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Copyright&2004 -
All Rights Reserved. 四三九九网络股份有限公司 版权所有Dear clients!
We are working hard every day to create the most convenient and financially beneficial conditions for entering the market. However, it is not enough to be truly successful in trading. As a trader you must be well versed in all aspects of trading: the functionality of the trading terminal, conducting technical, fundamental and graphical analysis, how our advisers can assist you, trading futures, the psychology of trading and much more. We understand that the amount of things to learn seems overwhelming and that all of this may sound incredibly complicated for those interested in trading for the first time. Therefore, we have tried to gather all the information you need into one place and present it as simply as possible by dividing it into parts, making it easier for you to find the needed material. We also wrote the text in question-answer form so you don't have to read the whole chapter to find the quick answer you need We hope that you will find the detailed information you need to take your trading to the next level!
Part 1. Introduction
Who are we?
We are Fort Financial Services, a brokerage company that helps investors start trading on the interbank market. And it doesn’t even matter how much money you put into your account initially. It may only take a small amount of money to start earning a profit. This market exists for the precise reason to earn profit by buying different instrument at lower price and selling them at higher prices. The worldwide economy stands on this principle and you can make your contribution to increase it and get your share of this ocean of money. When we mentioned products earlier, we weren’t of course talking about buying physical products and taking them home in boxes to store them until you find a buyer. Things are rather arbitrary in the financial market where benefit is derived from the difference of prices, i.e.; exchange rates (or metals, oil, stocks, indices, etc). These prices change every second — sometimes they rise and sometimes they fall. This whole process is much easier these days. You no longer have to fly across the ocean to an Exchange house like investors did in the early days. Now all you have to do is download a free program called the trading terminal. Thanks to the trading terminal, you can begin trading from a from your office or from home, from the sea or from a cabin in the woods. The only requirement is to have access to the Internet. That is how millions of people around the world are trading on worldwide financial markets from their desktops, their laptops, their tablets and even their smartphones. Join them now!
What instruments can be traded in the financial markets?
On the international market, millions of traders are profiting from fluctuating currency exchange rates, changing costs of crude oil, gold, silver, stocks of major companies and many different products — coffee, wheat, corn, etc. A complete list can be found in your terminal, once downloaded. We’ll talk more about that later.
How do you get started?
The only things you need to get started trading on the world’s markets is the trading terminal, which requires only internet access, and a desire to start making money. The Terminal allows you to monitor changes in the prices of each instrument – how much sellers are currently selling them and how much buyers are currently willing to buy them. You can start buying and selling, and you don't even need to have a warehouse filled with oil or corn, or a safe full of different currencies. As we mentioned earlier, on the financial markets everything is arbitrary – except for profits and losses – and you need to be mentally prepared to deal with both of them because both are inevitable, especially to the beginning trader. But don’t panic! You will never lose more than you are willing to risk on the market. We’ll show you how to minimize losses a little later, but first let’s answer what is probably the most important question on you mind: How much money do you need to get started? This may surprise you, but it does not take as much as you might think. As we mentioned earlier, the trading terminal is completely free to download. After you download and install the terminal, you begin training with a demo account. It’s up to you to decide how much virtual money you want to deposit in your demo account. This training will help you get acquainted with the Terminal, try some simple trades, work with advisers and conduct your first market analysis. When you feel more confident and want to try out your new skills on the real market, you open an account with our company and we give you a $5 trading bonus to welcome you as a client. This trading bonus means that you can start trading without worrying about losing your money – you can start trading with our money. Soon you will start to realize that being a trader isn’ it’s actually very interesting! You can learn more about this welcome bonus by clicking .
How to download the Terminal?
It is very easy and we offer different versions, depending on the type of device you will be using to trade: desktop computer (laptop) or mobile device. We also offer the MultiTerminal on our site, which is handy if you have several accounts and plan to actively trade on all of them. The MultiTerminal will allow you to track and monitor all your accounts. You can download our most popular and easy-to-use trading terminal, MetaTrader 4, right now.
FortFs MT4 Terminal:
FortFs MultiTerminal:
Mobile versions:
iPhone, iPad:
Windows Mobile:
How to install the Terminal?
Choose "Save file" from the pop-up window, and then double-click to start the installation. Press “Next” after the welcome screen.
Agree to the licensing agreement and then click "Next" again.
Choose an installation folder on your computer…
and after the installation is complete, click "Finish."
How to open a demo account?
When the Terminal starts for the first time, you will be automatically prompted to open a demo account, but if you accidentally close this window, it might get a little confusing:
To manually open a new demo account (you can have as many as you like), select “Open an account” from the “File” menu.
Even though this account is for training purposes and the data is fictional, be sure to enter your real e-mail address in order to receive important news and messages from us.
In the "Deposit" field, choose one of the preset amounts or manually enter any amount that you wish. We don’t recommend choosing huge amounts (like $10 Million) because it won’t help you to learn trading in real market. Generally, it’s best not to choose more than $ 5000. That is more than enough for you to learn everything you need to learn to start trading for real.
The “Leverage” field. To be honest, not even all active traders know what it is. But you will find out very soon – we’ll describe it in detail a little bit later. In the meantime, let's finish opening our demo account and leave the leverage ratio set to the default value of 1: 1000. Click the check box next to the phrase that you agree to receive news by email, then click "next" then "next" again and finally you will see this screen:...
We recommend you to save your Login details (both username and password) of your demo- account for later use. This disciplines you because in case of each new unprofitable trade you will open a new demo- account with 5000$ balance you won’t learn how to trade on the market. By the way, please note that your account has two passwords: one normal password for you to use for trading and another one called the “investor’s” password (you can give it to your friends and they can view your account and your trading, but will not be able to change anything). That’s all! Press "Finish." Congratulations! You have now officially joined the international community of traders! Now let’s learn how to trade!
Part 2. Getting to know the Trading Terminal
What is the leverage?
You probably already noticed while opening your demo account that the leverage ratio can be set to a number of different sizes: 1:20, 1:50, 1: 100, 1: 500 and 1: 1000. Leverage allows you to make transactions in amounts significantly larger than you have in your account. It reduces the margin, or the amount of funds that are “frozen” as a requirement for completing each trade. It is important to understand that the international financial market was not originally designed to serve individual traders who are sitting in front of personal computers. Major banks, trusts and investment companies are the ones that really control movement in the market. They exchange currency, buy and sell huge "lots" of goods, and of course, the daily volume of these transactions is impressively large. For the convenience of these big players in the market, there is a minimum transaction size of one lot. And one lot is usually equal to a rather large amount of money. For example, on the currency exchange market (Forex), one lot is equal to 100,000 units of a given currency, such as dollars. Of course, do not have access to such amount of money. That is when brokerage companies support traders by offering margin trading. Although margins are form of credit, they, like most things in the trading world, are conditional – they are only available while your transaction is active. During this time, the broker loans you the amount of money you need to make up the difference to 100,000 so you can purchase one lot. It gives you the opportunity to earn significantly more money trading on the market than if you only used the money you have in your account.
How do you choose the right margin ratio?
Let's say that you chose a margin of 1:20. When you make a purchase of one lot, only 1/20 part of the 100,000, or 5,000, comes from your account. The remaining amount is "lent" to you by your broker, but, again, only for the duration of the transaction. So, if the margin is 1:50, then your part of the transaction is $2,000. If the margin is 1: 100, it’s only $1000. A margin of 1:500 allows you to do a lot of trading with only $200. And, a margin of 1:1000, which is the default, gives you the opportunity to enter the market with tremendous volume, all with only $100! Now you can see how convenient and attractive trading is! Of course you must keep in mind that your profit is proportional to the amount of your contribution to the transaction, i.e., $100, not the whole $100,000. And don’t worry if $100 is too large a sum for you to invest right away. The market does not require you to purchase an entire lot at once. It’s actually recommended to purchase only a fraction of a lot (0.1 or 0.3). We’ll explain this in more detail a little bit later.
What volume is the best to start?
Of course if you start out with a huge volume transaction right away, you can count on substantial profits, but also substantial losses, which in this case could be devastating. That’s why most investors consider one lot to be big enough and prefer to trade in fractions of a lot. You can find more details in the Trading Terminal. For example, if you want to start a new transaction, you need to click on the large “New Order” button in the middle of the second panel on top. By clicking this button, you create a request to open a new transaction and your order must be fulfilled by your brokerage, i.e., FFS.
The “Order” Window
Note the "volume" field, where the default transaction amount is 1.00 lots. If you click on the arrow on the right side of it, you'll see that you can select any fraction of a lot, beginning with 0.01! Thanks to this feature, you can choose a smaller margin, like 1:20, and get a larger share of the profit from the trade, because more of your own funds will be used in the transaction. By the way, you can also manually enter the amount, let’s say 0.5 (half a lot) or 1.75, and FFS will add the remaining funds needed to enter the market according to the chosen margin. Now let's get to the most important point.
Which market should you choose to trade on?
The first market that we will teach you to trade on is the international currency market, or Forex. This is the most popular, and of course, the largest trading market. It’s also the easiest to understand. It is called the currency market because it coordinates the buying and selling of the world’s most popular product - money. You’ve probably already bought money, even if not through the Trading Terminal. If you’ve visited a currency exchange, you were likely conducting a simple transaction like trading dollars for euros. In fact, you were dealing with a pair of currencies – a euro-dollar currency pair (EUR/USD). On the electronic sign above the teller you saw how many dollars (USD) were equal to one euro (EUR) on that day. If, for example, it is said that one euro is equal to 1.238 dollars, then this number is called the quotation. In this case, the euro is the base currency, because it’s what you bought for your dollars. And the dollar is the quote currency because the euro is quoted in dollars at the rate of 1.238. Here we have the most popular currency pairs in the Forex market, ones that are in constant demand by traders all over the world. Let's find the EUR/USD currency pair in the Terminal.
Next you will see eight windows with charts and the first one is the euro-dollar chart. For convenience and clarity, let’s first close the remaining windows. To do this, click on the "X" in each window.
How do you set up a chart?
After closing the unnecessary windows, maximize the EUR/USD chart and take a look at information our Terminal provides. The most important and notable thing is undoubtedly the window itself. This is what you will be paying attention to when preparing for your transaction, while starting your transaction, and during your transaction – all the way until it’s closed. By the way, that quote that you saw on the sign of the exchange office is the end result of the previous day’s trading on the Forex market, i.e., at the end of the trading session. But during the day the currency pair experienced countless variations and changes, and traders had time to earn and lose huge sums of money. This graph shows us how the quotation of the currency pair changes every second. This change is displayed on the right:
And on the scale below the chart you can see the date and exact time when the change occurred. Using these scales, you can connect the vertical and horizontal dotted lines and easily determine the quotation (put simply, the price) of the currency pair at any given moment in time.
Not everyone likes the black background and green graphics, but don’t worry, you can stretch, rearrange and repaint everything in your Terminal.
Right-click anywhere in the chart window. A menu which contains all the basic options of the Terminal is displayed by clicking right mouse button in the chart window. Here you will find the most used options from all of the other menus. So, now we need to click on the Properties tab at the bottom.
Let’s take a look at our options.
You can choose one of three color schemes: green on black (the current setting), yellow on black, or black on a white background. The white background is probably the most pleasant. If you don’t like one of the standard color schemes, you can choose any colors you like - for the background, the text (quotes, date, name of currency pair), the dotted grid and for the graphics. You can also change the colors of several unfamiliar words: bar up, bar down, bullish candlestick, bearish candlestick and line. We’ll deal with them right away.
How the chart may look like?
Price movements can be represented by different symbols. Initially, your schedule is made up of separate small rectangles known as Japanese candlesticks. They are called like that because they actually resemble candlesticks: they have a body, sometimes shaded, and there are two wicks – a top and bottom one. This system was invented by Japanese traders who had nothing to do with trading terminals. They used to make these marks as a matter of convenience in their notebooks where they recorded financial transactions. Even today, this system is the most convenient, informative and often used to monitor the movement of prices. Let's take a break from all that for a moment and click "OK" in the Properties window. Now let’s take a look at the top bar above the chart.
There you can see the buttons M1, M5,... MN, which indicate time intervals (time-frames). Right now we are viewing this chart at a time-frame of M5, in other words, we are seeing the price on a scale of five minutes. Note that this does not mean that the quote will change every 5 minutes. This time-frame only shows whether it is now predominantly up or down. In the five-minute view the price may be up, but if we look at, say, the monthly time-frame, MN, we can see that the price has been dropping steadily for several months and small, minute-to-minute fluctuations in price may not influence the overall picture at all.
But back to the M5 time-frame. During each five minute interval, the candlestick changes – it goes up, down, turns black, but once the 5 minutes is up, it is locked in and a new candlestick begins to form. In the half-hour time-frame (M30), each candlestick represents 30 minutes and in the weekly time-frame (W1), the candlestick will continue to change until the end of the week.
Black (shaded) candlesticks indicate that the quote of the EUR/USD pair has been dropping, and the white (unshaded) candlesticks indicate a rising quote. The "wick" on each candlestick (the small vertical dash on top) shows the hi and the dash’s shadow under the candlestick shows the lowest price. The "body" of the candlestick also stops volumes. The top border in our five-minute time-frame view shows the opening quote of our EUR/USD pair, and the lower border indicates the price at the end of the five minute time-frame. Try to change time frames: if you click on the M1 (1 minute) time-frame you will see a price chart consisting of the "one minute" the M15 and M30 views show candlesticks for every 15 minutes and every half an hour. The H1 and H4 (1 hour and 4 hour) views will show them hourly and in 4-hour intervals. The W1 (1 week) view shows candlesticks for every week and the MN (month) view shows them month-to-month. This is the largest-scale view and is the easiest to use in order to find out how the price behaved a year or even a few years ago. The dates are located on the scale below the graph.
What time frame is best?
This will become clearer in the course of trade. If your goal is to open a trade in order to earn quick profits within a few minutes, then you can use any of the minute views. If you want to complete the sale within an hour and watch the movement on your computer monitor, you could use the M30 view. If you are willing to wait till the evening, then a clearer direction of the price movement, or trend, can be observed by using the H1 and H4 views. Despite the fact that waiting all day for your transaction to close may seem like an eternity, traders consider this to be a short period of time and actually call it "day trading." If you have nerves of steel and are willing to wait an entire week for a transaction to close (this is called medium-term trading), then choose the D1 time-frame view. If you decided to wait until the price will reach a long-term perspective, you can wait a month or more. In that case you need to use the weekly time-frame, W1.
What are bullish and bearish candlesticks?
First of all, let's get acquainted with the bulls and the bears. The first type is called bulls, because they <<grab the bull by its horns” when they trade and their purchases raise the prices of goods, or in other words, currencies go up. And the second type is called bears because, like a bear paw, they lower prices with their selling. Every transaction on the financial market affects the movement of prices on the market, albeit a little bit. And if the bulls or the bears join together with other bulls and bears, the overall picture can change dramatically. When, for example, most of the bulls close their deals, and take their profits from the market, their power is weakened, leaving the market, and prices, under the influence of the bears, and prices start to fall.
So, the greater the bulls’ power, the higher the price rises, and the stronger the bears, the lower they are able to push the price. If, for example, encouraged by good news from the US economy, the market becomes "bullish" towards it, attracting those who want to buy United States dollars with other currencies due the fact that with optimistic news it will likely go up in value. During times like this, the vast majority of candlesticks will be white (not shaded), which indicates that the price increased during this period. Therefore, they are called "bullish.” It happens the same way in reverse. The same upbeat news from America, which causes the dollar’s value to increase, will cause the prices of gold and oil to drop. When the charts are dominated by black (shaded) candlesticks and the price goes down, it will be reported, for example, that "the gold market today was bearish."
How do you choose what to trade?
Actually, there is no correct answer to this question - you can earn money on any instrument. It really just a question of your experience, your level of sophistication with choosing beneficial market entry points, and lastly, just plain luck. As it was said, the most popular trading pairs are the euro-dollar (EURUSD) and gold-dollar (XAUUSD) pairs. Let's start with the inseparable euro-dollar pair and locate it in our Terminal. To the left of chart window, you will see the “Market Summary” panel – let’s have a look at it.
There you will see a clock showing the Terminal time - GMT +2. This is a unified time and it is the same for all traders within Fort Financial Services, regardless the time zone they are located. So, in the “Market Watch” window you will see a set of symbols - the tools which you will use to open transactions. To make sure you can see the complete list, click the right mouse button and select "Show All Symbols."
Of course, it will be very difficult to find pairs in this list at first, so in order to avoid confusion most traders study the descriptions of the various trading instruments that can be found . Here you will find a table listing the meanings of each symbol, the commission amount taken by the market for each type of transaction (spread) and the broker’s fee for carrying your transaction through the night (swap). We’ll tell you more about that a little later, but for now let's find the EURUSD in the list. In order to quickly find this or any other tool, start by clicking anywhere in the “Market Watch” window. Then, start typing the first letters of the pair’s trading symbol. For example, to search for the euro-dollar symbol, type: "EUR..." and you will immediately find the EURUSD selection. Please note that the most popular currency pairs are at the top of the list: EURUSD (buy euros for dollars), GBPUSD (pounds for dollars), USDCAD (US dollar - Canadian dollar), USDJPY (dollar-yen), NZDUSD (New Zealand dollar - United States dollar), AUDUSD (Australian dollar - United States dollar), USDCHF (USD-Swiss franc), and then the list continues alphabetically. This is done to ensure that you do not have to search every time for these popular symbols. Once you have chosen the EURUSD symbol, you need to drag it to your chart window.
How do you open a deal?
Look at the EURUSD chart. It’s best to start out in the 15-minute time-frame (M15) view. Suppose that the price starts to drop and using your demo account you decide to open a selling deal, so that when the price falls even lower, you can close the deal and take your profit
And using your demo account you decide to open a selling deal, so that when the price falls even lower, you can close the deal and take your profit. To do this, click the "New Order" button on the top panel above the chart.
In this window, you first confirm the instrument you want to transact in the "Symbol" field. Then, in the "Volume" field, choose the amount of the transaction, i.e., a whole lot or a fraction of one (by the way, you can also type in the amount yourself). Next, in the "Comment" field you can attach a note to the transaction, for example: "Transaction Based on Election News from America." This is useful for analysis of your trading activity and eventually you’ll start to feel what news work for you and what news work against you. This is when you begin to develop your trading strategy. In addition, if you want to use trading robot, which will open the deal for you, you can use the "Comment" field to serve a useful purpose. You can enter a combination of different indicators upon which your trading strategy will be built. We'll talk about that in a future section, but for now just make note of this. Also in "New Order" window you need to choose the execution type: “market execution” (the deal opens immediately at the specified price) or "pending order" (you can specify at what level you would like the deal to open, and once the price reaches that mark, you will enter the market). For now, we’ll choose "market execution."
What do bid, ask and floating spread mean?
You may have noticed that in the “market watch” window there are two columns: "Bid" and "Ask." The best way to understand this is by looking at the "new order" window that we just opened. You see two buttons in the middle: "Sell" (red) and "Buy" (blue). Accordingly, the red chart on the left (bid) shows at what price you can open a sell transaction for the EURUSD instrument and the blue (Ask) chart - at what price you can open a buy transaction. These two rates differ slightly from each other, as well as from the price you see on the main chart in the Terminal. The difference between these quotations is the market commission, or spread. Let's click on “Sell” and open a transaction for the sale of our pair at the bid price.
The Bid price is always a little lower than the current price (and, of course, than the Ask price). At the bottom of your screen, below the chart, you will see all the information related to your open transaction and the changing size of your profit.
Once you open any transaction you will initially start out with slight minus until the price chart move for a few points and until you cover the spread. Only after that will you start earning money. If you click on “Buy,” transaction to Buy will be opened at the risk price and, as we previously mentioned, it will be “above market prices” meaning that it is a bit higher than on the chart." By the way, you may be wondering what the letter “f” means after the symbol in some currency pairs. This indicates a floating spread (flex), that is, a fluctuating commission spread. Depending on the market situation and the current news, the commission amount may go up or down, while the commission on pairs with fixed spreads remains the same no matter the conditions. In other words, the difference between the Bid and Ask prices in pairs with “f” at the end of the symbol are always changing, while the others remained unchanged.
How do you monitor an open position?
If you view your transaction in the "Trade" tab below the chart, you will see the following: "order" (the transaction ID of your deal, or ticker), time (the exact Terminal time when the was opened), type (Buy/Sell or pending order), volume (how many lots or fractions are involved in the deal), "symbol" (instrument used in trading), price (the market quote at which you carried out the transaction), "S/L" (the level at which you set your stop loss), and "T/P" (where you set your profit line, or take profit). Then there are the charts: “Price,” which shows the current price and is constantly changing, "Commission" (this is an additional fee for trading stocks a in our case this chart shows zero), the "Swap" chart (this is the amount of the Commission that will be paid in order to carry your transaction through the night to the next trading session) and "Profit" (how much you currently have earned or lost). Such gain or loss is called "paper" or "floating" because you have not yet received it (after all, the deal is not closed) and they are constantly changing, or “floating.” Click right mouse button anywhere in the window, and you will see another tab called “Profit.” There you can choose displaying mode: in points of price movement, in currency of your account (it can be dollars, euros, as well as rubles) or in currency of the transaction.
It is most convenient, of course, to see your income in the currency used for your deposit. When your transaction is closed, you are able to find it here, but you need to access it through the “Account History” tab. The second line, or “Take Profit” line, will be highlighted in green if the position is closed with a profit.
And those that will be closed with a loss by stop loss order will turn red.
If you decide to close the transaction manually, they will not be highlighted.
You will receive a “Daily Statement” of your completed transactions via email to the address you listed when you set up your account. Also, this information is available to you at any time in your account in "History" and "Records" sections.
How do you limit your losses?
So, since we have opened a deal, over time we will either start earning or lose funds, if we did not accurately predict the direction of prices. In both cases, we need two types of safeties. The first limits our possible loss (stop loss), and the second helps us to take our profits at the right time (take profit). Since we chose to open a Sell transaction, the higher the price goes, the more we lose. So our stop loss should be set at a level higher than the opening price of the transaction. For example, let’s suppose its 10-15 points to start out. Have a look at the quote and set the limit. To do this, go back to the panel below the chart where the line with your transaction is located. Click right mouse button and select "modify or delete order.”
In the new window, you will see that you can use the default stop-loss or manually enter your own quote.
You will also see the “take profit” field nearby. Here you can also choose to keep the default quote or enter your own.
For a sell transaction, the stop loss should be set above the opening price and while take profit should be set below the price. For buy transactions it’s vice versa. Professional traders recommend to set the take profit three times higher than the stop loss. Let’s do the same now. It turns out that it should be 30 points above the current price. You can increase the value of take profit and stop loss manually as well as by using the up-down arrows. One arrow step is equal to one price point. There are some traders who like to set the take profit the same as the stop loss, preferring a difference of 10-15 points. This is called "market noise." They believe that this way the transaction will almost certainly be completed the same day, as the price fluctuates up and down. But, this is not always the case. So, the option that works best for you will be found after a few training trades on your demo account. Of course, there is no 100% guarantee of earnings using one method or many different trading strategies have been developed over time using market indicators and trading robots, which traders call "advisers." In the third section of our training we will talk more about not just opening transactions, but doing so intelligently. Since our deal hasn’t closed yet, let's get acquainted with the Terminal.
What other important functions does the Terminal offer?
We already mentioned that you can change and move almost everything in the Terminal. So, the size and location of all the windows and panels in your terminal can be changed by dragging and stretching the charts. Try to adjust your trading desktop in a way that is the most convenient to you. You can close any windows you don't need by clicking on the X in the upper right-hand corner. If you want to increase the size of your charts, you can click on the magnifying glass with the plus or minus on the top panel.
Nearby you will find the "auto scroll" button.
If you click it, then every time the price changes even one point, the chart will shift to show you the current price at that moment, even if you have scrolled back to see what happened yesterday. This makes it difficult to view historical data. It’s better to deactivate this function first before scrolling back through historical data.
You will also see an "indicators" button, which is duplicated in the "Navigator" window. A lot of things are duplicated in the Terminal in order to give you the option of creating the view that suits you best.
In the "Navigator" window, which is located to the left of the chart, you will find information about the account which is is currently open (you can change it). Here, you will also see the list of technical indicators that can be used to examine the movement of prices and make predictions about where they will go next.
In the same terminal window, you will also find some pre-loaded trading robots that can conduct transactions on their own according to their programmed algorithms, indicators that have been uploaded by other traders, as well as scripts – trading scenarios that you can program yourself.
To do it, click the right mouse button on a script and choose "Edit" or "Create" if you want to re-write the entire script.
In addition, you can click right button on any indicator or script and select "Add to Favorites." In the nearby “Navigator” tab, you will see only those scripts or indicators that you have added to your favorites.
Also, any indicator can be dragged to a chart to see how it looks and how it can help you in your trading.
What is the volumes chart?
This is a helper chart which, if you drag it to the main chart, will place itself at the bottom right corner of the window and will indicate how many lots participated in your various transactions during the chosen period of time. The more lots are opened in the market at that time, the higher the columns will be. So, how do you build a volumes chart? Upon opening the Terminal, press Ctrl + L or choose “Volume” from the drop-down menu at the top of the “Charts” tab.
Another chart with columns of varying sizes will appear under your main chart. Let's open the 1-minute view of the EURUSD instrument. Now, each candlestick shows the range in which the price fluctuated during the last minute and under each candlestick you see a volume column that indicates the volume of transactions opened by traders (i.e., did they take a risk, invest, or did they just wait and watch).
It is important to know that if the small columns are getting shorter and shorter, that means that the trading volume is going down, signaling a reduced interest among traders in the current pricing dynamics (future growth expectation may be waning). Consequently, you can expect the current trend to reverse itself (possibly a sharp decrease) or simply a temporary stabilization of prices (flat). Columns that are increasing in height signal an increasing trading volume and increasing interest among traders in the current price. Most likely this trend will be strengthening.
What is on the top panel?
Just like in a web browser, the upper panel of the Terminal is the most important and will never go away, even if you close all the other windows. You can customize the toolbar by right-clicking on it with your mouse. The default menus are:
File - this button is useful if you want to open anything (new account, new schedule), change users, save anything or exit the Terminal.
View - this menu is used to configure the way your terminal looks. Here you can change the menu language, customize the toolbar, as well as remove or add any window. So if a window suddenly disappears, now you know where to go to get it back.
Insert – by clicking on this button, you can choose additional lines for your chart. These indicators can help you to predict the direction of price in the near future: will they rise or fall. There is also an option to add text to your chart. This can be handy if you want to create a reminder for yourself.
Charts – here you will find a list of all the objects that you have dragged onto your chart during your experimenting. You can remove some of them or all at once. There are also duplicated functions such as time-frames, bars or candlesticks, zoom-in or zoom-out, etc.
Tools – you can start a new transaction from this menu, launch the MetaTrader editor to write a script, access advisers or view an archive of prices in the form of a table for a specific instrument over any period of time.
Window - click on this menu to change your settings, for example, to display several charts for different instruments. To get started, click "new window" and select instrument that appears. Then, when you have a lot of windows opened, you can cascade them horizontally or vertically.
Help – this is a very important one. Here you will find links to technical analysis training: you can participate in automated strategy competitions and learn all about mobile trading. If you want to learn how to write successful scripts and create trading robots that will make your market trading more successful, you can visit the MQL4 or MQL5 communities. Here you will find a tutorial, various documents, articles, codes list, and even access to the MQL Developers Forum.
Explore the Terminal a little bit on your own - open and close menus and windows – and try to get used to the way everything works. The Terminal interface is very user-friendly and, as we mentioned before, much of it is duplicated in several locations. Then, after your experimenting, the answer to the following question will definitely come in handy:
What do you do if you have deleted something and don't know how to recover it?
If you accidentally delete… …the main trading window (the “Terminal” window), press Ctrl + T …the panel with all of the trading symbols (“Market Watch”), press Ctrl + M …the “Navigator” panel, press Ctrl + N …the dotted grid on a chart, press Ctrl + G …the volume chart, press Ctrl + L …the chart window: just drag and drop any instrument or currency pair into the empty space and a new window will appear. If you accidentally drag one of the windows somewhere and don’t know how to get it back, click on the window’s header-tab and drag it where you want. Note: the "Terminal" window’s header-tab is on the left side, not on the top.
Part 3: Technical Analysis
How do you display pending orders?
Before we start dealing with technical analysis, we want to tell you about one more important thing – order types. Actually when you analyze the market situation, you inevitably make predictions where the price will be in the near future. After you make your prediction, you'll probably want to open a deal right away and then, a little later, when the price will reach its top and start to move the other direction, it will be the ideal time to close your open positio! But, you don’t have to sit at your Terminal and wait for the price to reach your pre-decided level to open a transaction like this. You can simply program a “pending order” for that price level, i.e. an order to your broker to open a transaction, which is deferred in time. Here are a few examples.
Let's say you have analyzed the market situation and are predicting that the price will still fall a bit more, down to a level of 1.3145, then turn around and start going up.
So, it makes sense for you to wait to open your transaction until the price is lowest. To do this, open a "new order" and then in the "Type" field select "pending order." Because you want to buy at a price that is below the current one, this type of order is called a Buy Limit (or limit-order to buy). Next, choose at which price you want your transaction to open (i.e., when the order should be fulfilled). In our case we should enter 1.3145. Next, choose the volume with which you want to enter the market and also be sure to set your stop loss and take profit levels. Additionally, you can set the expiration date of the order.
If the transaction does not open before that date then we, as your broker, will simply delete it.
Here’s another example: Let’s say the price is currently rising, but you have analyzed its movement and are confident that it will reach 1.4410 and then immediately turn downwards. That would be the perfect time to open a sell transaction!
In this case, your pending order is called a Sell Limit, i.e., your selling transaction will be opened at a price above the current one. You set up this type of order in the same way as you would a Buy Limit.
One last example: Let’s say it’s not clear in which direction the price will go from the current level of 1.3184 and no available indicators can offer any hints. Then you decide: If the price rises by 10 points and reaches 1.3195, that will mean that it will continue to grow and that would be a good time to open a buy transaction (Buy Stop - buy above the current price). Furthermore, if the price goes down by the same ten points, then it will likely continue to go down, and it’s a good time to open s sell transaction (Sell Stop - sell below the current price).
These orders are created the same way as the previous ones. And one more very important thing: any order to buy, even a pending order, will be opened at the Ask price and closed at the Bid price. Any order to sell is opened at the Bid price and closed at the Ask price.
Now since you understand the different types of orders, we can proceed directly to the subject of technical analysis.
What is technical analysis?
Technical analysis involves studying the historical movement of a price and predicting where it will go in the future. You do this on the basis of those charts that you see in the Terminal. Right now, if you look at the chart for the EURUSD currency pair, you can say whether the price of this instrument is rising or falling. If you scroll back, you can see how the price behaved last month or even last year. You may be confused why you need to care what price was that long ago, but in practice, you will find that history repeats itself. Not always, of course, but most of the time.
For example, if you open the EURUSD chart with an MN (monthly) time-frame, you will see that from April 1 to December 1, 2007, the price increased, and from April 1 to December 1, 2008, it declined. Then, from April 1 to December 1, 2009, it went up again. The movement was not clear in the following year and then, from April 1 to December 1, 2011, it declined some more. After that there was another period of uncertain movement, and you can assume that in the period from April 1 to December 1, 2013, the chart will go up.
Of course, any analysis, one way or another, is pretty subjective. After all, even after looking at the same data and following the same indicators, analysts are almost diametrically opposed. It is therefore important to not just look at the chart, but also be familiar with what is going on in the world. All quotes are affected by economic and political changes, and even the psychological mood of traders. That’s why you shouldn’t take technical analysis as the Holy Grail of successful trading. That simply isn’t true, however, it can be very useful in figuring out and understanding much about the behavior of prices.
What is technical analysis based on?
We’ve already talked about one aspect of technical analysis – the various types of charts. In the Terminal, charts are displayed using "Japanese Candlesticks" which is the analysis of where the price went (where it began and ended) during a specific period. Another type of chart we mentioned is the bar chart, which looks like this:
Just like Japanese Candlesticks, they show the opening price (the little line on the left), the closing price (sideway lines to the right), the maximum price (upper line) and the minimum price (the lowest point) during the specified time period. There is also a line graph (picture). This line is created automatically for each quote after the completion of each time period. Of course, you don’t always need to look at this detailed timetable. Just hover your cursor over a bar or candlestick and a little window will pop up that gives you all the important information: the time of opening, the maximum value (high), minimum value (low), the closing price and the number of ticks (volume), i.e., how many times the price changed during the specified time period.
Another aspect of technical analysis, in addition to the types of charts, is the direction of prices, i.e., the trend, and it’s channel.
What is a channel?
Every trend has a beginning, an end, and a range, within which the price fluctuates, not going outside the trend. Some traders argue that the emergence of each trend can be seen by the naked eye and they do not need any additional tools. This may be true, but this approach is only indirectly related to technical analysis. So if you discover a trend that is forming or has already formed, or have a clear indication of the direction of prices, you should outline it with two straight lines in order to identify the boundaries of the channel in which this trend will vary.
What types of trends are there?
If the price on the chart is moving upwards, then it’s a “Bullish” trend.
To determine it you need to, remember: the amplitude of the movement upwards must be greater than the amplitude of the downward movement in price.
Another type of trend is the downward one, or “Bearish.”
Here the opposite is true: the amplitude of downward movement in price should be greater than the amplitude of the upwards movement.
There is also one other direction – flat, which is horizontal or nearly horizontal price movement.
Most methods of technical analysis are geared towards trend trading. Traders even have a saying: "The Trend is your friend." This means that once you have determined the direction the price is currently moving, you should open your transaction in this direction, i.e., according to the current trend.
How long can trend last?
According to philosophically-minded traders, each trend experiences a beginning, a period of maturity, old age and finally, death. Based on the duration of its "life" each one can be identified as a short, medium or long-term trend. When you open the chart of any instrument in the M5 or M15 time-frame, you will be able to see and identify short-term trends. When you look at the H1 or H4 time-frames, you can look for medium-term trends, or day trends, and with the D1 and W1 views you can get an idea of the general tendencies of the price movement. There is also such thing as a global trend, or long-term trend, which may last a year or more. In order to view it, you need the monthly time-frame, MN. Many professional traders believe that by this principle you can only determine the movement of prices in a particular direction if the trend lasts for the entire trading session (around nine hours). That's when they are confirmed and can say “Yes, the trend is upward (or downward).” Perhaps this is a good rule to follow in most cases, but there are also situations where its beneficial to recognize in advance that a strong trend is about to begin. However, nobody can predict these trends with 100% certainty. How does a trend form? Like everything in this world, every trend has a beginning, and the impetus for its creation could be a political or economic event, because the price doesn’t start changing on its own. There is always a reason and the most obvious catalyst is the news. A new quarterly report, the inflation rate, the results of elections, unemployment and jobs numbers, a change in the GDP, a flood, a terrorist attack or military strike - all this and much more can easily cause prices to change direction. So, technical analysis alone is not enough in order to really understand what’s happening on a chart and why. This is where fundamental analysis, which includes everything we listed above, becomes helpful. It helps to understand how the news affects the behavior of prices. We’ll discuss it in some more details in the next section.
In addition to the news, an upwards or downwards trend can also begin at the end of a flat trend. This is called consolidation. This is when the price seemingly accumulates (is consolidated) at the same level. Thus if you see that for, let’s say, half a day or even a whole day, the price hasn’t changed much and its movement has been frozen in one spot, we will soon have a pronounced trend. Typically, this consolidation of prices comes ahead of critical data (news). The market tends to freeze in anticipation, not knowing which direction is better to open transactions. This type of flat trend is quite often seen during lunch hours (in GMT), at the end of the year and before major holidays, when few participants are left in the market and their volume is simply not great enough to substantially affect the price.
What is the level of support and resistance?
You can see a much clearer trend in the H4 chart. Try to look more globally by capturing information about several days at a time. For example, although the chart for EURUSD from January 11th to January 25, 2013 shows the price was moving up and down, in general, the movement was in a single channel.
Let's build this channel. On the top panel above the chart window you will see a button with a horizontal line. Click it and then position it on your chart. You should place it at 1.3264. That positions it at the bottom of the "shadow" of our candlestick – you only need one to mark the lowest point on your chart.&
This is the supporting level. We are talking about level precisely - we’ll explain lines later. This level is designated using a horizontal line. It acts as a “support” for our trend and “prevents” it from dropping lower. This border is actually psychological. You aren’t the only one that placed it there. So did thousands of other traders around the world and they (i.e. the "bulls") will not allow the price to drop below this mark. Now we need an upper bound for our trend. We will also use the horizontal line tool to place our upper bound on highest point of the highest candlestick, which would be at 1.33980. This level is called the resistance level.&
The price will reach this level and then go down again due to the fact that the "bears,” focused on selling, will not allow it to go any higher. Notice how the candle initially rose up to the "resistance" level and then completely stopped, as if concentrating on the middle of the channel. This is a sign that a big change in movement is coming. As soon as the chart crosses either the support or resistance level, it figuratively breaks this level. This is called a pass. For example, when the price passes the resistance level, it means that there are more traders in the market willing to buy this instrument at a higher price. Conversely, when the chart passes through the support level, it means that the bears "won" and the number of people willing to sell has increased dramatically.&
This “breakout” can be real, as in our case, when the price went through the resistance level and continued upwards, or fake, when the price breaks though the boundary and then returns to the channel.&
What is the line of support and resistance?
First of all, levels and lines are completely different things.&
We have outlined the levels, which again, are always horizontal. The support and resistance lines are placed at any angle using the trend line tool. You can find this button in the same place on the top panel. The resistance line now joins together the repeating highs at the tops of the candles (two or more), and the support line connects their lower shadows.&
If you use the “Equidistant Channel" button, you can add two parallel lines to your chart. However, in order to make this you will have to do some practicing. After you place this channel on the chart, double-click on the line and you will see the "anchor" points, which you can use to drag the line in either direction.&
What is the gap? A gap is a break in the quotation. If you take a look at, say, the five-minute chart of EURUSD from December 24-26, 2012 onwards, you will be able to see one.&
You can also describe a gap as a sudden jump in prices. It happens, as in the example during the days after market closure (December 25th was Christmas and the market was closed). It turns out that the price at which the previous trading session closed is not the same as the quotation with which the new trading day began. Most often this happens when the head of the Central Bank or the Finance Minister gives a press conference or a meeting of OPEC countries or G8 Summit takes place - in general, a significant event occurs on a day when the market is closed, and it leads to sharp price changes&
However, a gap can be seen within a trading day after, for example, the publication of some important market-related data (GDP numbers, inflation statistics, a change in interest rates), which dramatically increases the number of traders who want to buy a specific instrument (the gap is upwards), or those who want to sell it (the gap is downwards).&
How do you trade on gaps?
Many traders will open a new transaction on a Friday night, expecting a possible gap on the following Monday. After all, this is a great chance to earn several dozen of points! But be prepared: a gap can happen both in the direction you expect, and in the opposite direction. Then, instead of your profit jumping, you may "jump" into a sizeable minus. But remember, a gap may not happen at all because it is the exception, rather than the rule. For deals that traders open one hour before the close of trading on Friday to catch the “gap" our company sets a margin of 1:33, so be careful.&
A less risky way to earn is based on the assertion that the market is always trying to "work off" any gaps.&
For example, if an upwards gap occurs, within the next few hours the price will work its way back down to close the “hole” that has formed in the price. If the market fails to close the gap that means that the new trend is too strong. In these cases, the upper bound of the gap can become a powerful level of support and the price will continue to rise.&
And the reverse situation: if the gap occurs in downward movement and does not recover, the lower bound will become the level of resistance and the price will continue to move lower and lower.&
What are the indicators?
We explained earlier that in the “Navigator” window there are many different indicators that can help you trade. Drag and drop a few into your chart to see what they look like, if you have not done so already. You should also understand that these indicators will help you analyze past price movement, but there is no indicator that will predict future movement on your chart. They are only programmed with the mathematical formulas for past prices. You can see that there are lines that are located either on the main chart, or underneath it.&
You can use though all the indicators together, but, nevertheless, if you open a transaction in the wrong direction you will start to lose money. This can happen if the trader does not understand this main principle: price controls indicators, not the other way around Indicators just help you graphically depict what has already happened, but they don’t predict future movement.&
What are the types of indicators?
In the list of indicators in the Terminal you will find, for example, the Moving Average and the Bollinger Bands indicators. See how they look and remember that they are trend indicators.&
They clearly show upwards and downwards trends which are actually the easiest to detect.
The second type of indicators is called oscillators, which depict the "oscillation of parameters.” These indicators are displayed in a separate window and are usually depicted in the form of bar charts.
In the “Navigator” window you'll see the word Oscillator next to the names of some indicators. However, there are also other oscillators that are unmarked – e.g., MACD, which stands for the Moving Average Convergence/Divergence. This indicator works well when the market is flat, and helps determine when the price is going to change direction and go either up or down.
Other indicators may show very different things. For example, the Zig Zag indicator, which you can find in the list of customs indicators, weeds out any minor price fluctuations and shows only the clear direction of the trend. The Volume Level indicator can confirm whether a pass you noticed is a real or fake one. If the volume is increasing (the right column is taller than the left) then the pass is real and the price is likely to continue to go in that direction. There are lots of indicators, among which, for example, the Fractals indicator, which helps to detect the bottom or the top of a channel in which the price is moving. Thanks to this indicator we come to another important aspect: fractals.
What is a fractal?
This term was invented by Bill Williams, the founder of a trade group called Profirunity. A fractal is a specific combination of candlesticks or bars. There is a buy fractal, which consists of five consecutive candlesticks. In this type of fractal the center candlestick should contain the highest top (it is called the fractal point) and the two following candlesticks, lower tops.
Fractals are shaped like "arrowheads." The arrowhead indicates the direction the market will go. There are also selling fractals (downwards arrows) where the Central of five candlesticks contains the lowest minimum and is followed by two lower ones where the bottoms of the shadows are higher. It is important to remember that the lows on candlesticks or bars do not have any effect on buying fractals and, conversely the highs mean nothing for selling fractals.
How do you trade on Fractals?
Basic principle is that if the price exceeds the upper maximum of a buying fractal, then you should buy, and if the price is lower than the minimum of a selling fractal, then you should sell.
To make it easier to identify these fractals, you can use the fractals indicator, which you will find in the Terminal in the “Navigator” window. Drag it to your chart, pick a color, and you'll see a lot of fractals appear on the chart and each of them is represented by an up or down arrowhead.
What are Fibonacci lines?
They are also called grids and you can find the button to activate this interesting indicator on the upper panel of the Terminal. Surely you've heard of the scientist Leonardo Fibonacci, who was born during the late middle-ages in Pisa. By studying nature, talking with mathematicians and even watching two rabbits breed, he came to the conclusion that everything in our world is built on a system of numbers. The Galaxy, the human body, nature, mathematics – all are subject to a numerical sequence where each consecutive number is the sum of the previous two: 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, etc. In addition, these numbers are linked to each other by a very curious correlation. For example, each number is approximately 1.618 times more than the previous one, and each previous number constitutes approximately 0.618 of the next.&
Taking this information into consideration, American financier Ralph Nelson Elliott speculated that psychology, mathematics and finance (the major "whales" of the market), in one way or another, are subject to the laws of those numbers. So, why not use them to predict the behavior of prices? As a result, several indicators were developed, one of which you have in your Terminal and it is called the Fibonacci Lines indicator. The principle of this indicator is that when the price nears one of these lines, the trend either changes or is confirmed. Quite often these lines end up becoming strong and precise support and resistance levels.
How do you set a Fibonacci line?
To begin we will choose the hourly time-frame (H1). This is the best one for viewing the entire trading day. Look at the chart and try to determine a point of strong impulse (i.e., a moment when the price receives a powerful impetus for movement up or down). The Zip Zag indicator can help you do that. So, let's find the two most outstanding points: the maximum and minimum, and then set the Fibonacci grid from the lower to the upper one, or from 100 to 0.
Note that we have now placed this indicator taking into consideration the entire shadow of the Japanese candlesticks because they reflect the real range of the price movement. Another point: if you can notice that the market goes up, then you should adjust your levels (minimum rate). To do this, click on it and drag the grid slightly to the right and up. That way, 100 will mark the lowest point and the highest point will be 0. The more you drag your mouse to the right, the less the distance will be between the lines.
If you see that the chart is going down and the grid needs to be "flipped" then identify the highest point, which we will mark at 100. Pull the grid slightly to the right and down, then 0 will coincide with the minimum price.
After you have set the grid, right-click on the chart and select the “Objects List.” There you will find Fibo. Click on "Properties" which are located on the right side and change the following setting in the General tab. Then, in the Levels tab, select a color for the lines and it is better to make them thicker for easier distinguishing on the chart. In the Options tab, check the box for "ray." Then the levels will appear like rays, from the starting point to infinity. In the View tab, you can either check the bos next to "Show in all time-frames,” or select a single time period and place a second, more global or more local grid.
That’s it! Now click "OK." To learn more about Fibonacci lines, see the very interesting book by Robert Fisher entitled "Fibonacci Applications and Strategies for Traders."
How do you trade using Fibonacci levels?
Generally, the principle for upwards or downwards movement is identical - the same levels are used . In our case we will analyze the upward movement of prices. For your convenience, we will use a line graph instead of candlesticks or bars.
Now watch our low point - 100. Another strong level of resistance through which the price will very likely pass, although with difficulty, is 50. A level of 38.2 is a little less, but the price almost always holds steady. But, the price will always pass 23.6 without stopping – this is important to keep in mind. The upper level 0 is a powerful level of resistance, similar to a concrete wall. Thus, if you properly set the Fibonacci grid for upward motion, then you should buy between 100 and 61.8, and take profit between 61.8 and 50. You can also buy a little higher than the 38.2 and take profit before hitting 0. From 0, the price will go down, And at 0, you can place a pending order to sell (sell limit) with the take profit just above 38.2. The price will go down further from 0 and if it reaches 100, then you can place an order to sell just below this level with a take profit slightly higher than 161.8. Incidentally, at this point you can place a pending order to buy with a take profit of 10-15 points (from this point a roll-back or even a reversal is possible). You can also place this type of order at 261.8, but you don’t often see it on a chart.
You may ask why we choose such a small take-profit. The thing is that the price will not necessarily jump back from this level. It could simply slow down and then continue further. Do you remember the saying "the trend is your friend?" It tu