MT4 is going to be our weapon of choice. Because it is extremely reliable, solid platform. Personally, I will use nothing else to trade. So, let’s have a look on how to navigate around it. We shall start with the Top Menu.
The New Chart gives us a drop-down menu with all the available currency pairs. These include USDCHF, GBPUSD, EURUSD, USDJPY, USDCAD, AUDUSD, EURGBP, EURAUD, EURCHF, EURJPY, GBPCHF, CADJPY, GBPJPY, AUDNZD, AUDCHF, AUDJPY, CHFJPY, EURNZD, EURCAD, CADCHF, NZDJPY and NZDUSD.
Choosing one of the G5 Currency pairs will open a new chart, representing the pair in it’s respectful state. I’ll show you how to make the graph fancy & understandable later on.
The Market Watch, upon click will show us the following window on the left hand side of the MT4 platform. This window displays the Symbol, Bid and Ask price. Here we can see if any given currency pair is on the way up or down by the red or green arrow on the left of each currency pair and at a glance estimate the spread between the Bid and Ask price.
I will explain spread in more detail later on. It’s a very important concept, and we will take advantage of times of low spread, again I’ll tell you more on this later.
If we left-click on any currency pair on the Market watch window we can then select “Tick Chart” from the bottom of the window itself, and in this way we can observe the price change by ticks. A sort of more detailed view of the price change, if you like.
The next selection is the Navigator Window. Prepare to have this be your favorite window.