Thread: MT4 FAQ

MT4 FAQ

Please click on the appropriate link below to view the answer to your question:

MT4 Platform Getting Started

• Is MT4 the right platform for me? Click here.
• How do I learn to use the platform? Click here.
• I see blue and red flashing prices. How do I read the price quotes? Click here.
• How do I place and manage trades? Click here.

Managing your MT4 account

• How does MT4 execution work? Click here.
• Why does FXCM use a bridge connection? Click here.
• What do I need to know when trading with the MT4 platform? Click here.
• Why do I get a read-only login? Click here.

How to Use Expert Advisors (EA’s) and VPS

• How do I install an EA? Click here.
• How do I enable my EA for live trading? Click here.
• How do I login to my VPS? Click here.
• How do I install an EA with my VPS? Click here.

Customizing the MT4 platform

• How do I add more symbols or currency pairs? Click here.
• How do I customize an MT4 chart? Click here.
• How do I save a platform profile? Click here.
• How do I show the buy (ask) price? Click here.

Technical Support

• How do I uninstall and reinstall the platform? Click here.
• What is an Auto Account Sync? Click here.
• I think an Auto Account Sync is wrong. What do I do? Click here.
• What does the error message “Off Quotes” mean? Click here.
• What server do I use? Click here.
• How do I install the MT4 platform? Click here.

If you have additional MT4 questions, please post your question and we will reply with an answer!

Is MT4 the right platform for me?

MT4 is the right platform for you if your trading strategy involves Expert Advisors (EAs). A benefit of trading with FXCM is our No Dealing Desk execution - we accept all EAs, including scalping EAs.

Do you have any recommendations?

Yes, the 2 most popular platforms are:

1. FXCM Trading Station II - We recommend FXCM's Trading Station II platform for all traders who are not automating their trades with EAs. Trading Station II offers the following benefits over MetaTrader 4:

To learn more, you can visit one of the following links: FXCM LTD (UK), FXCM LLC (US), and FXCM Australia.

2. Strategy Trader - If you use EAs, the Strategy Trader platform offers automated trading designed for No Dealing Desk execution.

To learn more, you can visit one of the following links: Strategy Trader for FXCM LTD (UK) and FXCM LLC (US).


What other platforms do you offer?

We offer several account types to meet your trading needs including mobile trading, automated trading or Mac-compatible platforms.

You can compare the features of our platforms below:



Can we save you time in selecting the right automated trading platform? Click Here to Chat Now or click Post Reply and we will provide you with a solution!

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How do I learn to use the MT4 platform?

About the FXCM MT4 Platform

FXCM's MT4 provides No Dealing Desk execution, accepts all EAs, and accepts all trading strategies without the hassle of requotes.

Visual Guide of the MT4 Platform



The main FXCM MT4 windows are explained below:

• Main Menu Bar Window – Offers access to place and modify orders and create and modify charts.
• Market Watch Window – Provides an easy way to place trades and displays live two-way (buy and sell) prices with detailed information on each financial instrument.
• Navigator Window – Provides access to stored indicators, EAs and scripts.
• Terminal Window – Includes detailed information on all trade, both current and historical as well as messages.
• Chart window – Allows one or more charts to be created and modified.

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I see blue and red flashing prices. How do I read the price quotes?

The flashing red and blue prices are the first thing you will notice when you log into the MT4 platform. These are live, real-time prices that constantly update. A flashing red price means that the last price move was down, and a flashing blue price means that the last price move was up. These updating prices are the most important feature of this window but they are not trading signals.

How do I read these price quotes?

For every price displayed, you will notice there are 5 digits. The most important digit is the 4th digit from the decimal (or the 2nd digit from the decimal for the JPY pairs). This is called a pip and a 1 pip change in price is equal to about $1.00 for a 10k trade. For example, a pip move would be a change in the sell price below from 1.2819(3) to 1.2820(3).

The smaller 5th digit of the price is 1/10th of a pip and a 1 pip change in price is equal to about $0.10 for a 10k trade. For example, the 5th digit of the sell price below is the last “3” of the price quote 1.2819(3).

How do I read the columns?

The bid Price, displayed on the left hand side, is the best available price to sell. The Ask Price, displayed on the right hand side, is the best available price to buy.

The symbol column shows the currency pair or financial instrument that you will be trading. In the image below, notice the first pair is EURUSD.

What can I do from the Market Watch window?

All of the Market Watch window features are easily available by right-clicking anywhere inside the Market Watch window. A drop down menu will display that provides a list of options available from the Market Watch window.

1. Place an Order.

a. Right anywhere inside the Market Watch window. A drop down menu will display.
b. Click on the "New Order" option.

c. Select the symbol you desire as well as the volume and then click on either "Sell Market" or "Buy Market".

2. Create a Chart

a. Right click on the symbol you would like to view inside the Market Watch window. A drop down menu will display.
b. Click on the Chart Window option.

c. A new chart will display with the highlighted symbol.

3. Add new symbols

a. Right anywhere inside the Market Watch window. A drop down menu will display.
b. Click on the Symbols option.

c. A symbols window will display. Navigate to the symbol you would like to view and click on Show.

d. The symbol will update to the Market Watch Window.

If you have additional MT4 questions, please post your question and we will reply with an answer!

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How do I place and manage trades?

To place a market order, follow these easy steps:

1. Click on the "New Order" button.

2. Select the symbol you desire as well as the volume and then click on either "Sell Market" or "Buy Market".

How to place a stop and a limit on an open position:

1. Right click on the order with the terminal window and select "Modify or Delete Order"

2. From this pop-up window that appears, you can now set your stops and limits. In the example below, both the stops and the limits will be set 50 pips away. You will notice that the picture shows 500 points, this includes the fractional pips so 500 points is 50.0 pips.

3. Finally click the "Modify" button on the bottom.

How to add a trailing stop on an open position:

1. Right click on the order with the terminal window and select "Trailing Stop." You will notice that the picture shows 615 points, this includes the fractional pips so 615 points is 61.5 pips.

How to close a position:

1. Right click on the order with the terminal window and select "Close Order"

2. Click on the "Close" button on the bottom as pictured below:

How to place an entry (pending) order:

1. Click on the "New Order" button.

2. Select the symbol you desire as well as the volume and then click on either sell or buy market and change the "Type" to "Pending Order."

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How does MT4 execution work?

FXCM uses a third-party technology provider (Boston Technologies) to connect the MT4 platform to FXCM’s No Dealing Desk price feed. This connection is called a bridge connection.

Every MT4 order is placed on the MT4 platform, routed through a bridge connection, and then received by FXCM. Once received by FXCM, the order is executed back to back with one of the world's premier banks and financial institutions, which compete to provide FXCM with bid and ask prices.

After the order is executed with one of our price providers, the FXCM read-only account will update the trade and account details, and the bridge connection will communicate back to the MT4 platform to display the same trade and account details. The steps involved in MT4 order execution typically take less than a second to complete.

A trader’s experience of FXCM MT4 execution:

Do you have more questions about the MT4 platform? Click Here to Chat Now or click Post Reply and we will provide you with an answer!

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Why does FXCM use a bridge connection?

The MT4 platform is a third-party platform software designed for Dealing Desk execution and FXCM uses a bridge connection because we feel it provides the most stable, transparent and fair execution. With FXCM’s No Dealing Desk execution, we take prices from the world's premier banks and financial institutions. By using a bridge connection, FXCM’s MT4 traders benefit from No Dealing Desk execution by trading anonymously with low spreads and no trading restrictions.

Do you have more questions about the MT4 platform? Click Here to Chat Now or click Post Reply and we will provide you with an answer!

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What do I need to know when trading with the MT4 platform?

There are important execution and account management details that you should know when trading with the MT4 platform.

At Best Execution

All orders placed on the MT4 platform will be filled using "At Best" execution. "At Best", short for "At Best Price", means your order will be filled at the best available rate. This rate could be the rate you click on, or a substantial number of pips away. There is no certainty of the price and the price received is determined by the multiple banks and financial institutions providing prices to FXCM.

Reporting

All MT4 accounts receive a read-only account to run reports online from myfxcm.com or from the FXCM Trading Station II platform. The read-only account reports are the accounting record of statement and display the most accurate history of account activity. If any differences exist between the MT4 platform and the FXCM read-only account, then the read-only account is accurate for accounting purposes.

Real-Time Account Activity

Real-time account activity such as margin, open trades, and floating gross profit or loss may be tracked using the MT4 platform and the read-only account reports. While the bridge connection communicates trade and account details between the MT4 platform and the FXCM read-only account, there may be situations where there are differences in real-time account activity. In these situations, the read-only account is accurate for accounting purposes. If a client is ever in doubt as to what their margin or profit/loss figures are, the FX Trading Station II platform can provide such information.

Auto Account Syncs

Auto Account Syncs are an account management tool that occurs when the bridge connection synchronizes balance changes from the FXCM read-only account to the MetaTrader 4 platform. Auto Account Syncs may occur due to deposits, withdrawals, trade rollover, or profit/loss differences on closed trades between the FXCM read-only account and the MetaTrader 4 platform.

Auto Account Syncs due to deposits, withdrawals, or trade rollover account activity can be confirmed by reports generated via the read-only account from the FX Trading Station II. Auto Account Syncs due to profit/loss differences on closed trades can be confirmed by comparing the gross profit/loss of closed positions between the FXCM Trading Station II and the MetaTrader 4 platform.

Trade Display Issues

There are rare instances when, due to technology limitations, trades may display on the MetaTrader 4 platform but never execute on the FXCM read-only account. Trade display issues can also occur where orders execute on the FXCM read-only account but the trade does not display on the MetaTrader 4 platform. To ensure that all account activity matches between the FXCM read-only account and the MetaTrader 4 platform, FXCM strongly advises that all clients have both the FXCM Trading Station II and MetaTrader 4 platform open when trading.

If you think your MetaTrader 4 platform is experiencing a trade display issue, please contact FXCM by phone at 1-212-897-7660, by e-mail at info@fxcm.com, or by live chat.

Do you have more questions about the MT4 platform? Click Here to Chat Now or click Post Reply and we will provide you with an answer!

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Why do I get a read-only login?

All MT4 accounts receive a read-only login to track the read-only account activity. MT4 accounts have the option to run reports online from myfxcm.com or from the FXCM Trading Station II platform by using the read-only login. The read-only account reports are the accounting record of statement and display the most accurate history of account activity. If any differences exist between the MT4 platform and the FXCM read-only account, then the read-only account is accurate for accounting purposes.

Real-Time Account Activity

Real-time account activity such as margin, open trades, and floating gross profit or loss may be tracked using the MT4 platform and the read-only account reports. While the bridge connection communicates trade and account details between the MT4 platform and the FXCM read-only account, there may be situations where there are discrepancies from real-time account activity. In these situations, the read-only account is accurate for accounting purposes.

Do you have more Mt4 questions? Click Here to Chat Now or click Post Reply and we will provide you with an answer!

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How do I install an EA?

If you do not already have an Expert Advisor (EA) file, then you can download a free EA Here.

To install an EA into the Metatrader 4 platform, you must save the EA in the following folder "C:\Program Files\FXCM MT4 powered by BT\experts" as pictured below:



1. To save the EA file, simply drag and drop the EA file from its current location to the "C:\Program Files\FXCM MT4 powered by BT\experts" folder. In the example below, an EA is installed named "FXCM_AwesomeIndicator_Oscillator.ex4".



2. You you have successfully installed your EA! To double check that you were successful, open up the FXCM Metatrader 4 platform and the Expert Advisor will be listed under Expert Advisor in the Navigator Window.



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How do I enable my EA for live trading?

1) Locate the navigator window on the left side of MT4 as pictured below:




2) Left Click and hold on the Expert Advisor you wish to utilize, then drag and drop onto the chart. A popup box will appear; next ensure that the "Common" tab looks as pictured below:




3) You may want to customize specific items within the "Inputs" tab. This would also be where you would enter your specific code if you purchased the EA.




4) Click "OK", if you see a smiley face in the top right corner of the chart as pictured below, then you are done!




5) If you instead see an "X" as pictured below, then you have one step left.




6) Click the "Expert Advisors" button and you will notice a green circle with a play icon overlaid as seen below:



7) Congratulations, you have successfully activated your EA!

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How do I log into my VPS?

1) Open the Remote Desktop Connection program which can be accomplished by clicking Start > Run. In the Run box that appears type "mstsc" as pictured below. Next click "OK."




2) The Remote Desktop Connection program will launch, first we need to change a few settings. Click on "Options" in the bottom left and the window will expand.




3) Next, click on "Local Resources" and then on the tab that appears click on "More" as pictured below.




4) Ensure that the "Drives" box has a check mark in the box as pictured below. If it does not, simply click within the box to add a checkmark.



5) Click "OK" and then navigate back to the "General" tab.

6) In the "Computer" field enter your IP address as pictured below then click on "Connect."



7) You will be presented with a login screen, enter your username and password and then click "OK."

8) Congratulations, you have successfully logged into your VPS!

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How do I install an EA on a VPS?

1. Open the Remote Desktop Connection program which can be accomplished by clicking Start > Run. In the Run box that appears type "mstsc" as pictured below. Next click "OK."



2. The Remote Desktop Connection program will launch, first we need to change a few settings. Click on "Options" in the bottom left and the window will expand.



3. Next, click on "Local Resources" and then on the tab that appears click on "More" as pictured below.



4. Ensure that the "Drives" box has a check mark in the box as pictured below. If it does not, simply click within the box to add a checkmark.



5. Click "OK" and then navigate back to the "General" tab.

6. In the "Computer" field enter your IP address as pictured below then click on "Connect."



7. You will be presented with a login screen, enter your username and password and then click "OK."

8. You have now logged into your VPS and simply need to open up a windows explorer window.

9. To save the EA file, simply drag and drop the EA file from its current location to the "C:\Documents and Settings\YOUR USERNAME\Program Files (x86)\FXCM MT4 powered by BT\experts" folder. In the example below, an EA is installed named "MACD Sample.ex4".



10. You you have successfully installed your EA! To double check that you were successful, open up the FXCM Metatrader 4 platform and the Expert Advisor will be listed under Expert Advisor in the Navigator Window.



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How do I add more symbols or currency pairs?

1) Right click within the Market Watch window and select symbols.



2) You can then select certain pairs to add, in the image below the pairs in gray are the ones that are hidden.



How do I remove a pair from the Market Watch window?

1) Right click within the Market Watch window on the symbol you wish to modify and select "Hide"



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How do I customize an MT4 chart?

1) Right click on the chart and select “Properties”

2) A pop-up box will appear with modifications that can be made. The color tab allows you to modify the color scheme and the common tab allows you to change other chart settings.



How do I remove the grid form the chart:

1) Right click on the chart and select "Grid"



How do I add an alert:

1) Click on the "Alerts" tab on the bottom of the terminal window



2) Right click within the "Alerts" window and select "Create"



3) Modify the settings as appropriate and then click "OK"



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