How To Take & Manage Trades - Full MT4 Tutorial

Summary

In this tutorial, Jason teaches viewers how to copy trades into the MetaTrader 4 (MT4) app, connect to a Vantage broker, and select trades from various sources like Telegram groups and Discord. He guides through the process of logging in, adding currency pairs, and executing trades with proper risk management. The video also covers adjusting stop losses for risk-free trades, taking partial profits, and adding non-forex assets like indices, commodities, and cryptocurrencies to the MT4 platform. Jason emphasizes the importance of reading trading tips for a successful trading journey.

Takeaways

• 📱 The tutorial is for users of the MetaTrader 4 (MT4) app, focusing on how to copy and paste trades, connect to a Vantage broker, and find trade ideas.
• 🔗 To connect to a broker, select 'Settings', then 'New Account', and log in using details provided by Vantage Broker via email.
• 🔍 Use the correct server as indicated in the email from Vantage Broker, and ensure to copy and paste the login details to avoid mistakes.
• 💻 For iPhone users, the process may differ slightly from Samsung users, who should perform the equivalent steps on their devices.
• 💰 After logging in, check the 'Settings' to confirm the connection, and use the 'Trade' section to manage currency pairs for trading.
• 📈 Add currency pairs to the 'Quotes' section by selecting 'Forex' and choosing preferred pairs, then save the selection.
• 📑 Trade ideas can be sourced from three locations: V trades, the VTG Discord group, and the Manara Telegram group.
• 🛑 Understand the difference between market execution (immediate trade) and limit orders (pending orders waiting for a price level).
• 💹 Use a lot size calculator from cashbackforex.com to determine the appropriate trade size based on a 1% risk of the account balance.
• 🚫 To go risk-free, move the stop loss to the entry price once the trade is profitable, ensuring no loss of initial investment.
• 📉 For taking partial profits, edit the lot size to close out a portion of the trade, securing some profit while leaving the rest open.
• 📚 Before trading, read the V trades tips and guidelines for proper risk management and trade expectations.

Q & A

What is the main topic of the tutorial video?

The main topic of the tutorial video is how to copy and paste trades into the MetaTrader 4 (MT4) app, connect to a Vantage broker, and find trades to copy.

Which platform does the tutorial initially demonstrate the process on?

The tutorial initially demonstrates the process on an Apple iPhone, noting that the steps may vary slightly for Samsung users.

How does one begin the process of connecting to a broker in MT4 on an iPhone?

To connect to a broker in MT4 on an iPhone, open the MT4 app, go to settings, select 'New Account', and then 'Log in to an existing account'.

What should a user do if they cannot find the correct server in MT4?

If a user cannot find the correct server, they should copy the server name provided by their broker, such as 'Advantage International Demo 2', and paste it into the search option in MT4.

Why is it important to paste the login details instead of typing them manually?

Pasting the login details is important to avoid making any mistakes and to ensure the accuracy of the information entered into the MT4 app.

What should users do if they want to add currency pairs to their MT4 app?

Users should go to the 'Quotes' section in MT4, press the plus sign, find the desired currency pairs under 'Forex', and then press 'Done' to add them.

How does one determine the appropriate lot size for a trade according to the tutorial?

To determine the appropriate lot size, users should use the lot size calculator on cashbackforex.com, inputting the currency pair, entry price, stop loss, and their account balance, and then calculate based on risking 1% of the account.

What does 'going risk-free' mean in the context of trading?

'Going risk-free' means moving the stop loss of a trade to the entry price, ensuring that if the trade reverses, the trader will not lose any money and the trade is in a break-even position.

How can a trader take partial profits from a trade?

A trader can take partial profits by editing the lot size of an open trade to a smaller amount, closing out a portion of the trade and leaving the rest to potentially reach further take profit levels.

What should traders do if they receive a trade idea involving a limit order?

For a limit order trade idea, traders should change the trade type from 'Market Execution' to 'Buy Limit' or 'Sell Limit' in MT4, input the specified price, stop loss, and take profit, and then place the order.

Why is it recommended to read the trading tips before taking any trades?

Reading the trading tips is recommended to ensure traders understand the process, manage their risks properly, and have the right expectations for their trades.