How To Use MetaTrader 4 For Beginners And Make Money

so throughout the year 2020 one of my videos just so happened to go kind of viral and though i'm super grateful for this the video wasn't really intended to be seen by a lot of people i actually just made the video for a few of my personal students and people that i work with and from that i realized just how much people were looking into more information about metatrader 4. now in the midst of this video blowing up it also left you guys with a lot of questions that i don't really think i've answered yet and that's exactly why i'm going to be doing this metatrader4 walkthrough going a little bit more into debt with some of the stuff that i didn't talk about before but more importantly telling you guys exactly how it is to make money on metatrader4 and not just get on the app start pressing random buttons and hoping for the best so stay tuned and watch the video [Music] all right so this is the metatrader4 app some of you here may already have it downloaded uh some of you may just be interested you heard a little bit about it um and you're just doing a little bit of research before you actually download the app so first and foremost as i addressed earlier on in the video um in my first metatrader4 video it was kind of just a breakdown it was a walkthrough of how to use the app i started to get a lot of comments and people just complaining that i didn't really teach how to make money on metatrader4 and that is because metatrader4 isn't an app that you can simply just download and make a bunch of money off of so in this video i'm going to be once again i'm going to break down meta trigger for we're going to go step by step but i'm going to show you how to actually use the app and if you don't know how to trade yet if you don't yet have a strategy of your own then i advise you to figure out exactly how the markets work now luckily for you i have a bunch of videos on my youtube page on my youtube channel for you to check out that will actually teach you how to trade into the markets um and how to understand the markets a little bit better in fact i'm actually doing a 4x marathon right now so as you're watching this video this is actually one of the videos in the marathon um so just rewind back up to video number one and uh you should be good to go and understanding the markets a little bit better but first and foremost you need a strategy so don't think you're gonna come here and make a bunch of money just by using this app all right so at the very beginning when you first download metatrader4 what it initially does for you is it'll create a demo account automatically for you all right now what a demo account simply is is this is an account that allows you to view the live markets and you can trade here but you're trading with fake money you're trading with virtual monopoly like money so this isn't actual money that you can withdraw and you know spend on yourself this is play money to actually practice and get better at trading with now i know the big question is going to be is well if this isn't real money how in the world do i put money into my metatrader 4. that's one of the biggest questions that i get how do i put money into mt4 and it's very simple you don't put money into mt4 this is a platform that allows you to trade into the markets but what you need to do before all right is actually find and open up a broker account so a broker is pretty much a it's a website where you can go on and pretty much open up an online bank account for trading to keep it as simple as possible that's what a broker is it's an online bank account for trading in the forex market okay so you have to open up a broker once you open the broker you can come here and you can link okay you can link your broker to metatrader4 to then begin trading live in the markets okay with the money that you deposited into your broker you'll see that right over here and you could do your analysis and everything like that and you could trade in the markets with that money so you don't fund meta trader for you don't put money into metatrader 4 you need to open up a bro an online broker and link your online broker to the metatrader4 app so that's first now if you just want to practice and let's just say you either blew your demo account or you want to create a new one it's very simple you're going to go over here to the very last tab it's settings right so on the settings tab right here you're going to go to the top you're going to click this which is you know your account information or whatever and on an iphone you should have a blue plus sign right here i'm not sure what it is on the android but it should all be pretty similar i don't think it's it's very much different than what it is that you all see here you're gonna click the plus sign and you're gonna put open a demo account okay now if you want to open a demo account with a specific broker let's say you have you know let's just say hugo's way for example or traders way for example and you want to open up a demo account specifically with that broker to kind of practice with you know um how they actually trade then as you see here you just type the name of the broker on the top you guys see a trader's way demo go ahead and click it and obviously you can put all your information and stuff like that there and open the free demo account now let's get into metatrader4 itself so on the very first tab now that you have your account open and you're ready to start trading on the very first tab you're going to see the quotes tab so the quotes tab this is the tab where you can come and pretty much find all of the different currency pairs around the world that's traded in the forex market um and it also depends on the broker that you use so some brokers don't have access to certain payers okay so if i'm trading let's just say usd chf and you don't see usd chf on your broker then your broker simply just does not provide that now that is a rare case but i do know in some brokers you can trade like indices like indices you can trade uh cryptocurrencies like bitcoin so on and so forth and other brokers you cannot okay so that is something to be aware of now let's just say on my home page for the quotes tab there's a currency period that i want to trade but it's not on the home page how do you add currencies to your home page right here on top is a plus sign you're going to click your plus sign okay you can either type the currency pair in or you can go to whatever categories they have here i only have 4x because this is a metatrader for a demo and you don't really have much access to anything here all right but in that it's going to show you all the currency pairs here that you can add to your home page now you can choose to add them all if you want or you can simply just choose the ones that you want like this just by pressing the plus sign hitting done and as you can see now they've been added to the bottom of my home page now let's just say for example there are only a few currency pairs that i do trade and i do recommend that you don't want to sit and and trade every single currency pair you want to sit down and kind of master the way that a few currencies work kind of like stocks right there's millions of different stocks out there but you're not trading millions of stocks people usually have their favorite stocks that they focus on and study on you want to do the same thing with forex so let's just say i had a few currencies here's what i'll do i'll come up here to the edit button right on the top left click that and you can simply just unclick every single currency that you don't want here okay so you'll click it click it click it come all the way down and i'll hit the trash can button boom so now the only two currency pairs that i have left are your usd and usd jpy as you guys can see all right these are the only two currencies that i have left now if you try to delete a currency pair and it does not it you can't click it for whatever reason like euro usd right now i cannot click euro usd but i can click usd jpy the reason being is if you can't click it it's because you have the actual currency open in your charts okay so if you have a currency pair open on another chart like how i do here i have your euro usd open then i can't remove it from my quotes page because i have it open okay so that's something to keep into consideration now moving on to the next tab let's talk about the charts the charts are very simple this is where you're going to be able to view and obviously understand the markets so as you're looking at the charts this is the current market for whatever currency that you're looking at here we have the euro usd all right and on the top left-hand side of the chart you have your time frames so as you see here we have the m1 the m5 the m15 m20 i mean m30 h1 and so on and so forth what this is is these are your actual times in the chart so the m1 is going to be the one minute the m5 is the five minute the h1 is the one hour the d1 is the daily w1 is the weekly so on and so forth now i know you're probably thinking well what does that even mean one day one hour one minute well each one of these little candle bars right here these blue and red bars that i have on my screen by the way these are my custom colors for my charts your charts are not going to look like this i customize my charts all right but each one of these bars whichever time frame that i have chosen over here each one of these bars is pretty much that point in time and what the market did throughout that time so for example if i have my charts on the m15 which is the 15 minute chart each one of these bars represents 15 minutes in the market so it's what the market did within that 15 minute period of time all right if i switch it to the one hour then each one of these bars represent one hour in the market okay so it's what the market did through that one hour period of time hopefully that makes sense moving over to the right you can click this crosshair button and what this does is it allows you to kind of just use a crosshair to uh better see specific times your time and your day is on the bottom right here okay you guys can't really see it because of the blur but it's all right you'll see it on your screen it's a bottom right here you have the time of the day over here you have your price so you can kind of just cross here to see okay boom at this time price was at this number right and this can help you identify better entry points or just understand how the markets are moving in general some key levels zones support resistance so on and so forth on over to the right of that you have your functions tab which is where you can add and remove indicators from your charts so if i go ahead and just delete all of this right boom you guys see all the indicators and lines that were here before they're not here anymore all right so if you're not familiar with indicators indicators are pretty much tools that you have access to to kind of help you identify certain points or certain reversals or the strength or the momentum of the market itself it's something that um some traders utilize others don't right it's kind of up to you right next to that you have this button right here where you can add all right different tools like for example let's add a horizontal line right here so now we can start doing some markups on our chart we can add a trendline all right you could do some markups on your chart to make your training a little bit better and what i would recommend is that if you're gonna mark up mt4 on a phone not on a computer or maybe a tablet then go like this see if you mark it up like this now you see it moves to a like a wider screen you can use it way better you can see the charts a lot more clearer it's just a i love marking up like this if i'm going to use mt4 i would very much mark up like this all right then to obviously uh mark up like this all right so hopefully that makes sense to everyone here now when you do rotate it be aware that when you rotate it all right your functions and stuff like that they change a little bit so this is actually way cleaner in my opinion um you got all your settings all your tools and stuff like that on this side you have your time periods on this side right very clean and when you turn it sideways you can even change things like for example i can change my actual candles from candles to maybe a line graph from a line graph to this right here right the little sticks or i can change it back to the candles most people trade with candles now let's get to the good stuff so hitting the actual trade button well let's say i'm ready to place a trade whatever reason for whatever analysis i decided to do i'm ready to place a trade well there's a few ways to place a trade number one you can come to the currency pair chart so this is your usd and you can hit the trade button up top and it will take you straight to the trading tab okay or you can come on over to the quotes tab and you go to euro usd or whatever currency pair you want to you want to trade you'll click it and once you click you hit the trade button now this screen right here is where most people get stuck you came you're ready to trade you have no idea what in the world you're doing right here so let me break it down for you just a little bit we're not going to go too much into debt with this i have plenty of other videos that break this down a little bit more like uh stop loss take profit i have a video on that um i have a video on your lot sizes and i have a video on the different order types like buy limit sell limit buy stop sell stop so on and so forth in fact tomorrow we're going to be doing another video based on this right here as well so that we can continue the beginner's marathon but when you get to this page this is going to be your trading page obviously right here at the top you have your currency pair so make sure your currency is correct all right that you actually want to trade make sure that's correct all right under that you're going to have your type of trade okay so in trading forex or using metatrader 4 app there are two types of executions when it comes to trading you can do an instant execution or you can do a pending order an instant execution is saying that i want to get into the market right now at the current price so whatever the price is at right now this is where i want you to put me into the market most beginner traders just keep it on instant and just hit buy or sell now you can do that but if you want to get better at trading you want to start implementing or utilizing some of these pending orders or if you're going to use instant execution understand why you're implementing the trade right now and not waiting for a specific pattern or whatever the case may be so that's instant execution now these four down here are all different pending orders that you can place which pretty much tells the market it kind of automates your trading for you and it tells the market okay i think the price is going to do such and such i want to get in but don't put me into the trade until it does this so this was something that i utilized a lot especially when i used to work um very simple obviously i can't be on the charts all day when i had a job so what i would do is i would do my markups i would do you know my analysis and everything like that and i would say okay the market isn't really ready yet to go where i wanted to go but let me go ahead and place a buy stop buy stop pretty much says that okay if the price comes up to this point right here wherever it's at if it comes up to this point and continues to go up put me into the trade automatically what this does is it allows you to kind of set it and forget it so now you can place your trades and you don't have to monitor it all day every day you can simply just place it let the market does what it do and if your analysis is correct it'll put you into the trade automatically you don't have to worry about that now under your your trade type you have your lot size so the last size is what determines how much money you make in the market i'm not going to go too much into debt with lot sizes i have a pretty in-depth detailed video of that um right here on my channel as well so definitely check that out but your life size is what pretty much determines how much you make in the market for every pip that the market either goes up or that the market goes down this is something that's very important and if you're not yet familiar with lot sizes and pips you definitely definitely before you start to place your trays want to get yourself familiar with that watch a few videos a few tutorials and understand that a little bit more now under that you have your price your stop loss and your take profit so when we're placing a pending order these are the only times this pops up when we're placing a instant execution the price is gone but the stop loss and take profit is still there when you're placing a pending order the price is there because you can tell them you can tell metatrader4 what price to actually put you into the market at so once again it's a set it and forget it kind of thing now as far as the stop loss and the take profit how it works is very simple with your stop loss what the stop loss is is it's pretty much setting your risk for you it's it's being able to say okay i think the market is going to go up but if the market goes down i want you to take me out of the trade at this mark okay so let's say i have a hundred dollars in my account and i only want to risk ten dollars for my next trade so what is what i'm pretty much saying is okay i think the market's going to go up i want to make 35 on this trade right but if the market doesn't go in my direction and it starts to go down i want you to take me out when i'm at ten dollars in the negative okay so this is where you start to automate your trading make it super easy but most importantly you can start setting some risk management okay risk management manage your losses this is where the skill part of trading comes into play and why it's not gambling and why it's not a it's not a guessing game below that you have your take profit and the take profit is like the stop loss but it's the opposite right so take profit is the point in the market where you want to set a price for the market to automatically take you out so once again using the same example i want to make 35 but i'm only going to risk 10 in this trade well let's say the market actually does go in my direction all right and it goes up to my 35 dollar mark it's going to automatically take me out with my 35 profit and the trade is closed once again being able to set it and forget it this is perfect for people that may have a busy schedule that may be at work or maybe you just don't want to sit in front of the charts all day a huge misconception that a lot of people have when it comes to trading is that you have to be in front of a computer or on your phone all day every day to see success that is not true due to features like this now once you got your pending order in you're going to go ahead and hit place or if you're doing a market instant execution you'll either buy or sell very simple so i'll go ahead and i'll go ahead and i'll hit um let's go ahead and hit buy for this trade just to give you a quick example so we're gonna instant execute a buy boom so as you guys can see it brings me automatically to the next tab which is right here at the bottom the third tab is the trade tab all right now in the trade tab it's very simple you get to see a few things you get to see what's most important okay obviously your account balance is right up top all right the equity that you have in your account so it's pretty much your account balance minus or plus whatever is going on right now with the markets as far as the trades that you have open so right now we have one trade open and we're negative five dollars here's the thing too to remember anytime you open up a trade on metatrader 4 you are more than likely going to start off in the negative 99.9 percent of the time that's not anything to be afraid of um because obviously if your analysis is correct it's going to end up going up in your direction anyway right now we are negative 5.40 when this is blue that means we're positive all right and when there's it's not blue or red we're most likely neutral or break even so there's not really much to the trade tab this is just going to be all of your open trades that are sitting right here um obviously it's going to show you all of your open trades right here at the top is going to be the total amount of either profit or loss that you have in the market see if i can focus that in a little bit more all right so that's as best as it's going to get but right at the top right here is gonna be your total amount of profit or loss um in the current trades that obviously that you're in all right and that's really all you have to worry about as someone that's brand new to metatrader4 if you're brand new to mt4 and you're just getting used to this you don't really have to focus about too much on this page right here except your account balance your equity all right and obviously what your current trades are doing now obviously if you open this up if you click the actual trade it's going to show you the stop loss to take profit that you have set it's going to tell you any taxes or swap or charge fees that you have for that current trade yes there are typically fees so going to the next tab right here you're going to have your history so as you can see we literally just opened up this demo account today for the sake of this video to show you guys how everything works so you're going to see your history here your total profit your total credit if you have any credit your deposits if you made any deposits your withdrawals your balance so on and so forth you can change it from day to week to month to custom all right and you can customize whatever you know time period or you know uh period that you want to put in there you can put that in there but whenever there is a trade that closes right where if i close a trade let's say i'm already down four dollars and i'm like you know what i don't think this trade is going to go where i want it to go you can either just swipe click the check mark bing bada boom there you go and we're going to go ahead and manually close this trade out so the menu closed the trade it says here close with loss of 5.40 sheesh right and obviously that's fluctuating because this is real time all right so it's actually moving as i do it so this is how you manually close the trade let's say i'm in a point 30 position right now and i want to close half of my position what i can do is i can actually customize the lot size on the chart and i can pull out partial profits or a partial loss of that trade so before it said i was closing at what five dollars now i'm closing with a loss of two dollars why i'm pulling out all right about half of the trade okay so you see we still have half the trade open but i closed half of the trade because i don't want to risk as much anymore all right so very simple very straight to the point that's how that looks and obviously as you see here my profit is negative 1.95 so that is the histories tab now finally to the settings tab i'm not going to spend too much time on the settings tab because it's not really too much to talk about but you can see things like you know obviously you're meditating for mailbox your news if you want to check the news what i like is number one the interface if you want to change languages or whatever the case may be or your charts so i know a lot of questions is going to be how do you customize your charts or very simple you can customize everything right here through the charts tab go down to colors and you can change the colors of everything on your screen as well and you can also change the color scheme so like the theme of the the background too so whether it be a white background whether it be a black background so on and so forth so that's pretty much it for metatrader4 guys if you came to this video in the hopes of obviously me teaching you how to make a bunch of money on meditator 4 i am sorry to disappoint but that is just not how the app works this is a trading app it's a day trading app it's not an app that you can just download and make a bunch of money on like most people think so what i would recommend is learn the skill of trading it's not that hard it's actually pretty easy if you get used to it it just requires a little bit of time some patience all right and obviously money to actually invest so hopefully this all made sense to everyone here hopefully you learned a thing or two about metatrader 4 maybe something that you didn't already know and if you enjoyed this video make sure you give it a thumbs up alright and if you didn't thumbs it down i don't mind but as always guys this is your boy rico aka rockstar i'm out peace [Music] you

Channel: RockStarrFX

Views: 393,932

Rating: 4.9413743 out of 5

Keywords: how to use metatrader 4 for beginners, forex, metatrader 4, forex trading, mt4, metatrader 4 tutorial, mt4 tutorial, forex trader, meta trader 4, how to use metatrader 4, how to trade forex, metatrader 4 tutorial for beginners, metatrader4, metatrader 4 demo, metatrader 4 guide, metatrader 4 for beginners, mt4 tutorial for beginners, how to use mt4, how to use metatrader, forex trading for beginners, how to use meta trader 4, trade metatrader 4, metatrader 4 mobile, rockstarrfx

Id: 8Fwrr56iR2Q

Length: 24min 20sec (1460 seconds)

Published: Sat Dec 19 2020