1. MetaTrader 4: For first time users

Bookmark and Share

1. Downloading and Installing MetaTrader 4

First, you will have to download “MetaTrader 4,” the software you are going to use.
Now, please go on to FXDD downloading site (http://www.fxdd.com/download), click “MetaTrader 4 Client” and download the software.
After saving the downloaded file on the desktop or anywhere else you like on your computer, execute the installer and install MetaTrader 4 on your computer.

2. The Outlook of MetaTrader 4

After you have finished installing, set your account number and restart the software. The screen will show something like this:

Outlook of MetaTrader 4

You are going to do most of the trade on this screen, so let's learn how to use it correctly at this stage.

By the way, I have a regretful memory of misusing the software and losing $190 in just a few minutes while taking a shower, just because I didn't bother to learn to use it right!

Let's begin from the basics so you can avoid my mistakes.

3. The Most Fundamental “Buying by Instant Order ”

What exactly should we do to “buy by instant order”?
Let’s look at the procedure. 

Buying by Instant Order

Both Instant Order or Pending Order starts by clicking the button ”New Order.” Choose the chart of a currency pair from which you want to purchase/sell (Drag and drop to the chart from the left Symbols). Next, click the ”New Order” button. 

When you click it, a “New order screen” like the image above will open.
In the “New order screen”, you will carry out the trade by following the next five steps.

These are all very important so please read them carefully.

1. Volume

Choose the volume between 0.10~8.00. Be careful that the measure of the volume is going to be in 100,000 currency units, whatever the account type is.

This means that a trade “longing USDJPY by volume 0.10” will turn out to be ”buying 10,000USD” 

Be cautious that some trade dealers set 10,000 currency units as a volume measure (This was actually why I lost 190$).

2. Stop Loss

This is a line which is used to make “settlement orders (to reduce loss)” when the market made an unexpected move and the loss expanded.

For example, ”When you’re in a long position for USDJPY by 105.40 but you want to sell if 1USD went down to 104” you will set Stop Loss at 104.00. 

Setting Stop Loss is essential! Be careful not to forget setting it. 

3. Take Profit

In contrast to #2 (Stop Loss), this is a line which is used to make ”settlement orders (to determine profit)” when the market is working as estimated. Don’t be too ambitious when you set it. 

4. Type

You can choose either Instant Order or Pending Order.
Now this example is ”buying by instant order,” so you will choose the former. 

5. Execution

You will choose between Sell (short position) and Buy (long position).
The order will be executed when you click the button.