively simple and mt4 is good first choice.

 

Built in trading journal.

It usually takes a while before people learn that they need to be journaling their trades, all that time is wasted. And no, the account PnL is not enough, when you start out you will be trialing many different approaches, at some point you will realise you've come full circle, you'll stop to consider what you've learnt and you'll realise the answer is nothing because you have no record of what you've done and what worked when. With a journal you can review and compare different time periods and see without doubt what was working and by how much. MT4's built in journal starts recording your trades from day 1.

 

Micro lot bet sizes.

Demo is really only useful to learn the ins and outs of the platform, and maybe checkout the basic prospects of a new strategy, you will not learn to trade on the demo platform, you need to be risking real money, even if it's only fractions to begin with, start low with a view to build up as your skill and confidence grows rather than starting too high, panicking because of the risk and being forced to drop down, this crushes confidence. MT4 is the only IG platform where you are able to start at 10 pence per point (micro contracts).

 

All styles of charts.

Every conceivable chart type is available on mt4 (HA, Renko etc) allowing you to experiment and get a feel for them and find out early if they work for you or not, learning on a platform with only the basic chart types (line, bar and candle) will leave you wondering and looking backwards rather than forwards as you progress.

 

Every type of indicator.

The range of indicators available for free download is legendary, literally 10's of thousands. Same as for chart types, experiment to get a feel for what suits early on and develop from there.

 

Easy learn auto trading with mt4 EAs.

EAs were a main feature for mt4 right from the beginning. Trading robots are popular and mt4 has special features to make the use of Bots easy to learn and, as for indicators, there are many already written you can download plus there is lots of tuition on how to write one yourself.

 

Lots of help and support network via the mql5 community.

The resource pages on mql5.com for mt4/5 are huge and there is also a very large and active members forum, most any question you might have is likely to have been already answered, search and see, if an answer is not found just ask the community.


 

MT4 may well not be the platform you end up with once you have learnt the actual basics of trading, it has it's faults like any platform, doesn't cover stocks for example, but it probably should be the one to start out on to learn how to trade.

  • Like 2
Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • ASX: LIGHT & WONDER INC. – LNW Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)   Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with LIGHT & WONDER INC. - LNW. We determine that LNW is developing under wave ((ii))-green and may end soon, and is ready to allow wave ((iii))-green to return to push higher.     ASX: LIGHT & WONDER INC. - LNW  Elliott Wave Technical Analysis   ASX: LIGHT & WONDER INC. - LNW  1D Chart (Semilog Scale) Analysis Function: Major trend (Minor degree, red) Mode: Motive Structure: Impulse Position: Wave iii-blue of Wave (iii)-purple of Wave ((iii))-green Details: The short-term outlook shows that wave ((ii))-green has extended longer than expected, developing into a Double Zigzag. Wave (x)-purple has just completed, and wave (y)-purple is unfolding to continue pushing lower. Invalidation point: 136.07   ASX: LIGHT & WONDER INC. - LNW  Elliott Wave Technical Analysis TradingLounge (4-Hour Chart) ASX: LIGHT & WONDER INC. - LNW  Elliott Wave Technical Analysis ASX: LIGHT & WONDER INC. - LNW  4-Hour Chart Analysis Function: Major trend (Minute degree, green)   Mode: Motive   Structure: Impulse   Position: Wave b-blue of Wave (y)-purple of Wave ((ii))-green   Details: The shorter-term outlook suggests that wave (y)-purple is currently unfolding, subdividing into waves a, b, c-blue, with wave a-blue having just completed. Now is the time for wave b-blue to unfold, pushing slightly higher before wave c-blue returns to push lower. This sequence would complete wave ((ii))-green, allowing wave ((iii))-green to resume and push higher. Invalidation point: 162.00   Conclusion:   Our analysis, forecast of contextual trends, and short-term outlook for ASX: LIGHT & WONDER INC. - LNW aim to provide readers with insights into the current market trends and how to capitalize on them effectively. We offer specific price points that act as validation or invalidation signals for our wave count, enhancing the confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional perspective on market trends.   Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation). Source : Tradinglounge.com get trial here!  
    • Just updated settings for currency conversion from instant to manual. I understand, from now on, I pay commission of 2 cents per share with a minimum charge of $10 on US stocks while on instant it was $0. But, the real question is: - how do i transfer my AUD in my bank to USD on IG. Is bank transfer option (With the acct/swift code from IG) the only option? - what happens when US stock gives divided? does it get transferred to AUD or will it remain somewhere (dont know where) on IG in USD itself?  - what happens when I sell USD stocks? same as above, where do i manually transfer it back to AUD?   Cheers
    • There has been a significant uptick in activity from institutional investors, or "whales," in the meme-inspired cryptocurrency Dogecoin (DOGE). Recent data shows the value of large transactions has almost quadrupled in the past day. According to statistics from IntoTheBlock, transactions over $100,000 have soared in value over the last 24 hours, jumping from $1.53 billion to nearly $3.01 billion. Simultaneously, the amount of DOGE moved by these whales increased from 9.74 billion to 17.97 billion, indicating a substantial rise in investor activity within the Dogecoin ecosystem. This dramatic increase in whale transactions coincides with growing speculation within the crypto community about the possibility of a Dogecoin ETF being approved. Excitement surrounding the prospect of an Ethereum ETF has led to speculation that DOGE might be the next cryptocurrency to get its own ETF. Amid this speculation, a prominent crypto enthusiast named Vee posted on X, suggesting that Dogecoin would be perfect for an ETF due to its broad acceptance and non-security status. In a post highlighting the potential pros and cons, Vee underscored the double-edged nature of traditional financial institutions' interest in Dogecoin. Billy Markus, one of the coin's co-creators, humorously remarked that a Dogecoin ETF would be "amusing," a sentiment that fits DOGE's playful origins but doesn't detract from the serious investment opportunities current market trends present. Dogecoin value has risen by 11.2% over the last week, reflecting the overall upward trend in the cryptocurrency market. Although DOGE has seen a slight 0.7% increase in the last day, it is now trading at $0.168.
×
×
  • Create New...
us