MetaTrader is a commercial electronic platform used to trade forex. It is also widely used to analyze financial markets by traders. The MetaTrader platform is mostly used by forex brokers who provide the software to their client base.
What is the difference between demo and real accounts?
While all features and functions of a real account are also available for a demo account, you should keep in mind that simulation cannot replicate real trading market conditions. One relevant difference is that the volume executed through the simulation does not affect the market; while in real trading volumes have effect on the market, especially when the deal size is large. The speed of execution is the same for real trading accounts as for the Fibo Group demo accounts.
Moreover, users can have a very different psychological profile depending on whether they trade with demo or real accounts. This aspect may impact the evaluation performed with the demo account. We advise you to be cautious and avoid complacency about any conclusion that you may draw from using a demo account.
Where can I download the MetaTrader software?
To download the MetaTrader software, you need to login to your broker client cabinet and open a demo account and you will receive the direct download link by an email.
How do I log into my live account and start trading?
An email notification with a login name and password will be sent (i.e. Login: “10001” Password: “abc”). Download and install the platform. Open the login screen. Note that a screen may open that asks to open an account. “X” out of this screen.
To login, go to FILE > LOGIN and type your login and password.
The server field has a drop-down menu, select the following server: ‘Live or Real Server’.
When listening a DING sound (confirmation noise), your account number will appear in the top left corner of the platform.
If you see prices moving in Market Watch and the correct balance in your Terminal section, you have successfully logged into your live account. If you are experiencing problems logging in, please contact the broker support department.
How do I see all the currency pairs in the Market Watch?
Within the Market Watch window, all the currency pairs eligible to trade can be viewed by right-clicking within this section and selecting ‘Show All’. All currency pairs will appear thereafter.
How do I display a bar chart?
On the top Menu bar, select CHARTS > BAR CHART or use the keyboard shortcut (Alt+1).
How do I display a Candelstick chart?
On the top Menu bar, select CHARTS > Candelstick or use the keyboard shortcut (Alt+2).
How do I display a Line chart?
On the top Menu bar, select CHARTS > Line CHART or use the keyboard shortcut (Alt+3).
Why I can’t see the opening/closing price on my chart?
Every buy order is open at ASK price and closed at BID price, and every sell order is open on BID price and closed at ASK price. By default, you are only able to see the BID line on your chart. In order to see the ASK line, right click the particular chart -> Properties -> Common-> and tick the Show ASK line.
How do i change the time period on the metatrader charts?
To add time periods to the main menu bar, select VIEW > TOOLBARS > PERIODICITY. then choose the time of your choice
How do I insert chart indicators?
1. On the top Menu bar, select INSERT > INDICATORS.
2. You can also navigate to the Navigator section and insert chart indicators from there.
How do I add my custom indicators onto my trading platform?
This file will have to be of the .mql format – meaning it has to end with .mql.
For this example the indicator we want to add will be called test_indicator.mql.**
The steps are as follows:
1. Save this file to the following folder, using ‘Save As’: C:Program FilesMetaTrader4expertsindicators
2. After saving, find the file test_indicator.mql in that folder. The symbol for a .mql file is a yellow diamond with an exclamation mark inside it.
3. Next restart MetaTrader and find the new indicator in MetaTrader’s Navigator to the left side, in the Custom Indicators folder.
4. To add the indicator to a chart, simply select a chart, then double-click on the indicator in the Custom Indicators folder, select any non-default values you would like to have modified, then select OK.
Can I use robot/auto traders or expert advisors?
Yes, MT4 support the use of EA’s
How do I add an expert advisor?
Save your expert advisor in the MetaTrader4 directory on your computer: C:Program Files – MetaTrader – FiboGroup – experts. Then restart MetaTrader4. The expert advisor file should appear in the navigator window of MetaTrader4. Left click on it and drop-and-drag it onto the chart of the currency that you would like the expert advisor to trade on.
What do I do if the attached expert advisor does not trade?
First check if trading is allowed by going to Tools -> Options -> Experts tab -> Allow real trading. Then make sure that the expert advisor button on the main tool bar is pressed. You should be able to see a smiley face in the top right-hand corner of your chart which shows that you have activated your EA correctly. If everything is all right, but the EA still does not trade, see your log files via the Experts tab in the Terminal window (you should be able to see what error occurs).
How can I view my trading history?
Open the terminal window by pressing Ctrl+T on your keyboard, and select the Account History tab. Right click to enable the context menu, which will allow you to save your trading history as an .html file so that you can later view it when you log out of the trading platform.
Does the MetaTrader platform facilitate mini lot (10K) trading?
Yes, you can trade mini lots (10K) using the MetaTrader platform.
Here is the scale that we use for trading lot sizes on MetaTrader:
0.01 lots = 1,000 units of base currency (or dollars) which is concidered as “micro” lot size.
0.10 lots = 10,000 units of base currency (or dollars) which is concidered as “mini” lot size.
1.00 lots = 100,000 units of base currency (or dollars) which is concidered as “standard” lot size.
Please note that trading in lot sizes that are not shown in the scale above is possible. An example would be an open a lot position of 0.40 (40,000 units), an 6.00 lot position (600,000 units), and even a 5.20 lot position (520,000 units). Please email us with any scale questions to: email@example.com
Also, note that other brokers may use a different scale to trade certain size lots. For instance, another broker may show 1.00 lots on a mini account is 10,000 units.
Can I change the time zone in MetaTrader?
No, you can’t. The time zone of trading servers is always GMT+2 winter time and GMT+3 summer time. GMT time setting avoids having small candlesticks on Sundays and therefore allows the running of technical analysis and backtesting to go more smoothly and straightforward.