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Now you have installed IBFX’s demo Meta Trader 4 and you want some action.When you’re familiar with the platform, you can trade with discipline, a key factor to success in forex. Getting to know how to do it can be the first step, or you could go with learning on the basics before demo trading which we will go in depth in the next few blog entries.

Selecting a pair

Here we start off with introducing all the different pairs of major currencies. If you look at the screen shot below, on the top left corner we have a green cross, click on it and it expands to a couple of currency pairs that you can trade with your demo account (*note, if you’re having an actual funded account, you’ll have more pairs to trade with, depending on your broker). Select any of the pair, and it will expand itself to a full chart. In this case, I’ve selected GBPUSD.

The chart pops up, now what?

A 1 hour GBPUSD chart opens up. There are a few standard duration charts, namely the 1 minute, 15 minutes, 30 minutes, 1 hour, 4 hours, daily and weekly charts. Each duration serves different purposes depending on what kind of trader you are. Bar charts are set by default. See those iffy iffy green stuff on the charts? I’m not too familiar with them since I prefer reading candlesticks to bar chart. We’ll find out more in the next episode.
If you notice as well, after opening my new chart, it stacks out below near the status bar. You can select whichever chart you have opened from here as well so you can have quick access to it.

Opening the buy/ sell menu
Now, how do you buy (or we call it long) and sell (the opposite? short)? Pretty simple. Either, hit the F9 key of your keyboard, or click on New Order or just right click on your mouse, Trade, New Order. A menu will appear. We’ll explain what type of orders do they accept, and how the different buys and sells work here.

Buy/ Sell menu Explained

The straight forward orders will be just Buy or Sell. You can try to see how it works. We’ll touch on Volume on the next issue. Instant Execution, as what it means, places your buy or sell order instantly. You can look at the screen shot where I have placed an order. Notice the different price is shown on the left and the right. The left is the actual current price of the pair, the right shows the cost, or what we call the ‘pips spread’ of placing the order.

Try placing a Buy or a Sell Order now if you like.

Click on ‘Trade’ and you can see the order which you have placed as indicated by the circle on the screen shot. Here you can make amendments to your position, or even close them. The profit and loss of each position will be indicated here as well.

Modifying or Deleting an Order

Right click on an open position and select ‘Modify or Delete Order‘. You can specify a Stop Loss(S/L in short) Price and/ or a Take Profit Price (T/P in short) here.

Stop Loss - A price which you can define on how much lost you should take in this order. Once the price has reached your Stop Loss target, your order will be closed.

Take Profit - A target price defined for profit taking. Once your profit target price is hit, the order will be closed by the broker.

As you can see on the screenshot below, the T/P and S/L levels are indicated on the chart as well as two red lines. When your T/P is about to be hit, your price in the Order bar will turn GREEN, and if your S/L is about to be hit, the price will turn red on the S/L section.

My Take Profit was triggered in this case, bagging a 10 pips to my account.

Closing A Position Manually

Right click on the open position and click ‘Close Order’. Click on the yellow close button to close your position.

Verifying Closed Orders

To verify your closed orders, click on ‘Account History‘ next to ‘Trade‘ on the status bar, you should be able to see your closed positions together with your profit/ loss.

Phew! Now Buying and Selling isn’t so difficult! What’s next?

So now you’ve learnt how to buy and sell through Meta Trader 4 on demo. We’ll be touching next on adding basic indicators to your charts, as well as some settings like changing from a barchart to a candlestick one. Stay with us

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