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Metatrader is a forex electronic market analysis and trading software package. It was developed by the MetaQuotes company. Brokers can license the right to make it available to their clients, but they should state on their website if you can use MetaTrader there.

Basics

For doing the foreign currency trading or using MetaTrader software for foreign currency trading, you must know a few things as follows:

1. When using pending orders, you should know the meaning of Buy Limit, Buy Stop, Sell Limit, and Sell Stop. The following are the explanations.

Buy limit: it is for buying pending orders that are lower than the current price.

Example:

If the current price is 1.3000 and you want to buy an order at 1.2000, you can then set a buy limit order at 1.2000. If you want a 80 pip stop loss, you need to enter a stop loss at 1.1920.

Buy stop: it is for buying pending orders that is higher than the current price.

Example:

If the current price is 1.3000 and you want to buy an order at 1.4000, you can then set a buy stop order at 1.4000. If you want a 50 pip stop loss, you need to enter a stop loss at 1.3950.

Sell Limit: it is for placing a pending sell order at a price higher than the current price.

Example:

If the current price is 1.3000 and you want to set a pending sell order at 1.4000, you can then use sell limit set at 1.4000 with your 50 pip stop loss set at 1.4050.

Sell Stop: it is for placing a pending sell order at a price lower than the current price.

Example:

Current Price is 1.3000 you want a pending selll order at 1.2000 you set a sell stop at 1.42000 your 50 pip stop loss at 1.2050

2. What is Swap in MetaTrader?

Sometimes you will see the negative value at Swap. Swap is a credit or debit in your account when you have some positions open and you left them from one day to another. It will be positive or negative depending on whether you buy or sell and the amount is the difference between the two country's interest rates.

3. What is long and short?

When you are long, you buy a stock with the anticipation that the stock price will go up. Buy low, sell high. When you short, you sell high and buy low in anticipation that the market will go down. You actually sell shares you don't own.

4. What is Pips?

Pips refer to one hundredth of a percent of the value of the currency pair you are trading. Each pip usually has a value of $10, sometimes $1.

Tips

1. How to speed up metatrader?

MetaTrader software is using lots of system memory. If you use an old computer running this software, you will feel that your computer goes very slow. The following three tips will get your computer faster.

1) Click Tools -> Option -> Chart and reduce the "Max bars in history" and "Max bars in chart" to 5000.

2) Close any chart windows if not used. By doing this, you will notice a big improvement on your computer.

3) Go to "Task Manager" and click Processes Tab. Then find "terminal.exe" and right-click it and click "Set prority" and then click "high".

2. Go with the trend

Trading with the trend can maximize your chances to succeed. You should remember that when a trend is up, you don't want to be selling and When a trend is down, you don't want to be buying.

3. Always look at the time frame larger than the one you have chosen.

Looking at the time frame larger than the one you have chosen will give you a bigger picture of market price movements and thus help you clearly define the trend. For example, when trading with 15 minute time frame, take a look at 1 hour charts. In the same way, trading with 1 hour charts would require you to check out daily or weekly price movements.

In the case of a trend in Forex is difficult to find, you are adviced to choose a bigger time frame. Up and down market patterns are always present. So the key to sucess is to make sure that you know the main trend.

4. Avoid emotional trading

This is easier said than done. Everybody knows it, but fewer can control his/her emotion. The following two tips are very important:

1) Don't try to revenge after losing a trade, but try to get it back little by little in later trading.

2) Don't be greedy by adding lots of positions when winning. You may win a few times and for sure, you will lose all your added positions in the end, a big money lost!

5. Never risk any more than 2.5% of your margin trading account on a simple trade.

6. Trading mainly on most common currency pairs.

The most commonly-traded pairs of currency are GBP/USD, EUR/USD, AUD/USD, USD/JPY, USD/CHF, and USD/CAD.

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