Prep for the week

Alright, quick post. I know I won't be able to use the desktop app very much right now, so most of my work will be on my mobile app. I've limited myself to 4 currency pairs:

XAGUSD - Silver 1 Lot = 5000 Ounces, Chicago Mercantile Exchange (CME), USD
USDJPY - US dollar/ Japanese Yen
EURUSD - Euro / US Dollar
USDCHF - US dollar/ Swiss franc

Within each one, I've made sure that the charts are set to H1 or H4.  That's about it for today. I still have two positions open, XAGUSD and USDCHF, both positive right now, and I will hopefully close them positively tomorrow once the market opens.

I'm excited about using the strategies. It's the start of something beautiful and exciting, and I'm done talking. I'm ready to play. À demain.

Feels like the 1st Time - MT4 User Manual

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.