MT4 Orientation

MT4 Orientation

MT4 Orientation Create Demo Account.  On the menu, go to “File”, select “Open An Account”.

MT4 Orientation  Select “Practice server” and click “Next”

MT4 Orientation  Choose “New demo account” and click “Next”

MT4 Orientation  Fill in the information.

MT4 Orientation  Select leverage 1:100.

MT4 Orientation  Enter deposit amount.

MT4 Orientation  Tick the checkbox and Click “Next”.

MT4 Orientation  Account created, click “Finish”.

MT4 Orientation Change Password.  On the menu, go to “Tools”, select “Options”.

MT4 Orientation  Click “Change”.

MT4 Orientation  Enter current password.  Enter new password twice.  Click “OK” to complete.

Activity

Activity  Open a MT4 Fixed-Spread Demo Account. (Disclaimer: This does not imply Fixed –Spread is better than Variable or ECN Premiere)  Change the password.

MT4 Orientation Major Icons. 1.Market Watch 2.Navigator 3.Data Window 4.Terminal

Market Watch

Market Watch 1.Currency are traded in pairs. Example 1  EURUSD means EURO Dollar vs US Dollar. Example 2  USDJPY means US Dollar vs Japanese Yen.

Market Watch 2.Base Currency vs Counter Currency. EUR/USD  If EUR/USD is quoted at , then 1 Euro = US Dollar. USD/JPY  If USD/JPY is quoted at 98.63, then 1 US Dollar = Japanese Yen.

Market Watch 3.What is PIP? It stands for Price Interest Point. Examples :  EUR/USD is quoted at pip = USD  USD/JPY is quoted at pip = JPY 0.01

Market Watch 4.How is Pip calculated?  EUR/USD moves from to , this represents a 8 pips move.  USD/JPY moves from to 98.35, this represents a 28 pips move.

Market Watch 5.BID Price & ASK Price.  BID Price is the current selling price.  ASK Price is the current buying price.  What is the BID and ASK price for USD/JPY now? 6.Pip Spread = ASK Price – BID Price

Activity

Activity  Open the Market Watch window.  Change the size of the window.  Find out the pip spread for the 7 major currency pairs.  Bid = and Ask = for EURUSD, what is the pip spread?  ** BONUS **

Navigator

Navigator 1.Types of Account.  Standard Account :  1 lot = 100,000 worth of Base currency  1 pip ≈ 10 USD  Mini Account :  1 lot = 10,000 worth of Base currency  1pip ≈ 1 USD

Navigator 1.Types of Account.  Micro Account :  1 lot = 1,000 worth of Base currency  1 pip ≈ 0.10 USD

Activity

Activity  How do you differentiate between a Demo and Live account on the MT4?  Does FXPRIMUS offer Mini and/or Micro account?  If the navigator is displaying more than 1 account, how do you know which is the active one?

Data Window

Activity

Activity  Switch the chart to candlestick chart.  Use the zooming function to enlarge the candlestick chart.  Write down the OHLC prices of the most recent candlestick on your chart.  ** BONUS **

Terminal

Terminal 1.Margin.  Margin allows you to purchase a contract without a need to provide the full value of the contract. Example  For a USD100,000 position (1 lot in a standard account), on 1% margin, you are required to offer only USD1,000.

Terminal 2.Leverage. Margin RequiredMaximum Leverage 5%20:1 3%33:1 2%50:1 1%100:1 0.5%200:1 0.25%400:1

Terminal 3.Balance.  Funds available in the account. 4.Unrealised Profits/Losses.  Also known as floating profits or losses.  Profits and losses are realised when the transaction is closed.

Terminal 5.Closed Transactions.  They will appear under “Account History” tab. 6.Realised Profits/Losses & Balance.

Terminal 7.What is Long? & What is Short? LONG – To buy 1st with an obligation to sell later expecting the price to go up. SHORT – To sell 1st with an obligation to buy later expecting the price to go down. A Trade = A Contract

Terminal 8.Create Instant Order.  Click “New Order” button or press F9.

Terminal Volume = Lot Size.

Terminal Exit prices : Stop Loss & Profit Target.

Terminal Current Sell and Buy Prices.

Terminal Instant Sell and Buy Order.

Terminal 9.Modify Open Order.  Right-click on the order to modify.  On the pop-up menu, select “Modify or Delete Order”.

Terminal Modify Stop Loss & Profit Target. Then click the “Modify” button.

Terminal 10.Close Open Order.  Right-click on the order, on the pop-up menu, select “Close Order”.  ONLY open order can be closed.

Terminal Click “Close” button. DO NOT click “Sell” or “Buy”.

Activity

Activity  Instant Long EURUSD with 0.5 lot.  Modify the order to put a 30 pips Stop-Loss and 50 pips Profit Target.  Instant Short AUDUSD with 0.24 lot.  Modify the order to put a 83 pips Stop-Loss and 127 pips Profit Target.

Activity  Close the entire EURUSD position.  Close 0.13 lot of the AUDUSD position.

Terminal 11.Create Pending Order.  If entry price is above market price, Right-click in the region above the market price.  At the pop-up menu, select “Trading”.  Select either “Buy Stop” or “Sell Limit”.

Terminal 11.Create Pending Order.  If entry price is above market price, Right-click in the region above the market price.  At the pop-up menu, select “Trading”.  Select either “Buy Stop” or “Sell Limit”.  If entry price is below market price, Right-click in the region below the market price.  At the pop-up menu, select “Trading”.  Select either “Buy Limit” or “Sell Stop”.

Terminal Volume = Lot Size.

Terminal Exit prices : Stop Loss & Profit Target.

Terminal Entry Price and “Place” button to create pending order.

Terminal 12.Modify and Delete Pending Order.  Right-click on the order to modify or delete.  On the pop-up menu, select “Modify or Delete Order”.  ONLY pending order can be deleted.

Terminal Modify Entry Price, Stop Loss, Profit Target and click “Modify.

Terminal Click “Delete” button to delete.

Activity

Activity  Create pending Long GBPUSD at 20 pips above the current price  Modify the order to put a 40 pips Stop-Loss and 60 pips Profit Target.

Activity  Delete the GBPUSD pending order.  Create pending Long GBPUSD at 20 pips below the current price  Modify the order to put a 56 pips Stop-Loss and 237 pips Profit Target.  ** BONUS **

Commonly Used Icons

1.Open New Chart. 1.Zoom In & Zoom Out. 1.Auto-Scroll.  Scroll the chart to the latest candle whenever there is price movement. 2.Indicators Icon. Commonly Used Icons

5.Period Icons.  Change the time-frame of charts.  Example, M15 is 15 minutes chart and H1 is hourly chart. 6.Tool Icons.  Cross-Hair  Trend-Line  Text Commonly Used Icons

Activity

Activity  Open a new chart.  Zoom in and out of the chart.  Use the Cross-hair to measure the pips between the highest and the lowest candle on your chart.  ** BONUS **