Forex Trading Guide for beginners with MT4 Forex Broker

One of the Best MetaTrader 4 Based Broker for Beginners
TickMill Review

RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK.

(If you are a citizen of UK, choose the "FCA of United Kingdom" tab when registering while citizens from other countries can choose the "FSA of Seychelles" tab to enter information.)

Then, upload all the necessary documents to verify your identity and address. Once the account is verified you can proceed with the next step.

2 - Open a MT4 Trading Account

Once your main account is approved, you can login to your dashboard.

Then click on the "Open New Account” button and fill the details as below to create a Metatrader 4 trading account.

Account type: "Pro".
Currency: "USD" (or choose any other currency).
Leverage: "1:500" (If you are a UK or European citizen, the maximum will be 1:30).

(Confused on why we are creating another account? Well, earlier we registered with the broker and verified ourselves. Now, we need to create a trading account to get an account number and password to enter to the trading platform to place trades!)

Then, you will get an email with your account number, trading password and MT4 server from Tickmill (keep this in a secure place as this is your main trading account).

5 - Trade and practice trading using a free demo account

We have already created a live trading account (real money) in step 2. Now it’s time to learn and practice a bit before we start doing live trading. Go to the link below and create a demo/practice trading account (virtual money, 100% risk free!)

For a demo trading account choose the following values:

Virtual deposit: "1000" (or any value that you prefer).
Account type: "Pro".
Account Currency:  "USD" (or choose any other currency).
Leverage: "500".

You will receive another email with your Demo account number, Demo account password and some extra details.

Then, login to your WebTrader or to your MT4 desktop/mobile software as follows:

First, choose "Tickmill-DemoUK" as trading server (as we are going to practice) and click on "Next".

Then, choose "Existing Trade Account" and enter Demo Account number and Demo account password. Finally, click on "Finish". Then, wait for a few minutes to allow the software to connect with the server!

4 - How to place a trade ?

You will see 4 sets of charts in the software. However, to learn how to place a trade we will use the EUR/USD chart (you can choose the one that you prefer). First, maximize the chart (make it full screen) using the button marked as "1".

Then, put "0.01" or "0.1" as value in the box marked as "2".

After that, change the chart time from H4 to H1 (hourly chart) as shown in "3".

Once you have done all the previous steps, look at the candlesticks present in the chart area (marked as "4"). Empty looking candles are bull candles (may indicate a rise in the asset’s price) while white color ones are the bear candles (may indicate drops in the price level).

(You can change the color of these bars. To do that, right click on the chart. Then, go and click on "Properties". There you can change the 'bar up' & 'Bull’ candles to the same color while using a different color for 'bar down' & 'bear’ candles. Generally, green and red will be the ideal colors.)

Look at the chart once again as you are about to learn a simple trading strategy to place a trade. You will see some places where the price went to high points “marked in red” and places where the price went to low points “marked in green”.

If the price reaches to any of these high points and goes down after that, then this area is considered a resistance and it’s likely that if the price reaches these zones in the future, it will go down again after a while. So, if the price reaches one of these high points we should enter a trade by choosing "SELL" (marked as 5 in the previous image).

If the price reaches to any of low points and goes up after that, then this area is considered a support and it’s likely that if the price reaches these zones in the future, it will go up again after a while. So, if the price reaches one of these low points we should enter a trade by choosing "BUY" (marked as 6 in the previous image).

Note: If you are clicking “Buy” or “Sell” for the first time, you may get a window with a message. Just check the box at the bottom of that window and click ‘OK’.

(You can learn more about the trading strategy mentioned above in our Support and Resistance Trading article.)

You can close a trade manually and take profits from it using the 'x' sign, which is located at the right side of the trade (marked with a red circle), once it reaches your target.

Sometimes, your trade may end up as a loss. In that case, it’s better to close that trade with the minimum loss possible by using the same method.

Is there is a way to automate trades ? ( Optional)

Yes, you can setup values for a trade to auto-close once it reaches a certain price. When you enter the trade, double click on the trade (area highlighted in 'blue'). Then, you’ll get a pop-up window. In this window, add values as shown in the image below.

Stop Loss (marked in 'red') : You can set a value here to auto-close the trade if it goes against your predicted value.

Take Profit (marked in 'green') : You can set a value here to make the trade auto-close once it reaches your target value.

(Generally, it’s good to set Take Profit and Stop Loss values using a 2:1, 3:1 or 4:1 ratio. When setting values in EUR/USD you’ll have to take four decimals in consideration. In the previous screenshot we setup a stop loss at 1.1406 which is about 27 points/pips while take profit was set at 1.1328 which is about 51 points/pips.)

Now, play with this risk-free demo account and practice as much as possible.

7 - Any good signal Provider ?

Generally it is recommended to trade by your own but if you have a busy lifestyle and need some kind of guidence. Then you may try Bob's 1000 Pip Builder Signals ( he has over 10 years experience and provides live signals ) Service for better trading experience.

RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK.