Welcome back to our MT4 series which teaches you how to use MT4 like a
professional. This is part 2. If you want to have a look at part 1 which contains
advice of how to log into an account and also the basic navigation of MT4, you can
click up here or have a look in the description below for the full playlist
and all the other videos in this series
Trade Room Plus.com
Now the aim of this video is to enable you to take a blank MT4 like this, and have it produce
something like this. Now what this is, is a combination of profiles, watch lists
and charting. Now this is everything you need in order to put yourself in a
position where you can just turn it on and get ready to trade. I mean yours may
look slightly different depending on what you trade, but this is exactly how I
would like to have things set up for the way I trade. So if we strip it back to
how we first found it, we'll load up a different profile and we will delete all
the existing watchlist. Now we start off with something blank here. Remember if
you accidentally close your watchlist you have various options to get your
windows back. You've got view, market watch. You also have ctrl + M as a
keyboard shortcut. Or as we saw in the first video we also have these quick
buttons here. Now what we can do is we can right click. We could right click and
show all and that's going to show us every single thing we can possibly trade
here. And as you can see there are indices, FX, stocks, commodities, bonds and
oil, and so on and so forth. Just lots and lots of things. We don't want to be
faced with that every time that's just an endless list. We need to narrow it
down to what we want to trade. So what we can do is we can right click and hide all.
Once that's all disappeared we can then right-click again, and we can press
either control + U, or click on symbols there, and we can start having a
look at the things we want to trade. So let's say we want to trade euro / dollar,
we want to trade the Dow Jones, we want to trade Cable, the pound / dollar pairing,
we want to have a look of gold as well. so there are four things that we trade
and we have them now in our watch list. Now what we can do is then save them.
We can right click, go to sets and save as. Now we can call it anything we want I've
already got a couple sets up there but we can call it, we'll call it
test for the time being. So no matter which one I load up. If I go to the trade room
plus one which is I want to showed you earlier, or I go to Forex, I can always come back and
find my watch list. So that's the first thing we can do we can do. We can do lots of things
from these watch lists, we can double click it to take a trade on an order
that we'll look at later. We can right-click and we can open a new chart
with it. So that's how we want to get our watch list to make sure you get an
instrument you want to trade and have them there and have them saved as a set.
So once we have our watch list we then want to get some charts placed upon the
screen so there's a couple of ways we can do that, the easiest way is just to
right-click and click chart window on every single thing that you want to be
displaying. So you can have a look here this has currently put the charts in
this crappy way that we don't really want because it's hidden them, so we can come
up here and click on this arrange charts as overlapping tiles. Now it's a pretty
good way in order to have them arranged. Now we want to change them all to
candlesticks we do not want bar charts, bar charts of garbage no one uses bar
charts. And once we've done that we've now got our instruments that we want on
an hourly time frame. We can zoom in one of two ways we can either use the zoom
key here, or we can press the plus arrow on our keyboard. So let's get in more zoomed in so
we can actually see the candlesticks. You know you're displaying the wrong time frame
if you can't see the candlesticks but you need that amount of data. Now another
thing I like to do is I either press ctrl + G, or right click and get rid of
the grid. The grid is not very helpful in my opinion. I much prefer having these
crisp and clean looking charts. Let's have a look at some charting basics.
We'll expand the euro-dollar timeframe.
Now these two buttons up here have been explored before. One will scroll to the
end. Say, for example, you left-click drag to look at some previous data, you can click
that and it'll instantly take you back to the newest candle. This I also like is
the shift to the end, so we have nice and clear charts. Let's have a look
at some annotations and how we can start marking up our charts using the sort of
line tool area down here, we can draw vertical or horizontal lines to start
marking up supporting resistance. Every time you drag one you'll need to fetch
it again. This is how we can start building up sort of a relationship of
our charts and looking at how we want to potentially trade the markets. Now
there's a couple of ways to delete. Let's put a few more things on the chart. We'll
put a Fibonacci on and some other lines. Now there's a few ways to delete things
on the charts, or two I should I say. You could either hold the line there and at
either end of the screen you will see a dot from the left to the right. Now what
that means is you've selected the line and then you can press delete. If you just
click around the lines you won't be able to do that so you have to make sure that
those dots are selected. An alternative way of deleting things is to right-click
and go on the objects list. This is ctrl + B on your shortcuts this is probably
better if you just want a clear charts and you've got loads and loads of things
on it. You don't know waste your time clicking individual things so you can
select everything and then just delete, delete, and delete, and it clears your charts
to make them nice and clean once again. So if you're finding this series helpful
and you want to learn more about becoming a professional and profitable
trader then please subscribe to our channel by clicking this button just
below my finger. Okay, so what happens if we want to have multiple different
charting setups. For example, you might want the euro dollar on four different
time frames if you're just looking at the setup or a potential trade on euro
dollar. So we'd have to come out and minimise that chart once again, and we'd
have to close the other charts. We'd right click on euro dollar and create as
many charts as we need. We'll say four here and we'd have to go through the
process again of getting rid of the grid, changing them all to candlesticks and
then once again zooming back in so they make sense. Some traders would
like to have four different time frames displayed. For example they might have the top one
one as the daily we can use a shortcuts here
four hourly, hourly, and then a five minute time frame. Now that was ideal but what happens
if you want to then start changing this and looking at gold, looking at the US 30
or cable? Every time you create a new chart it's going to start as this default
here, and we don't want that. So what we do is we come to file and start
introducing this thing called profiles. Now we can save this profile as EURUSD.
It would help if I could type it correctly, and now every time we click on
that profile, and the way we get to it would be to go to profile click on
EURUSD. Then you're faced with our charts here. Now you've got to keep in mind
that these profiles do save on the fly whichever profile you have opened will
continue to change as you change it. So for example if I open different charts
close these charts and then close MT4, it will write over the Eurodollar
profile. So if we want a different profile, let's say we wanted to trade
gold and the US 30 at the same time, we'd create a new profile straight away.
So we'd go to profile, save as US 30 and gold, and then we would create that
profile. So now we're under the US 30 gold profile, so we can close our euro
dollar charts. We can open our US 30 and gold and we can do what we want with
these charts. You know with probably go for the usual process of getting rid of
that changing them to candlesticks etc etc but now if I want to go back to my
euro dollar setup I don't have to mess around creating new charts. I can just go
file, profile, euro dollar and it's back exactly as it was. So profiles are very
important for keeping the watchlist you want and also the charting setups that
you want. So just give you an example of how I would have my MT4 setup in a sort
of daily routine that I would go through. I would typically use a profile like
this. This is my Trade Room Plus one and I'd have the chance that I am interested in. Now
I'm not going to go into detail about trading strategies, we do have a trading
strategy playlist if you want to go and have a look at it on our channel, and I'm
not going to talk about technical analysis at the moment either. I'm going
to go into that in the next video in this series.
But let's take its down chart for example. Now I would only have one chart
for each instrument and then I'll just quite happily change between the
different time frames. I'm not too bothered about having multiple charts
covering the same instrument, but it's whatever works for you. Now we could
start off on a daily timeframe and, for example, mark up some basic support and
resistance where we might want to get long from just by using these vertical
lines. And equally I'm quite keen on using the text as well so we would
consider calling this something like a bye zone and put it in whatever color
you want, for example. We know that we have that here. If you want to move this
just double-click on it and you'll have it selected. So that's a very basic way
to start using these charts is marking at least support and resistance as most traders
will consider support resistance, regardless of what other strategy you
have, support resistance levels pretty much play in to them all. Just start
annotating your charts as well then if you change on to something else,
you start looking at cable, and then you come back to your US chart, you've still
got your ideas. Another thing I'd make sure is don't
have too much stuff on your charts. If it's historical, if it's not relevant
anymore, get rid of it. We'll come back into a bit more about chart clutter
when we talk about indicators. I probably always have a Fibonacci
retracement on as well you can see there how this low marked-up matches up with
the 23.6, and also a support line. So that would be some very basic ways that I
would mark up my charts. So you've learned about creating watch lists
you've learnt about how to use charts and you've also learned how to save
different profiles for different setups on your MT4 platform. The next thing to
do is learn about technical analysis on MT4 and you can do that by clicking the next video.
*Click the next video above*