Eighteenth session of Forex Training
Welcome back to Forex professional training in financial markets.
This session is about MetaTrader Tutorial and we will talk about installing MetaTrader, the differences between MetaTrader 4 and 5, installing more than one MetaTrader for one broker and using one platform for several brokers.
After you download MetaTrader from a broker’s website, you should be able to install it on your device using our instructions.
If you wish to install a second platform, simply follow the same instructions but change the name of the file.
We will give you further instructions, which should make it easier for you to do it.
Differences between MetaTrader 4 and 5
MetaTrader 4 is not an outdated version. MetaTrader 5 is simply a version designed specifically for American customers.
The first difference between them is that hedge trades cannot be placed on the MetaTrader 5, which means you cannot sell and buy at the same time.
If you do sell assets and then decide to place a buying trade, it will close your open selling trades.
So you should know that you can have any number of trades that you like, but they all have to be of the same direction, i.e. have to be either all selling trades or all buying trades.
The second difference is that in MetaTrader 4 each of your trades is shown separately, while in MetaTrader 5, based on the amount of a transaction, all of your trades are shown together.
Using a single platform for different accounts
It is possible to use one platform and check your accounts even if they are with different brokers. You can do this in two different ways.
First way is using a broker’s SRV file which you can receive from other traders and copy it into the Config folder in MetaTrader 4, then close and open MetaTrader software once and you should be able to use it.
The second way is to open the SRV file via a notepad and take the server file IP, then you enter it in server IP of the new account.
Now, as you can see, when you download a file you can either use MetaTrader 4 or 5 or, as you can see, we have platform applications from different brokers too, such as Alpari, Admiral, FIBO, FXpro and IronFX.
As you can see we already have a MetaTrader 4 from FX pro and would like to install another platform.
Remember that installing more than one platform needs more attention.
After clicking on the file and running the program, click “Yes” and then tick the agreement and click “Yes” again.
Now in this section, if it is the initial set up, simply press “Yes” and the platform will be installed on your device.
However for the second platform set up, simply change the name where it says “installation folder” and press “Next” and it will download and install the software on your computer.
Now for using SRV files as we have mentioned earlier, you should go to My computer, window, program files (note: for 32 bit window it’s called program files and for 64 bit window it’s called program files 86), now find your software, then you can find Config in the MetaTrader folder and in here you can see there are some demo and real server files which are actually SRV files.
As you can see, there is no need to download different platforms from different brokers.
As we will demonstrate now, just copy the file and paste it into the second MetaTrader that we have just downloaded. Now you are able to use its SRV completely.
For instance, you can choose ICMB SRV file and give it to your friends, when they follow the same procedure they see that ICMB indeed will be available to them at the same time by using one platform only.
Another way is to click on the shortcut and enter properties then choose open file location.
This is another way to see where your file has been installed.
You should set your short cuts on the first installation, for example, right click on your shortcut and go to properties as you can see the shortcut linked to the new MetaTrader.
So we can erase this or type the address for the original MetaTrader and click on “Apply” or “OK”.
And if you check again you can see the address changes to the first MetaTrader execution file.
For the SRV server address, this is what you must do.
Go to the file location and if you right click on the SRV file and open the file using note software, you can see when it opens, the server address is visible.
This is the server address we mentioned before. Then run the MetaTrader and in log in section paste the server here and log in.
Here we have the MetaTrader 5 from Iron FX, and we intend to demonstrate how it differs from MetaTrader 4.
In this demo account, we have set our trades on 0.1 lot and now click on “Sell” and it is registered.
Now change our value to 0.2 and click on “Sell” again.
As you can see, after the first sell there is a line to show the trade, now after the second one instead of showing another line, based on the amount of transaction and price index, the software calculates the average and shows the information in one line.
If we were to do another sell and this time on 0.5 lot, it stays within one line.
If you look closely, the orders and their specifications do not change.
In MetaTrader 4 this is different for every trade, where each one is shown in one line. And this is the main difference between them.
Now if you intend to buy 2 lots, it means that the software will close all sell orders, as you can see here.
That concludes this session, until next time and another session take care.