How to Create a Custom Market Watch Currency Set in Metatrader 4 (MT4)
Have you ever needed to create a custom currency symbol set in your Metatrader 4 (MT4) Market Watch list? This can come in very handy if you only trade a few currencies (which is recommended, so that you can specialize in those markets). In this article, I’m going to show you, step-by-step, how to create your own custom Market Watch currency set/list.
The standard Market Watch list in Metatrader 4 usually includes most of the currencies and commodities that your broker allows you to trade. Instead of searching through the entire list to find the currencies that you prefer to trade, wouldn’t it be easier to simply remove the unwanted currencies and commodities from your Market Watch list?
Maybe you trade certain currencies and/or commodities with one trading system, and you trade other currencies and/or commodities with another method. Having separate custom symbol sets to switch between could save you lots of time and confusion in the long-term, and make you a more efficient trader overall.
Create a Custom Market Watch Currency Set in 3 Easy Steps
Step 1: Simply right-click inside the Market Watch list somewhere, and select “Show All” (see the image above). This will reveal all the currencies that are hidden in the current symbol set/list that you are viewing. You may or may not need to perform this step. If all the currencies that you would prefer to add to your custom currency set are already showing, you can skip this step.
Step 2: Now you will need to remove all of the currencies/commodities that you do not want to show up on your custom symbol list. To do that you need to select a symbol and right-click (or simply right-click on the symbol that you want to remove) and select “Hide … Delete” from the menu (see the image above).
Note: You must repeat this step until you have removed all of the unwanted symbols from your list, and you are left with just the symbols that you want to include in your custom symbol set.
Step 3: Now you can save your custom currency list for future use. Simply right-click inside the Market Watch once again, scroll down to “Sets,” and select “Save As…” (see the image above). Name your list, and you’re done!
Now you can access your custom currency list anytime you need it. Simply right-click inside the Market Watch window, scroll down to “Sets,” and select the name of one of the custom symbol sets that you’ve created.
Metatrader 4 is not the best Forex trading platform on the market, but it’s free. It’s also the most used trading platform by Forex traders. Nothing else even comes close. MT4 has its limitations, but it’s backed up by a massive community of creative traders and programmers, which is why many traders, including myself, still use this free platform.
Now you know how to create a custom Market Watch currency symbol set in Metatrader 4 (MT4). I hope you found this short article useful. Come back soon to learn more ways to customize MT4.
Trend is your friend: This method is all simple snakes where only the two basic common indicators will be used. These are EMA (100) & RSI (9). In this case, the moving average will measure the trend and the RSI will filter the trend. Using these two tools you can take buy and sell signals in a very nice way. E.g. Sell: When the price is below the moving average and the price is below the RSI level 50, you can take the market as a sell trend and order for short trades. Buy: Conversely, when the price is above the moving average and above the RSI level 50, you can understand the market buy, but in the case of I, the reversal candle will help you to make a long trade. So now the rest is where to set the stop loss, yes in case of buy order the last support will be buy stop and in case of the sale order, the last resistance will be stopped. However, you can simplify the process according to 2: 1 Money Management. For example, in the case of a trader with this strategy, the take profit will be double the stop loss, that is, you can set a 100 point take profit with 50 points stop loss. See a backtest of this method, Although the profit ratio of the method is not more than 50% at the moment it is better to start with such a method to build yourself as a trading professional so that your next strategies will be systematic and target achievable, so start trading with 2: 1 ratio and good Start trading.
One of the most crucial aspects to consider when you start trading in the forex market, is choosing a broker who provides a robust terminal to trade on. In an age where trading and investment technologies are evolving at a rapid pace, outdated systems put you at risk of competitive disadvantage. This means missed trading opportunities and security threats. MetaTrader 4 and MetaTrader 5 are two of the most sought-after trading platforms by millions of traders worldwide. These feature-rich platforms provide multiple benefits to users in terms of knowledge, flexibility and liquidity. Here’s why such systems are so important for forex traders. Non-Latency in Trade Execution Execution speed is one of the major benefits of a good trading terminal. It is critical for your long-term trading success. Non-latency allows trading activities to be conducted smoothly, without the system hanging, so that traders can execute trades at the desired prices. Inability to do so could lead to negative slippage. Negative slippage occurs when orders get executed at a price less than what was desired at the time of placing the order. This happens because by the time the order reaches the market, the price might have moved downwards. This means that the ask price increased for long positions and the bid price decreased for a short position. This affects trading outcomes, especially for short term traders like scalpers, who get into multiple positions through the day. Strong trading terminals like MT4 or MT5 can offer average execution speeds of a few seconds between the time the order was received and the trade was executed. Both MT4 and MT5 offer a feature called one-click trading, where you can execute trades with just a single click, without having to enter any secondary information. It simplifies the process and reduces execution time, so that your trades are executed at the expected price or as close as possible to that price. Plus, they have multiple types of execution modes and orders to provide flexibility in price. Smart Technical and Fundamental Analysis Technical and fundamental analyses are vital to gauge the markets accurately and make informed decisions. Both MT4 and MT5 have varying categories of charting tools and technical indicators for traders to study currency price action and predict future trends. You can also set 30 in-built technical indicators in MT4, while MT5 provides 38. Plus, you get access to analytical objects and unlimited charts that can be opened at the same time, in multiple timeframes. If you want to build your own technical indicator or buy custom ones built by other expert traders, you can do so through the MQL4 marketplace. Also, you can access plenty of forex signals to enter or exit positions. So, a good trading terminal allows comprehensive technical analysis to base your trading strategies on. Now, currency rates depend on domestic economic health. MetaTrader 5 allows traders to set alerts for financial news or economic data releases. By staying updated with key economic performance indicators, you can estimate the direction of movement of a currency pair. These alerts are sent via an economic calendar. So, a single platform can take care of both fundamental and technical analysis and give traders flexibility of choice and market knowledge. Risk Management Tools Leveraged forex trading is risky, since any sudden volatility could result in magnified losses. This is why risk management tools are an essential part of every strategy. Trading terminals like MT4 and MT5 have many tools that can stop your trades immediately if the market takes a downward turn. This helps you salvage any profits you might have made and protect your account. Some of the orders include: - Stop Loss - Take Profit - Stop Limits - Guaranteed Stops - Trailing stops Each of these orders allow you to customise your risk management strategy in terms of price movements, profit limits and more. For instance, the trailing stop order allows you to move the stop order levels, when the market moves in the right direction unexpectedly. This way you don’t exit positions too early. Multi-Device Operability Perhaps one of the most significant advances in forex technology is the ability to access all features of these trading systems on multiple devices. Many platforms today, including MT4 and MT5, are operable across mobile devices and laptops, regardless of whether they are iOS, Android or Windows-based. This has enabled huge flexibility for traders to monitor their positions, make deposits and withdrawals, and conduct technical analysis to enter/exit positions from anywhere and at any time. All they need is a compatible device, login credentials and an internet connection. It is like carrying your trading account in your pocket. In the coming years, with the advent of 5G connectivity, trading could become much faster, providing high frequency traders a competitive advantage. Depth of Market Through trading terminals, you can see live streaming of market prices of all currency assets your broker provides. In MT5, the Depth of Market feature doesn’t just display the best bid/ask currency rates live, but also volume of buy/sell positions held at these prices. This allows you to track market sentiment and alter your strategies accordingly. You could also end up trading with the tightest spreads. Strategy Back-Tester MetaTrader 4 and MetaTrader 5 allow you to access expert advisors or trading robots. These are automated trading tools that can enter and exit positions on your behalf, according to your instructions and can also stop trading when the markets go haywire. Along with this, you can also optimise these trading robots, based on past price data. This gives you a chance to judge the efficacy of these automated strategies, before deploying them in real market conditions. There is an in-built optimisation function too, which lets you arrive at the best trading parameters, which can help reach your goals. These were just a few of the many benefits of efficient trading terminals like MT4 and MT5. There are plenty of other uses, such as customised email settings, customised profile settings, VPN access and chat functionalities with other traders, for an enriching trading experience. Before choosing a system, consider trading on a demo account first, to know whether the system suits your style and goals.
Currency or Foreign Exchange trading as it’s otherwise known is a process in which an investor takes a view on one currency at the expense of another, with the expectation that the value of Currency A will fluctuate relative to the value of Currency B. Currency Pairs can be thought of as the description for and expression of the relative values between two stated currencies. For example when we talk about the price of Dollar Yen we are referring to the rate of exchange between the US currency the Dollar and the Japanese currency the Yen. More specifically we are referencing the number of Yen its takes to buy one US Dollar, which at the current moment in time is around 118.00 Foreign exchange trading has been part of the world’s financial landscape ever since the first usable transatlantic telegraph cables were successfully laid in the late 1860s. This meant that rudimentary prices could be transmitted between London and New York in near real time. Ultimately facilitating international trade. Indeed the exchange rate between the Pound Sterling and the US Dollar is known, even today, as the Cable rate. Abbreviations and Syntax Over the lifetime of the Foreign Exchange market the standard format for expressing and annotating Currency Pairs has evolved and grown into the ISO 4217 notation. An alphanumeric code that uniquely identifies each individual currency. These individual codes are then combined to create an identifier for a given Currency Pair. The table below shows some examples of these identifiers. The two components of a currency pair are known as the base currency and the quote currency. The base currency is the first currency in the annotation. Whilst the quote currency is the second named currency. Or if you prefer the reference amount or rate. Such that when we quote USD JPY (the US Dollar vs the Japanese Yen ) we are referencing the amount of Yen, the quote currency, required to purchase US Dollars,the base currency. Mechanics of a Currency Pairs trade As the name suggests when we trade Currency or Forex Pairs we are trading in two instruments. Or if you prefer the relative value between those instruments. So for example if we buy USD CHF (or Dollar Swiss as it’s commonly known). We are backing the US Dollar to strengthen and the Swiss Franc to weaken. That is we are anticipating that the number of Swiss Francs required to purchase a US Dollar will rise. Conversely if we sell USD CHF (Dollar Swiss) we are backing the Swiss Franc to strengthen and the Dollar to weaken. Or put another way, we are expecting the number of Swiss Francs required to buy a US Dollar to fall. Whenever we trade Currency Pairs (or crosses) we are always taking two views or positions. One on each of the individual components of the quote. Price quotes When we look at the price for a Currency Pair we will usually see two prices the Bid and the Ask (or Offer price). The Bid price is the level at which we can sell the base currency and buy the quote currency. Whilst the Offer or Ask price is the price at which we can buy the base currency and sell the quote currency. See the table below for examples of these quotations. Currency Pairs and Crosses Classically Currency Pairs were thought of as those Foreign Exchange rates which included the US Dollar as one of the components of the quote. Any other rates, for example the price of AUD CAD (the Australian Dollar vs Canadian Dollar) were thought of as a Cross Rate. The price of which could be derived from the respective rates, of the two cross currencies, against the US Dollar. For example AUD USD * USD CAD = AUD CAD However with the emergence of the Euro as a full blown currency in 1999 that distinction was diluted and many market participants now think of rates that include the Euro as being Currency Pairs, rather than crosses. In practical terms however this distinction makes little if any real difference. Majors and Exotics Currency pairs and crosses can be further classified into Majors and Exotics. The majors are the world’s principal currencies, those of its leading economies and their pairs and crosses. Whilst the exotics are the currencies of smaller often emerging economies and their respectives pairs and crosses. Most of the business in Foreign Exchange markets is concentrated among the majors. Transactions involving the Euro, the Yen and the Pound Sterling accounting for more two thirds of all daily business. Whilst the US dollar is involved in as much as 87% of all Forex transactions,according to Bank for International Settlements or BIS data . Price Movements The price of a Currency Pair is influenced by a wide variety of factors, most obvious of which are the relative strength or otherwise of the two underlying economies and any differential in interest rates between the two banking systems. In the modern online marketplace investor expectations, sentiment and risk appetite (or the lack of it) can be at least as, if not more, influential on the price of Currency Pair. These forces combine to create what we can think of as the flow of supply and demand. When demand for a currency pair outweighs the supply, then the price will rise. Whilst when there is an excess of supply over demand, then the price will fall. The level of supply and demand for a currency can and does fluctuate moment to moment. Nature and Size of the Currency Markets The Foreign Exchange market is decentralised, that is to say there is no dealing floor or central exchange on which its business is conducted. Rather the market is what is known as an Over The Counter, or OTC market. Whose participants are spread across the globe. Most trading in Currency Pairs is conducted electronically,between remote counter-parties. Who range in size from private clients up to large hedge funds and central banks. The daily turnover in the Global Foreign Exchange market can reach up to $5 trillion dollars per day (according to BIS Data ), far larger than the turnover of any other financial markets. Forex trading takes place 24 hours per day, Five days per week (from 22.00 GMT Sunday night to the close at 22.00 GMT in New York, on the following Friday). Business is effectively conducted in three distinct sessions which are Asia, London (Europe) and the US. The business day starts in Asia and as their day moves into the afternoon, trading transfers to the City of London and then ultimately onto New York, as the European business day comes to close. Once the US trading day is over, the baton is once again handed back to Asian business centres,such as Tokyo and Hong Kong, and the whole process starts once more. To become familiar with Currency Pairs, the way they quoted, how they interact with each other and the influence that economic data and news has on them. 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