Not every trading platform is the same. Even MT4 platforms aren't all created equal! Depending on your broker, they come with a distinct set of indicators.
Now that you've had some experience with the MT4 platform's indication tools, it's time to move on to the next level of your MT4 training: how to install an expert adviser.
It's time to learn how to use your MT4 account now that you've set it up!
Congratulations! If you've arrived at this point, it shows that you're ready to open a demo or live MetaTrader 4 (MT4) trading account. And, because wikifx.com is the best, we're here to help you along the way.
Your trade notebook keeps track of all of your trading activity. A trading log is a tool that any serious trader who wants to make money may use to critically analyze themselves.
It's difficult to keep a trade journal, but losing all of your trading capital, failing as a forex trader, giving up, and never returning to forex trading is also a possibility.
You'll have a lot of fancy-schmancy data and insights about the market and yourself after a good number of deals
While your bottom line (total profit or loss) can readily tell you your overall trading success, keeping statistics is a wonderful method to figure out which components of your trading system are preventing you from performing like a well tuned race car rather than a junkyard clunker.
Looking back on events that have previously occurred is referred to as retrospective. It may be tempting to ring up your buddies for happy hour, shoot shots of Patrón, and splurge on bottles of Dom Pérignon when you've completed trading, but it's critical that you assess how your trade went, win or lose.
BEFORE you even consider entering into the trade, you must have a game plan in place. That game plan lays out how you'll handle this deal, whether it works out well for you or not.
This is the easiest of the three. Your position size must be determined based on your risk management guidelines in your forex trading plan.
When you're in the prospective trade area, your entry trigger notifies you when to enter the transaction in reality.
For each trade you make, you must have a good reason. This is also referred to as logic or reasoning.
Before the transaction, during the trade, and after the trade, you keep track of everything you feel and do.
Enough with the doom and gloom now. Let's just say that most professional traders keep a trading notebook and regularly examine their trades.
You should keep track of your trades in a trading journal.
Many strategies work, but many forex traders lack the discipline to follow the rules, and as a result, they continue to lose money.
As you can see, we have all of the necessary components for a successful forex trading strategy. First and foremost, we've decided that this is a swing trading strategy that will be used on a daily chart.
What time frame should you choose for your trading system? The shorter the timescale, the harder it is to create a good system.
Now that you've mastered the fundamentals of technical analysis, it's time to use what you've learned. Let's put all of this information together and create a simple trading system.