Trainee Trader

In the next few posts I will go through the basics of the MetaTrader software platform. MetaTrader is a widely used platform in the retail FOREX market. The first thing you will need to do is download the latest copy of MetaTrader
Go to MetaQuotes and download the client terminal. After download is complete install the program.

The first screen you will see after you have installed MetaTrader and run it for the first time is the one below. It is completely your choice if you enter correct details in here or not I usually just fill the fields with random characters.

Do however make sure you change the initial deposit to the required amount you eventually plan on investing. Click through to finish your install and you will be presented with a somewhat busy window shown below:

Area A shows the market watch window this window contains a list of symbols. These symbols represent a security or currency pair. It contains three columns Symbol, Bid and Ask. This window will generally be used for placing orders. An order can be placed by double clicking on a symbol. This will launch an order window where an order can be executed. This window also has another sub window called a tick chart that can be activated by clicking the bottom tab. This chart displays per tick bid price for a given symbol.

Keyboard shortcut to open\close market watch: CTRL + M.

Area B shows the navigator window this window allows quick access to features of the terminal. These are structured in a tree based structure that means the can be expanded by clicking on the plus sign. There are five groups listed these are Accounts, Indicators, Expert Advisors, Custom Indicators and Scripts.

The account node allows for adding of new accounts (demo accounts only, not live). The indicators node includes the built in technical indicators that can be added to charts. The expert advisors node allows for the use of automated trading programs to be used on different currency pairs. Custom indicators allow for the modifying of the built in technical indicators. The scripts node contains programs. These programs are similar to expert advisors however they are only run once. This window also has a sub window called favorites this can be activated by clicking the bottom tab. The favorite’s window stores indicators scripts and experts that are used regularly.

Keyboard shortcut to open\close Navigator: CTRL + N

Area C shows the Terminal window this window is a multipurpose window that allows access to several features. From this window trading activities can be controlled account history can be accessed news can be read, alerts can be setup, mail can be read, expert advisor logs can be accessed and finally a system journal can be accessed showing terminal events.

In the Trade tab you can view what is occurring with open positions and pending orders. It contains the following fields:

• Time security was bought.
• Type of order either Buy and Sell orders or pending orders Buy Limit, Sell Limit, Buy Stop and Sell Stop orders.
• The number of Lots for each order type.
• Symbol of the security.
• The price the security was bought for.
• The stop loss.
• The take profit.
• The current price.
• The commission charged.
• The swap paid or received.
• The current profit.

It also contains balance, equity, margin, free margin and margin level.

The account history tab shows all previous transactions undertaken and can be used to generate reports. Under the news tab financial news service offered by your broker will arrive here and can be read. Under the alerts tab you can modify or create alerts for different events. Under the email tab all messages sent and received from the terminal are displayed here. Under the Experts tab all the output for the currently loaded expert advisor are displayed. Under the Journal tab all operations the terminal undertakes are displayed here.

Keyboard shortcut to open\close Terminal: CTRL + T

Area D shows the charting area. The charting area is made up of usually one or more charts which graphically depict the price of a currency at any given point in time. By default MetaTrader opens up with four chart windows as shown. Expert advisors and indicators can be applied to this chart area. The time periods can be changed and the size can all be modified.

Area E shows the toolbar area. In this area there are four built-in toolbars separated by vertical lines. The first toolbar is known as the standard toolbar this toolbar is used for general terminal management. The second toolbar is known as the charting toolbar this toolbar is used for managing charts. The third toolbar is called the line studies toolbar. This toolbar is used for managing objects drawn on charts. Finally the periodicity toolbar manages chart timeframes.

This is Part One of a three part series on the basics of MetaTrader. Click to read the next article in the series A Basic Introduction to MetaTrader (Part Two).

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