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How to place a trade in the cryptocurrency markets in Meta Trader 4

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Hi, this is Brian again and today i'm going to be showing you how to actually place some trades in the crypto currency markets using MetaTrader 4 now if you don't yet have your MetaTrader 4 account and bitcoin exchange account setup, you'll want to go back to my previous videos which are linked in here and get all that setup So, once everything is set up and you're ready to go what can you actually do? Now, obviously, there's two options you can do in currency market you can place a long trade which means you're buying shares or you can short a chart which means you're selling so either way you go up to new order here and it will show you here the symbols of the chart you currently have selected so if you're looking at Ethereum to Litecoin that will show up or Bitcoin to the US dollar that will show up here and then you can change it from here if you want but probably best practice to just you know place a trade on whatever chart you're looking at so you don't make some stupid mistakes

Over here it'll show you the latest in the past few minutes of what's going on with that currency pair Now, the volume is basically how much of this you want to buy and the volume you're allowed to trade is based on the amount of money you have on your account so in your demo account you're going to have a whole bunch of money you can probably place as high of volume as you want but with your real account maybe you don't have that much money in there and you'll just have to play around with that and figure out what volume you want to trade Now, you don't want to trade — probably it's not best practice — (we'll get into more of a strategy at this in future videos) but as a rule of thumb the amount of volume you trade should be much much less than what it allows you to trade otherwise you could very easily get stopped out if your position goes negative and again we'll go over all the strategy of that in future videos So, your stop loss here, you should set that initially on the trade what that does is that it we'll see it draw the line here so if say you're buying by the market so if you enter a position where you're buying you're expecting the trendline to go up and up and up however if it goes down you're going to be in the negative without a stop loss could just keep going down forever if you're not keeping an eye on it then you could lose a whole bunch of money so your stop-loss tells the system that hey if it goes this far in the red and I want to just get out of this position automatically – it will take care of all that for you The take profit is where you say hey once I make this amount of money i want to get out

The logic behind that is in case it then takes a downturn and you're not paying attention you will lose all your profits this will get you out of that position I'll go ahead and set these to some arbitrary thing I'm on my demo account here so it doesn't matter a whole lot take a really small position and I won't set a take profit right now but i'll show you how to do that The Green Line is where i got into the position the red line is my stop loss and now that it's on there i kinda just put a random number there a lot of the times because once it's on there you can just drag it to wherever you want and then you want to click on the trade tab here and this will allow you to keep an eye on the current positions you're in so you know even if i'm not on the Bitcoin US dollar chart i can still see where that position is at So in the next few videos I'll go over some more details about what all these specific terms mean and then eventually get into some strategy but for the time being that's the simple explanation for how to make some actual trades on the market Bye

About the Author Dancake

Hey hey hey. It's Ville and welcome to my blog. I am a tech enthusiast and always looking for ways to generate new income streams. At the moment Bitcoin cloud mining is one of the most promising ones and that's why I created this website. Hope you like your stay. If you want a quick start guide about making passive income with cloud mining check out this guide.