Section 1: Opening MetaTrader for the 1st Time
- A lot customization tools I won’t be using to start off
- Market Window is the main one
- Navigation Bar has most common tabs - Accounts, Indicators (over 100), Expert Advisors, and Scripts
- Account History, like the cell app, provides all trades in the last 30 days
- You can “Save as a detailed report” and export it as an Excel file (.xls). I’ll do this for the blog at some point.
Section 2: Opening and Managing Your Trades
- Spillage is addressed with Market Orders because of closest market price, connectivity, processing, etc.
- 4 types of Pending Orders:
- Buy Limit - Order to buy (ask price) at a strike price below the current market price (MP)
- Sell Limit - Order to sell (bid price) at a price above the MP
- Buy Stop - Order to buy (ask price) at a strike price above MP
- Sell Stop - Order to sell (bid price) at a price below the current MP
- Trailing Stop (TS) orders will run as long as you’re logged into platform. If you leave before market moves in your favor, TP won’t be placed. If it starts running, it won’t trail if you log out. This doesn’t align with any of my strategies so far, still very important.
- View Contract Specs before entering trade - Right click in Market Watch Window, Select Symbols, which instrument, and Properties
- In MT, 1.0 = 100,000 units and .1 = 10,000 unit
- Use Trade Tab in Terminal window to manage open and pending orders
- Right click in there to add trailing stops quickly (at least 15 pips)
- You can use the Multiple Close By menu option to close opposing positions
- You can modify pending orders too.
- Set alerts in the Alert Editor tap of Terminal window
That's a good start. This is a lot of information without application, so I'll be working on setting a trade next, using one of the strategies from my last post.
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