Trading Platforms And Prop Firms
What IS MetaTrader
Metatrader is a trading platform that is used to link a broker to and place trades on.
Why IS MetaTrader Important?
Metatrader is important because you need a trading platform to take trades on. Without a trading platform, you would not be able to place trades. If you are living in the united states, you will most likely not be able to use this platform due to restrictions. You may want to look into the other trading platforms in this section.
What Is The Difference Between MetaTrader 4 And 5
The only real difference between MetaTrader 4 And MetaTrader 5 Is MetaTrader 5 is a newer version and has more features than MetaTrader 5. For example, MetaTrader 5 will give you more timeframe options to choose from and features like dragging your stop loss on the mobile app. They are simple features that help with the overall experience but still have all the functions needs to place trades.
Quotes
Starting in the very left hand side, you should see a tab in the bottom left hand corner labeled quotes. This is where you will see the pairs you want to trade including the bid and ask price quoted by the broker. If you do not see the pair you want to trade, you can use the plus icon in the top right hand corner to search and add the pair to the list. If you want to delete a pair or rearrange the order of the pairs, you can click the pencil icon in the top left hand corner. At the top-middle of the screen, you should see a switch labeled simple and advanced. all this does is give you the option to simplify the information on the screen. I recommend you to turn it to the advanced side so you can see the spread of each pair underneath the name. Each of these pairs can be held down to pull up more features. When you hold a pair down for a couple of seconds and let go, there will be a pop up that says trade, chart, and details. The chart option will take you to the chart of the pair (this can also be accessed through the next tab). details will show you more details that you will most likely never need to use. Trade will allow you to actually place a trade. I will go over exactly how to place a trade in the trade section.
Chart
Going over the next tab, you should see a tab labeled chart. This will be the chart you can use to analyze. Even though you can use this chart, I recommend you to still use TradingView as it is more user friendly and has more features. If you would like to change the timeframe of the pair, you can click on the timeframe in the upper left hand corner and select another timeframe. In the top middle of the screen you can add indicators and annotations. Once you learn how to place a trade, you will be able to see the trade in the chart as well.
Trade
In the trade tab, this is where you will be able to see all the important information. this will include the balance, equity, margin and all active/pending trades. In the upper right hand corner, there is a plus sign. This will allow you to place a trade (you can also access this feature by holding the pair down in the quotes tab). Once you click on it, at the very top you can select the pair you want to trade. The drop down button will pull up all of the pairs you have saved on the quotes page. Once you find the pair you want to trade, you can decide what kind of order you want right underneath it. After that, you can decide the lot size you want to use including your expected stop loss and take profit levels. The final step after that would be to place the order. Once the order is completed, it will take you back to the trade tab and you will see the active or pending trades. If you want to close or modify any trades, you can hold down on the trade and it will allow you to do so.
History
Once a trade is closed, you will see this information in the history tab. You can see the history based on the day, the week, the month or any custom timeframe.
Settings
In the last tab, this will be where you can modify any of the settings you want to alter. This tab will also be where you input the login credentials for the broker.
