In this article, we’re going to look at three critical elements that you need to understand in order to effectively use the MT4 MetaTrader platform to trade the forex market:
– First, we’re going to be discussing how to make sure you can see all available instruments to trade.
– Next, I will go over how to tap into exploiting one of the best kept secrets regarding MetaTrader, combining indicators so that an indicator is commenting on the performance of another indicator.
– Lastly I will go over one of the best ways to exploit pips in a move, trailing stops. Afterwards you’ll be able to tackle the platform with confidence and ability to begin successfully trading using MT4.
First, let’s deal with the issue of pair availability. When you first install MetaTrader (MT4), you do not see all available pairs that your broker offers. I have no idea why but it could be dangerous depending on your trading style. Quite a few traders look at one currency pair to see what the other will do. This is called correlation. For example, if the EURUSD is going up, then typically the USDCHF is going down. You might see a clear pattern on the USDCHF chart but not on the EURUSD. Because of that observation, you have a high degree of confidence that the EURUSD will move in the opposite direction of the pattern seen in the USDCHF charts. By having all available charts at your disposal you increase your trading styles and choices.
Prior to initiating that trade with the EURUSD or USDCHF based on…