MetaTrader Simplified - Master MT4/MT5 Without the Complexity

A beginner-friendly guide to understanding MetaTrader's essential features, from basic navigation to automated trading with Expert Advisors.

FEA Trading

Aug 8, 2023

MetaTrader Simplified

Getting Started

MetaTrader can seem intimidating at first glance - there are so many buttons, windows, and features! But don’t worry, you don’t need to master everything at once. This guide focuses on the essential features you’ll actually use, making MetaTrader 4 and MetaTrader 5 much more approachable.

Both platforms have been around for years and are incredibly powerful, but we’ll stick to what matters most for understanding our product portfolio. For the deep technical stuff, you can always check out the manufacturer’s website or the external resources we’ve included throughout this guide.

Understanding the Views - Your MetaTrader Workspace

Think of MetaTrader’s “views” as different panels in your trading cockpit. Each one serves a specific purpose, and the best part? You can turn them on or off depending on what you need!

To customize your workspace, just go to the View menu and toggle what you want to see:

Here’s what MetaTrader looks like with all views enabled (it’s a lot, but don’t panic!):

Pro tip: Most brokers customize MetaTrader slightly, but the core views remain the same. If you’re just testing strategies, you might only need the Strategy Tester view. Keep it simple!

Market Watch - Your Price Dashboard

This is your real-time price feed! The Market Watch window shows you live quotes, price stats, and even mini tick charts. It’s like having a stock ticker, but way cooler.

The colors tell a story too - they show whether prices are going up, down, or staying put compared to the last update. Just remember: if a symbol is hidden here, you can’t use it in testing or add-on apps.

Want to open a new chart? Just drag and drop a symbol from Market Watch. Easy!

Learn more:

Data Window - The Details Detective

The Data Window is like having a magnifying glass for your charts. It shows you the nitty-gritty details: open, high, low, close prices, timestamps, and indicator values for wherever your cursor is pointing.

It’s purely informational - you can’t trade from here, but it’s super handy for analysis. Right-click to access options like copying data or adjusting the display.

More info:

Navigator - Your Control Center

The Navigator is like your filing cabinet - it organizes all your accounts, indicators, Expert Advisors, and custom tools. Hit Ctrl+N to open it quickly, or find it in the View menu.

It’s organized as a tree structure, making it easy to find what you need. You can even create new files or folders right from here!

Useful links:

Terminal - Your Trading Command Center

The Terminal window is like mission control for your trading. It shows your open trades, account balance, news, trade history, alerts, and more. Access it with Ctrl+T or through the View menu.

It’s organized into tabs - Trade, Account History, News, Alerts, and others. Each tab gives you different information about your trading activities.

Learn more:

Strategy Tester - Your Time Machine

This is where the magic happens! The Strategy Tester lets you test your Expert Advisors using historical data. Think of it as a time machine that shows how your strategy would have performed in the past.

It runs virtual trades based on historical quotes, giving you valuable insights before risking real money. Different testing modes let you balance speed vs. accuracy based on your needs.

More details:

Chart Windows - Where the Action Happens

Your charts are where you’ll spend most of your time! Each chart shows price data for a specific instrument and timeframe. You can have multiple charts open and switch between them using the tabs at the bottom.

Want a new chart? Just drag a symbol from Market Watch onto your workspace. You can arrange charts as tiles, cascade them, or organize them however works best for you.

Helpful resources:

Indicators and Oscillators - Your Analysis Tools

Indicators are like having a team of analysts working 24/7 on your charts. They’re mathematical calculations based on price and volume that help you make trading decisions.

Oscillators are a special type of indicator that show when prices might be getting too high or too low. They’re especially useful when markets aren’t trending strongly.

Adding Indicators is Super Easy:

Open the Navigator window (usually on the left)
Find the Indicators folder
Look for the Market subfolder with installed indicators
Double-click or drag the indicator to your chart

You can also go to Insert → Indicators to browse by category:

Once added, indicators typically appear on your main chart, while oscillators usually get their own separate window below. To manage them, right-click your chart and select Indicators List:

Popular tools include Moving Averages, MACD, RSI, and Bollinger Bands. Don’t try to use them all at once - start with one or two and learn how they work!

Learn more:

Live vs Demo Trading - Practice Makes Perfect

Most brokers make it easy to tell which type of account you’re using. Look in the Navigator - live accounts usually have “live” in the server name, while demo accounts include “demo”:

Demo Trading: Uses virtual money, so you can practice without risk. Executions are usually instant and at the exact price you want. Perfect for learning!

Live Trading: Uses real money and involves real market conditions. You might experience slippage (getting a slightly different price than expected) because you need actual buyers and sellers on the other side of your trades.

Start with demo trading until you’re comfortable, then gradually move to live trading with small amounts.

More info:

Automated Trading with Expert Advisors - Let the Robots Trade

Expert Advisors (EAs) are like having a tireless trading assistant that never sleeps! These are programs that can automatically trade for you based on predefined rules.

You can buy EAs from the MetaTrader Market or create your own using the MQL programming languages. They analyze market conditions and make trades according to your strategy.

Setting Up Automated Trading:

Go to Tools → Options (or Ctrl+O)
Enable AutoTrading in the settings
Find your EA in the Navigator and drag it to a chart
Look for the smiley face icon - it shows your EA is running!

MetaTrader indicates a running expert advisor

You can find free and paid EAs online and in the MetaTrader Market. Many offer demo versions so you can test before buying.

Important: Always test EAs thoroughly on demo accounts before using real money!

Learn more:

MetaEditor, MQL4, and MQL5 - The Programming Side

MetaEditor is like a specialized word processor for creating trading programs. It comes built into every MetaTrader installation and helps you write, edit, and compile trading applications.

To access it, go to Tools and select MetaQuotes Language Editor:

MetaTraders MetaQuotes integrated language editor

MQL4 is the programming language for MetaTrader 4. It’s based on C++ but designed specifically for trading applications. You can create custom indicators, scripts, and Expert Advisors with it.

MQL5 is the upgraded version for MetaTrader 5. It offers more features and capabilities, making it easier to create sophisticated trading programs. However, MQL5 programs won’t work in MetaTrader 4.

Both languages help you create:

Custom indicators
Expert Advisors (trading robots)
Scripts for specific tasks
Trading libraries

Don’t worry if programming isn’t your thing - there are plenty of ready-made solutions available!

Resources:

Strategy Tester Deep Dive - Your Testing Lab

The Strategy Tester deserves special attention because it’s such a powerful tool! It lets you see how your trading strategies would have performed using historical data.

Here’s how it looks in both versions:

MetaTrader 4:

MetaTrader 5:

While both work well, MetaTrader 5’s Strategy Tester is more advanced and recommended.

Testing Modes in MT5:

Every tick: Most accurate but slowest - tests every price movement
1 minute OHLC: Good balance of speed and accuracy
Open prices only: Super fast but rough - only uses opening prices

The Strategy Tester also helps optimize your EA’s parameters to find the best settings for maximum performance.

More info:

Staying Connected with Notifications

MetaTrader can keep you informed even when you’re away from your computer! You can set up both email and mobile notifications.

Setting Up Notifications:

Go to Tools → Options
Click the Notifications tab

For Mobile Notifications:

Check Enable Push Notifications
Enter your MetaQuotes ID (find it in your mobile app under Settings → Messages)
You can add up to 4 MetaQuotes IDs separated by commas

MetaTrader notification settings for mobile

For Email Notifications: Set up your SMTP email server settings to receive detailed email alerts.

MetaTrader notification settings for emails

Mobile notifications are limited to 255 characters but are delivered instantly. Email notifications can contain more detail and are great for comprehensive reports.

Learn more:

Trading on the Go - Mobile MetaTrader

Don’t want to be chained to your desk? MetaTrader’s mobile apps for iOS and Android are incredibly powerful! You can do almost everything the desktop version can do, right from your phone or tablet.

Mobile Features Include:

Real-time charts and quotes
Technical indicators and drawing tools
Order management
Account monitoring
Financial news
Push notifications
MQL5 community access

Cool Feature: When you download the mobile app from your desktop’s Help menu, it remembers your server settings, making setup super easy!

The mobile platform is perfect for monitoring your trades, checking market conditions, or even placing orders when you’re on the move.

Resources:

Wrapping Up

MetaTrader might seem overwhelming at first, but remember - you don’t need to master everything immediately! Start with the basics:

Get comfortable with the main views - Market Watch, Navigator, Terminal, and Charts
Practice with demo accounts before risking real money
Experiment with a few indicators - don’t overload your charts
Try the Strategy Tester if you’re interested in automated trading
Set up notifications to stay informed on the go

The key is to take it one step at a time. Focus on understanding how each feature helps your trading, and gradually build your expertise.

Whether you choose MetaTrader 4 or 5, you’re getting access to one of the world’s most popular and powerful trading platforms. With practice, what seems complex today will become second nature!

Remember: This guide covers the essentials, but MetaTrader has many more advanced features to explore as you grow more experienced. Happy trading!

Share this article:

Back to all posts