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www.mariosingh.com MT4 Orientation
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www.mariosingh.com MT4 Orientation
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www.mariosingh.com MT4 Orientation Create Demo Account. On the menu, go to “File”, select “Open An Account”.
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MT4 Orientation Select “Practice server” and click “Next”
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www.mariosingh.com MT4 Orientation Choose “New demo account” and click “Next”
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www.mariosingh.com MT4 Orientation Fill in the information.
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www.mariosingh.com MT4 Orientation Select leverage 1:100.
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www.mariosingh.com MT4 Orientation Enter deposit amount.
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www.mariosingh.com MT4 Orientation Tick the checkbox and Click “Next”.
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www.mariosingh.com MT4 Orientation Account created, click “Finish”.
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www.mariosingh.com MT4 Orientation Change Password. On the menu, go to “Tools”, select “Options”.
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MT4 Orientation Click “Change”.
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www.mariosingh.com MT4 Orientation Enter current password. Enter new password twice. Click “OK” to complete.
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www.mariosingh.com Activity
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www.mariosingh.com 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.
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www.mariosingh.com MT4 Orientation Major Icons. 1.Market Watch 2.Navigator 3.Data Window 4.Terminal
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www.mariosingh.com Market Watch
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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.
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www.mariosingh.com Market Watch 2.Base Currency vs Counter Currency. EUR/USD If EUR/USD is quoted at 1.2712, then 1 Euro = 1.2712 US Dollar. USD/JPY If USD/JPY is quoted at 98.63, then 1 US Dollar = 98.63 Japanese Yen.
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www.mariosingh.com Market Watch 3.What is PIP? It stands for Price Interest Point. Examples : EUR/USD is quoted at 1.2712. 1 pip = USD 0.0001 USD/JPY is quoted at 98.63. 1 pip = JPY 0.01
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www.mariosingh.com Market Watch 4.How is Pip calculated? EUR/USD moves from 1.2712 to 1.2720, this represents a 8 pips move. USD/JPY moves from 98.63 to 98.35, this represents a 28 pips move.
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www.mariosingh.com 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
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www.mariosingh.com Activity
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www.mariosingh.com Activity Open the Market Watch window. Change the size of the window. Find out the pip spread for the 7 major currency pairs. Bid = 1.31764 and Ask = 1.31782 for EURUSD, what is the pip spread? ** BONUS **
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www.mariosingh.com Navigator
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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
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www.mariosingh.com Navigator 1.Types of Account. Micro Account : 1 lot = 1,000 worth of Base currency 1 pip ≈ 0.10 USD
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www.mariosingh.com Activity
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www.mariosingh.com 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?
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www.mariosingh.com Data Window
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Activity
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www.mariosingh.com 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 **
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www.mariosingh.com Terminal
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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.
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www.mariosingh.com 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
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www.mariosingh.com 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.
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www.mariosingh.com Terminal 5.Closed Transactions. They will appear under “Account History” tab. 6.Realised Profits/Losses & Balance.
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www.mariosingh.com 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
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www.mariosingh.com Terminal 8.Create Instant Order. Click “New Order” button or press F9.
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Terminal Volume = Lot Size.
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www.mariosingh.com Terminal Exit prices : Stop Loss & Profit Target.
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www.mariosingh.com Terminal Current Sell and Buy Prices.
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www.mariosingh.com Terminal Instant Sell and Buy Order.
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Terminal 9.Modify Open Order. Right-click on the order to modify. On the pop-up menu, select “Modify or Delete Order”.
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Terminal Modify Stop Loss & Profit Target. Then click the “Modify” button.
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www.mariosingh.com Terminal 10.Close Open Order. Right-click on the order, on the pop-up menu, select “Close Order”. ONLY open order can be closed.
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Terminal Click “Close” button. DO NOT click “Sell” or “Buy”.
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www.mariosingh.com Activity
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www.mariosingh.com 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.
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www.mariosingh.com Activity Close the entire EURUSD position. Close 0.13 lot of the AUDUSD position.
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www.mariosingh.com 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”.
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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”.
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Terminal Volume = Lot Size.
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www.mariosingh.com Terminal Exit prices : Stop Loss & Profit Target.
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www.mariosingh.com Terminal Entry Price and “Place” button to create pending order.
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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.
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Terminal Modify Entry Price, Stop Loss, Profit Target and click “Modify.
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www.mariosingh.com Terminal Click “Delete” button to delete.
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www.mariosingh.com Activity
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www.mariosingh.com 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.
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www.mariosingh.com 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 **
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www.mariosingh.com Commonly Used Icons
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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
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www.mariosingh.com 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
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www.mariosingh.com Activity
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www.mariosingh.com 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 **
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