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HowtoMetaTrader

Installing and using MetaTrader Guides

Reading Time: 14 minutes

Table of Contents

  1. How to install MetaTrader
  2. How to install EA’s and tools on MT4 or MT5
  3. How to set up chart Templates and Profiles on MT4 and MT5
  4. How to show and trade FT+ available markets on MT4 and MT5
  5. How to use the FT+ Risk Manager EA

Here you will find instructions and videos to help you use MT4 and MT5 for funded trading.

1. How to Install MetaTrader

On this video I’m going to show you how to install MetaTrader platforms on your PC. 

When you purchase a Funded Trading Plus program, you’ll be sent an email that looks like this. 

The email has your MetaTrader account details. It has the account number, the account password and the server name. 

Below this you will see links to download MT4 or MT5. MT4 accounts purchased will only work on MT4 and MT5 accounts purchased will only work on MT5. Please make sure you choose the right platform before you purchase. 

On this video, I will be installing MT4 but the process for MT5 is exactly the same. The first step is to click on the link for the platform that is going to take you to an EightCap, our broker,download page. 

I’m going to be installing Windows 10 version here, so I’ll hit the download button and as you can see there is an installation guide, if you want further assistance. The download has created the folder down here and I’m going to open that up and give it permission to install on my PC. You can ignore the MQL five sign-up. EightCap MT4 will install and open on your PC. It will open and look for accounts that you can start now. I’m going to cancel and then login using the details on my email.

Once logged in you will see your account in the Navigator here and your charts will start to work. The markets you can trade right click your mouse bring up symbols and you can see all the markets that you are able to trade are in not grayed-out. Show index markets down here along with crypto markets we can go through and put on whichever markets that we so want to. There’s the VIX showing that and I’ll put on the US30, that’s the Dow Jones, the Russell 2000, show. If I scroll up I’ll find the NASDAQ, NASDAQ show. There’s a JPY225, the Hong Kong Hang Seng, the DAX. All these markets are now available for me to trade on the market watch here. And I can drag across a symbol onto a chart and I can immediately start trading.

2. How to install EA's and tools on MT4 or MT5

Hello, this is Michael from Funded Trading Plus. On this video I’m going to show you how to install tools and EAs, expert advisers, on MT4, and MT5. I’ll be demonstrating this on MT4, but installation on MT5 is done in exactly the same way.

 

This is the MT4 platform that I’m going to be using today. And as you can see here, it’s logged in to a funded trading account, down here with a balance on the terminal here. Now on the screen we’ll see charts, we see the Market Watch, we see the Navigator and the Terminal. We can change and move anything around as we wish on MT4, we can bring it down to just one chart and look at things as we wish them to be on MT4. We bring those back by going to View – MarketWatch – Navigator and Terminal.

Now as we can see, two Expert Advisors come with MT4 but we’re going to add tools into this area. Now Expert Advisors enable you to take automated trades, they also enable you to take trades using a trade panel and that’s what I’ll be showing you in a later video.

The first thing we need to do is to go to the Funded Trading Plus website and download the tools that we wish to install. We go to the website and then go on FAQs, frequently asked questions, you’ll find down here where can I download the Funded Trading Plus Risk Manager EA ,open that and there we go. There’s the MT4 file. Now I’m going to click on that and that’s going to save itself on the bottom of my browser. It’s a zip file so I’m going to show in folder and then I’m going to extract it click on it and extract. Now I have that file in a folder here in downloads on my PC.

Now I’m going to go back to MT4 and if you go to file, you will see:  File, you come down to: Open Data folder. This opens the folder where all the tools and indicators are in it, and other things you might want to add to MT4 reside here on your PC. The folder we’re interested in is called MQL4, that’s this one right in the middle here. I’m going to open that up and as you can see it’s got folders for experts, for indicators, and other things that you might want to add to your MT4. Now we’re going to bring up the other folder.

I’m going to copy this folder, Ctrl C into this folder, experts, Ctrl V, copied. As you see it is now residing in the MQL4 Experts folder here. I’m going to close all these folders down and we’re going to close MT4.

Closing MT4 is part of the process as it allows MT4 to recognize that there’s something new being put into the folder. Now as we can see here in Expert Advisors in the Navigator. Here we have a new Expert Advisor from Funded Trading Plus the Risk Manager MT4. I will show you how to use this EA in another video later.

We can drag onto the chart to allow live trading. Click OK and select Auto trading. Now this risk manage management panel will help you take trades with good risk management.

Now I’m going to show you how to download and activate the EightCap suite of tools and expert advisors and indicators.

Back to our website, Funded Trading Plus, back on to FAQ’s, come down the list and see: Where can I download EightCap MT4 and MT5 trading tools? Click on that. We’ll come to the MT4 one which again is a download zip file and it will download my PC and open that up, showing the folder,I will then click, Extract All, extract.

Now this file is an application. I’m going to double click on it now to set up instead. Install. Successfully installed, close these folders and we stopped MT4.

Now when I open back up I can see all these different tools available for me to use on the charts, and in other videos we will go through a number of these. The most important one you might want to try to use is the Mini-Terminal. And that in the same way as the Funded Trading Plus Risk Manager helps you manage your trades in a number of different ways. There is a video on the FAQs that helps you understand what that does.

I hope this has helped you quickly learn how to install Expert Advisors and indicators on MT4, the process is exactly the same for MT5. Please click to subscribe for funded trading discounts. Thank you.

 

3. How to set up chart Templates and Profiles for Funded Trading on MT4 and MT5

 Hello, this is Michael from Funded Trading Plus. On this video I’m going to show you how to set up chart templates and profiles for all your charts on MT4 and MT5. A chart template is a simple way for you to save settings on that chart and open them exactly the same on any other chart. 

I’m going to open up the chart by dragging from the Market Watch into the space here. And we can see the chart comes initially with a black background, and I really don’t like this as a setup for the charts myself. Personally, I prefer to trade it with color on white, but the choice is up to you. 

You get lots of choices in MT4. If you right click and come down to properties on the chart. You will see that you have got different color schemes, green on black, yellow on black, black on white, and color on white. I’m going to go to the color on white option. I’m not going to change any of the settings on the colors. I’m quite happy with those and I like to be able to show a few different things on the chart. So I’m going to go with this. 

Okay, so here is my chart in color. Now I’m going to add some indicators to it. I’m going to come up here to: insert indicators. And I’m going to come down to the custom indicators because I’ve got a few special EightCap indicators here that I quite like. The one I like quite a lot is the EightCap Gravity indicator. I’m just going to change the visualization of it because the colors are a bit too much on here. Because I want to bring the color down a little bit so I can just set it how I want to stay. Okay, and that should now appear. Okay, so that’s the gravity indicator. 

The indicator I’m going to insert now is an oscillator and is a Bill Williams oscillator. The Williams Percentage Range is one I quite like this at the moment. Put it on the chart and I’m going to squeeze that down. It’s not as important as the rest of the data. I’m now going to add to this chart our Bill William Alligator standard settings. That gives me some moving averages and I’m also going to put on Bollinger Bands at the standard settings. Now this chart starts to look like a chart that I can do business with. So I quite like the setup. 

What I can do now is: I can right click, come down this list of templates and save this template. Save Template that then puts the template here into the MQL5 folder, profiles templates. I’m going to name it MC2 or whatever you want. I’ve called it MC2. What I can now do is put on other charts and have a chart I want: right click templates down to MC2. I’ve got the same template on that. Let’s put a few more charts on one. Say I want to trade all these charts right click: click MC2 and right click MC2. I can now sort the charts out, one more chart on here.

Okay, I quite like this layout. You might want to put an EA on there so I’m going to drag the Mini Terminal from EightCap on here. Okay, so I now have a trading chart already for me to look for trades. Set up how I want it to be set up. 

Now, if I want to come back to this same setup in the future with the same charts in the same position, in the same way. I can expand this actually to take up the full screen. Click it. Save this as a profile that will enable me, so every time I change the charts, do something else I can come back to the profile and it looks exactly the same again. File: come down to profiles: come down to: save as: give that a profile name. MC1 The first profile on here. Now I can go to profiles and switch. There are some default profiles. So there’s this profile

and as you can see, it’s going to bring that profile up. I can change to okay, View Profile – pull straight back to my profile.

If found this video informative please subscribe for funding training discounts.

 

4. How to show and trade available FT+ available markets in MT4 or MT5

On this video, I’m going to show you how to show and trade allowed markets for our funded trading programs on MT4 and MT5. I will be using MT to demonstrate how to do this, but the process for MT4 is similar. 

Here we have an MT5 platform and over on the left you will see something called Market Watch. If that’s not visible, go to View and come down to here where you can activate the Market Watch. 

The Market Watch lists all the markets that are available.  When you first put your metatrader platform up, it will have some standard markets in the market watch. These might not be available for you to trade. Best practice is actually to start all over again and clear the Market Watch completely. 

First thing I’m going to do is: I’m going to shut the markets that I’ve got up on my chart pane, close them off so I’ve got no markets up at all. Then I’m going to go to the Market Watch and I’m going to right click over the Market Watch, I’m going to come down to “hide all”, now as you can see, the Market Watch has got no markets in it at all. Everything is clear. Now I’m going to right click again and come down to the word “Symbols”. This now shows me all of the markets in folders that are available on our funded trading programs. Anything that you see here is tradable. MT4 looks slightly different but the process is the same. 

Click on the different folders and you will see markets that are available to you. Here under major indexes, I’m going to choose to show the Dow Jones Index, clicking on it and then “show symbol” down here. The SPX, the NASDAQ click on it and so on. As you can see each one of these markets is appearing on the Market Watch. Minor indexes I’m going to pick the Russell 2000 symbol. Mainly I’m just picking the US markets there as you can see here, we’ve also got the VIX and US dollar indexes. And here in commodities we’ve got some oil, gold, silver and platinum, your crypto markets are in folders, there are high cryptos etc. And the Raw folder  is all the forex markets, majors and minors are all there. So you can pick out the ones that you want and click on them, “show symbol” and they turn up in the Market Watch. It’s best practice not to have too many markets in your Market Watch as you use up resources of your MetaTrader. So the less markets you have, the better. 

To trade one of these markets, just click on it and drag it on to the standard trading area of the screen. I’m going to right click, come down to my template and this is now the SPX ready for me to trade.

5. How to use the FT+ Risk Manager EA

In this video, we’re going to have a look at how to use the Funded Trading Plus Risk Manager EA. This is a trade panel that helps you take trades at the right size each and every time, no matter which market you trade. This video will not show you how to load the EA, in previous videos I’ve already covered this. What the risk manager does is that it enables me to ensure that I can take the same amount of risk on each trade that I take, no matter which market I take it on. By risk. I mean, how much money am I prepared to lose each on trade. 

First thing I’m going to do is take the risk manager and drag it from the Navigator up to the chart. I’ll make sure that algo trading is allowed. Yes. When we see the Risk Manager panel, you can see we’ve got buy and sell on the left. We’ve got Market or Pending. Market orders take trades into the market instantly. You won’t be able to change this entry price. Pending orders enable you to put orders in for future execution with a stop loss and a take profit for how much we want to risk. The risk can be a percentage or a cash amount. At this moment, my risk per trade that I’m allowing is $200. I’m putting that in position. Now if I wanted to go immediately into the market, at market now, stop. 3030 Ethereum that will mean I need a trade size of 2.4. To buy now that will execute. It won’t sell because the stop losses just change the numbers around that we’ll be able to buy and sell now. For orders enter the entry price away from the market and put it as a pending trade, change this to 3250, keep the stop at the same point. Now my entry is here, stop loss down here and take profit a bit higher and risk the same. Now it’s calculated a trade size of 0.91 for this particular at this point here as you can see that is risk reward ratio of 2. This now executes as you can see down below. So that’s the order in place with price, stop loss and take profit, ready to execute. You can list more than one order at a time. If you decide to cut in half into two trades, you can list each.

I’m going to show you that now we can use the Risk manager on any market you don’t have to do any sums for the different market. To work out to do the exactly the same thing. So now we’ve put it on EUR/USD which you go pending and  we can say totally different amount to keep this dollar amount the same. My risk of $200 workup and trade size I can switch to any other market that I want. AUS/USD working out immediately. Bitcoin, NASDAQ, SPX, US30 , all different markets. I don’t have to do any thing else to make sure that I’m putting the right trade size. It’s a very simple trade execution trade panel so you can manage your risk. By managing your risk, you are more likely to pass your prop trading tests. 

 

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