Learn how to add custom indicator to meta trader 4 build 600

Even though installing an custom indicator to meta trader 4 seems to be an easy task it is always confusing if you are a newbie and just heard about meta trader. And also to make your work little harder meta trader developers made some changes during software update meta trader build 600 and changed the path to save the indicators, scripts and Expert Advisors which is quite hidden inside several folders and become difficult for a newbie in the first indicator installation.

Now you don't need to worry about installing an indicator, script or Expert Advisor because i going to explain you it in simple steps with screenshots so that you can finish the task without any hassle. And also when i searched about this topic in Internet i found a video which explain the indicator installation process clearly. So if you prefer video you can watch it and install your indicator. Or else if you are short of bandwidth then you can continue with my written tutorial. When you learn how to add indicator in meta trader 4 you can also easily add scripts and Expert Advisor using the same method but just paste the respective files in different folder. See image in Step 3.

Video Tutorial for Installing MT4 Custom Indicator, Expert Advisor and Scripts

video credit : marketcheckdown

Step by Step Installation Guide to custom indicator in MT4 build 600

1. Open your metatrader platform and click File option the menu. You will see an option called "Open Data Folder". Click on that. You will notice that a folder opens. It is the folder which contains your mt4 installation files. You can also reach that folder from the following path.

C:\Users\[your username]\AppData\Roaming\MetaQuotes\Terminal\[32 character MT4 ID]\

2. Now Open the "MQL4" folder. Then open the "Indicators" folder.

3. Paste your custom indicator .ex4 file into the "Indicators" folder.

4. Open your MT4 platform. If it is already open close it and restart it.

5. Now you must see the custom indicator in Navigation window. If you couldn't see the navigation window Press Ctrl+N. Navigation window will open.

6. Drag and drop the indicator to the chart to load the indicator. 

7. Press Ctrl+I to see list of indicator added to chart.

8. Double click on indicator to edit its setting.

9. Tada See how easy it is to add a custom indicator. Now you have successfully installed the mt4 indicator and hope your mission accomplished successfully. 

If you have any doubt feel free to ask us using the comment section. And also dont forget to share us and help us back.

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What is Pip and Pip value in Forex trading?

When i started trading in 2009, I came across a strange word called "Pip". At that time i thought it is strange to measure the price movement of currency pair using it. But once i gained expereince i realise how much important and efficient it to measure the exchange through pips. It is really simple to understand how pip is calculated.

You will learn to calculate the pip value for any trading currency pair. I will teach you in simple words so that it wont get bored, because usually i found students find it boring when i teach them a little deep about pips and the calculation relating to it. But keep in mind that you wont need to use this method all the time to find pip value because most brokers have automatic pip value calculators which will do the difficult calculation part for you. Now its time to get into lesson

What the heck is PIP?

Pip is the smallest movement in exchange value of currency pair. For example if EURUSD exchange rate moves from 1.2345 to 1.2346 then it is said to be moved 1 pip. So 1pip= 0.0001

It is smallest unit in exchange rates of currency pair

If you look at the pairs like USDJPY, EURJPY and most of the pair with Asian currency you will find that they have only 2 decimal points in their exchange rates. So in these pairs 1pip= 0.01. Foe example if you take USDJPY if exchange rate moved from 118.00 to 118.01 it is said to 1pip rise in exchange rate.

Update: Few brokers now offer price movement upto 5 decimal points. i.e Major pairs will have 5 decimal places and Asian pairs will have 3 decimal points. The fifth decimal is called as pipeete.

How to calculate the pip value?

The pip value depends on two factor. It depends on the currency pair which you have interest in finding the pip and the current exchange rate of the pair. So the pip value of all the currency pair changes over time and it is not constant all the time. For example EURUSD might have 1pip= $10 but after few month it may reduce to $9.5 It is necessary to have a look at the pip value from time to time.

If you want to learn how pip work it would be much easier to do by learning with an example.

Let us take EURUSD pair and assume that it is trading at 1.3000 . To find the pip value of EURUSD you should simple multiply 0.001 with the exchange rate ratio.

For EURUSD with exchange rate 1.3 the exchange ratio is 1/1.3

So let us do the math

multiply 0.001 with 1/1.3 .

Take the answer and multply with the number of currency you are willing to trade. For example if you are willing to trade 1 lot which 0.1 million currency multiply 1,00,000 with the answer you got above. The number you get now is the pip value if you trade 1 lot. In our example it is $7.69 . For every price movement of 1 pip you will either earn or lose $7.69

In this example we have found that 1pip value of EURUSD exchange rate 1.3 is $7.69 for 1 lot traded

I can clearly see you face with too much fear after seeing the confusing math and i can also hear from you that "So i do this everyday by myself?" the good thing is you dont need to perform these calculation manually.

There are several website online which gives you the updated pip value for all the currency pair. And even your broker will also have this listed in their company website.

Even though there are several ways to find pip value without doing the math manually it is always to good to know how it is actually calculated. Trust me it will help you in lots of situation.

In the next tutrial i will be covering topic on various currency pair and favorable currency pair to trade. So dont miss reading that too. If you have any doubt regarding the pip value calculation drop a comment below and i will be happy to solve your doubts.

Share the post and have a great day.

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What the heck is Japanese Candlestick

You may find this term "Japanese Candlestick" sounds crazy, but believe me it is used by every forex and stock trader in the world to keep track of past prices of financial instruments. This is not a 21st century invention rather the history of Candlestick lead us to 17th century. It was used by rice traders to keep track and visualize the movement of price of Rice. Rest of the stories about Candlesticks are just stories and no one know much history about it.

One person to whom the credit has to be given is Homma from Sakata. 

His ideas was modified and developed to lead us to modern worlds candlestick.

Homma made the candlestick trading methods popluar and it spread to United States during the late 18th century. Charles Dow later developed technical analysis and price action. Charles Dow is know as founder of famous Wall Street Journal and the man who created Dow Jones Industrial Average.

Candlesticks and its structure

I hope by now you have some idea about candlestick and its history. Now it is important for you to know the anatomy of candles before we learn about the ways to use patterns in candlesticks.

If you refer to the above image you could see that the white candle have open price below and close price above. It is called as bullish candle and it show that the price has increased. the higher and lower shadows are the price movement between the candle open time and close time. The candle with open price above and closed price below is called as Bearish candle. It means the price has gone down. Sometime you may find shadows missing. If upper shadow is missing then the highest price and closing price are the same. It is vice versa if lower shadow is missing.

If you have meta trader platform i want you to load EURUSD daily timeframe chart. This is just an exercise. If you have a look at the chart you can easily spot several gaps in it. It is because of gaps formed when markets are opened after weekend.

The main reason for such thing to happen is various events occurred during the weekend which affect the price of the currency exchange. Since the market is closed at that time it reflects with a gap when market open on Monday. Because of such unexpected price movement most traders will liquidate their position on Friday itself, so that they can rest in peace during the weekend.

One advantage of Japanese candlestick is it can be used for all the timeframes.

Most price action traders use 4hr and 1D timeframes. But it is similar even if you use 1m, 5m, 15m , 1h etc

I hope by now you must have an idea about what Japanese candlesticks are and how we can use them in price action trading. If you have any doubts feel free to comment below. Have a great day :)

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Advantages and Disadvantages of Forex Trading hours

Every financial market in the world have a closing time everyday except the foreign exchange market. It is the key factor to make forex trading superior to all.

Even though there are several advantage it also have some disadvantages which make trouble to some of the forex traders.

In this article i will explain you the advantages and disadvantages of forex trading hours which have 24 hours a day trading facility.

Well as i said you that forex market is 24 hours open you may ask me why does it closes on Friday and reopens on Monday. It is actually a great question because many traders have the same doubt. the answer is really simple. The forex market never close on Friday. What! Yes only the ability to trade by retail traders in not available during weekends. Retail traders includes you and me who trade with their personal account don't have access for forex market,but as usual it is open for the need if central banks and financial institution to conduct business.

It is the main reason why you see gaps in the exchange rate when the market opens on Monday. I will explain you about gaps in later lessons but as of now have in mind that forex market never close.

You must have heard a little about forex trading session. Lets go deep about it now

Daily trading sessions

You can always have one active trading session through out the day. You can even find two session overlap at some point of time.

To explain you in simple words, Whenever there is sun shining Forex Market is open. To make it much more clear i have attached a image which describes the trading hours of a day with four trading sessions including New York, London, Sydney and Tokyo.

London session open from 8:00 GMT to 16:00 GMT
New York session open from 13:00 GMT to 21 GMT
Sydney session open frm 22 GMT to 6 GMT
Tokyo session open from 00 GMT to 08:00 GMT

Best time to trade

Since we have four session in forex market it will be confusing for newbie forex traders to choose the trading session which should they actually trade. One should choose trading session based their geological location and daily lifestyle. If you are located in a place where US and London overlap during 1 am in the morning it wont be comfortable for you to give your best at an odd time.

But those who are trading using price action method in higher timeframes they don't need to worry about sessions. It doesnt matter to them. because if they spot a trade setup in the chart they can simple place pending order which will be filled when the price come there.

Advantages and Disadvantages of Forex Market

Each and every field in the world have some advantage and disadvantage. So does the forex market. It have some disadvantages which makes newbie to struggle in the beginning, but believe it is the one which makes forex market the best profession to choose. I will list of some of the advantages and disadvantages below.

Advantages

• 24 hours market
• huge liquidity compared to stocks
• No upper limits for profits

Disadvantages

• Even though 24 hour market is considered as an advantage it is also consider to be disadvantage as it may lead to over trading
• Huge leverage option which may lead to greed

Traders should never worry about the disadvantage because it is easy to recover from the problem if they follow good money management, risk reward ratio, discipline etc.

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Comparison of Forex and Stock

Let us assume a sumo match between forex and stock. Forex is a huge size sumo man whereas stocks is tiny Mr Bean. Which one would you expect to win? Obviously there wont be any tough fight and sumo man will wins the match. The same thing occurs when you compare forex and stocks. Stocks go nowhere near forex. Forex win the fight easily.

Please dont mistake me that i don't like stocks and too much biased about forex, I do believe that stocks have its own place and even i invest in stocks every year, but when it comes to comparison and taking side i clear vote for forex.

I know you wont agree with my words till i show you the reasons behind my strong stand. Here i list you the reasons.

Trading time

Forex Market is open 24 hours a day and 5 days a week whereas stocks is only 8 hours a day and 5 days a week. You can clearly see that forex traders have more room to think and act. They have no fear for overnight gaps. Gaps occur when market opens after a period of close. It always happens in stocks during morning open time. because of that traders in stock market liquidate their stock before the close of the day. Whereas forex traders have the freedom to have open trades without any fear.

Even though it is a big advantage for most of the traders, for some trader it is the main problem. They stare at the chart all night without sleep, hitting the wall whenever they see a spike in exchange rate. Even i have been in such situation. So believe me, you must have some discipline to become successful in forex.

Number of Instruments to trade

Some say that less is more. It suits for trading instruments in forex and stocks. Despite cursed by few traders for less number of instrument to trade it is clearly accepted by majority of traders that having few currency pair is an advantage. When you  look into stocks there are over 2200 stocks in NYSE alone and it could easily make a trader go crazy with his analysis.

Moreover top currency pairs EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, USDCHF, EURJPY, EURGBP accounts for 74% of total forex volume. It also gives us ample trade setups in different timeframes. This makes a trader to have a clear mindset.

Liquidity

liquidity of Forex Market is several hundred times of stock market. It means you will mostly able to place trade without any problem and you will also have less spreads.

Growth of both the market

If you see the growth chart of both stock market and forex market you could clearly see that forex market is ahead of stocks. Forex market is growing continuously from 1990 even though we had several recession. But stock market faces a big hit when there is difficult situation like recession. One report says that forex is growing continuously for 15 years whereas stock market went to position where it was in 2006. This clearly shows that forex is evergreen.

Leverage

In trading, Leverage is both friend and enemy. As long as you remain disciplined and trade with proper money management and trade management you will see him as your friend. But if you get little greedy then your biggest enemy of forex. So you must take immense care trading using leverage. Even though there is huge risk the earning potential is also very high. For example of a stock price moves 200%  (approx) currency pair like EURUSD need only 5% to 10% to achieve same result.

One last thing which we have to look is long and short trading. This is one big advantage for forex market. If you want to trade stocks you need 20 instruments whereas in forex 10 is sufficient because it gives us twice the trade setup of stocks. Even though you can do short trading in stocks it is considered as unethical because you want to see the company perform low.

In all the topic we taken into consideration, forex has clearly won the game and this is why i insisted in the beginning of the article that forex is the best. Hope you will agree with me now.

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Forex Market and its Players

Well, You have came here to learn about foreign exchange a.k.a Forex and ways to make money from it. All i could say is you are lucky to end up in the right place. I am going to teach you all about forex from basics to pro strategies in this and following lessons. And one thing i have to mention is I have made this course in such a way that you will learn everything with education and fun. because too much seriousness is not good for health and wealth.

So are you ready to dive into the pool of forex? Lets get into it

Foreign Exchange Market

A Market is a place where you can buy and sell things. So from this you can guess what foreign exchange market, Right? Foreign Exchange market is a place where you can buy and sell currencies. It is the single biggest financial market in the world where every country currencies traded with other currencies. In fact if i say you the total turnover of forex market in a single day you will be shocked with the figure. Do you want to know it? Get ready for the shock

$6,000,000,000,000!!!

It is $6,000,000,000,000 each and every day. If you compare the turnover of world largest Stock Market New York Stock Exchange with Forex Market it will look like a ant and elephant.

Now you must have excited seeing the huge number of the forex market turnover. I will give you another reason to get excited. If you have ever traded stocks you must have known that trading time is always 9 to 5 or some difference in some countries. But one thing common is all the stock market is closed during night. But the biggest advantage of forex market is it is open 24 hours a day. You dont need to worry about your 9 to 5 job anymore because you can do your analysis in night and place a trade too!!!!

Forex Market have no central market place and it is the main reason for it to be opened round the clock. However it is closed on Weekends where you cannot place trade or close your exciting trades.

If there is a marketplace there should also be players also known as traders. It is them who make the market to sustain and grow. When it comes to forex market the players are categorized into several levels. We are going to see them one by one.

Central Banks and Other Banks

they occupy the top place in the foodchain of forex market (food chain? Just kidding). They are the bug mama and you cannot beat them ever. So be careful with their moves, they have lot of things to deal with currency exchange rates.

Banks around the globe take part in forex market in two means. First they facilitates trading for retail traders (It is us. In detail below). When they do it they are called as Dealer and they earn profit from the trading commission we pay. The second stand is they do speculative trading like you and me. But have in mind that they have lots of resources and talents which we cannot get access, so we should never take a position in the opposite side of banks.

Central Banks are the one who regulate stuffs like interest rate based on various economic factor and indicator like NFP, unemployment rate. But as of now i don't want to go deep into that because any further will make you bored.

Financial Institutions and Hedge Fund Managers

They are the one who are next in the list after Banks and Central Banks. They manage accounts with money ranging few few millions to billions. They usually take part in forex market when they mange pension from International borders. They use forex market for hedging purposes.

Multi National Companies

Companies which do business across the globe take part in forex market to convert one country currency to another. For example if a German company exports product to Unites States then they have to convert the US Dollar they receive to Euro. this takes place in forex market. Even companies like Apple and Samsung are in this!!!

Retail forex traders 

Finally it us who are retail traders in the players list. The percentage we occupy forex market in extremely low but the fact is it is growing extremely fast and said to be the best marketplace for retail traders. Since we are in the last level of foodchain we have nothing in hand to control exchange rates of currency pair. All we have to do is to analyse the price movement and speculate the future. the most common practice to analyse the price movement are Fundamental analysis and technical analysis.

Technical analysis is based on charts and various technical indicators. It also have method to use only naked charts which is called Price Action Trading. Price Action Trading is most widely used by retail forex traders.

Fundamental Analysis is based on economic parameters and indicators like interest rate, unemployment rate, NFP etc. It is little difficult for us so my personal advice is to stick with technical analysis for trading and use fundamental analysis for trade confirmation.

Get a Chill Beer Bro

I hope you must now have an essence of what forex trading is. When i first heard about forex trading 5 years back i was worried on how to make money when there are bug players like JP Morgan. But when i  learned more i realized that i was wrong. Because you don't need to compete with them to be profitable in forex market. In fact you can trade along with them.

Thats all for this post and i think you and me need a break. Share this post and show me that you have the same care as i do for you. Do leave a comment about things which you likes the most in forex market.

In the Next post i am going to compare stock market and forex market, so don't miss it.

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Verified list of forex no deposit bonus 2014

Everyone in the forex market will definitely know what is no deposit bonus. It is a great idea used by many forex brokers to attract new traders to their company. Brokers offer free money to new traders who joins them and will allow them to trade and test their services for free. And also you can withdraw the profits earned by trading using no deposit bonus money.

This is a great opportunity for those who cannot afford to invest or don't want to risk their own money. Many traders have raised a good capital amount by trading using free money given by forex brokers. If you visit forex factory forum them you can find some of the traders made several thousands from few dollars of free no deposit bonus money. The main advantage is you can experience the services of forex broker without depositing money, practice trading and test new strategy.

Every forex broker have their own set of rules. Some broker will allow you to withdraw only the profits but some will have no restriction in withdrawing the bonus after some conditions are met. So it is highly recommended to read the rules section of the broker and clear doubts with their customer support before applying.

Things you must check before applying for bonus.

• Some broker will ask traders to deposit some amount of money to withdraw their profits. It is definitely not No Deposit Bonus. So avoid them. 
• Some broker wont allow you to withdraw the profits. yes there are some broker who do this. Their explanation is no deposit bonus is only for testing their platform and their services. So avoid them also.
• Check whether your country is in their restricted countries list
• Some brokers wont accept traders without passport whereas some will accept if you have any one identity document. So check with broker for required documents and verification procedure.

As the number of forex no deposit bonus offered by brokers increase there is no perfect place to find all of them and choose the best one. This makes traders to go to all the brokers websites and check manually. To help such traders i have done the hard part of collecting all the working and live no deposit promotions and listed them below. You can select the one which suits you and start your trading journey smoothly.


    BROKER        BONUS AMOUNT                BONUS DETAILS

AGEA		$5 reward	$5	http://extra.agea.com/en/promotions
CAESER TRADE		$50 (Test Us Out)	$50	http://www.caesartrade.com/no-deposit
FBS		5USD Cash Reward	$5	http://www.fbs.com/5usd-cash-reward
forex.ee		Welcome Bonus	$ 15	https://www.forex.ee/en/stpbonuseu
Forexcent		Bonus 500	$5	http://www.forexcent.com/eng/forex_no_deposit_bonus.html
FXTM		FREE1000	$10	https://www.forextime.com/eu/register/free1000
FXOpen		Welcome Bonus	$10	https://www.fxopen.com/OurPromotions.aspx
Instaforex		No Deposit Bonus	$30	https://www.instaforex.com/nodeposit_bonus.php
ISIG		Bonus500	$5	http://www.forexisig.com/bonus/start500.aspx
Masterforex		$5 to account	$5	http://masterforex.com/En/client-servise/bonuses/five.html
NordFx		Welcome Account	$8	http://nordfx.com/trading_account_welcome.html
Paxforex		Welcome Forex Bonus	$7	http://www.paxforex.com/free-welcome-bonus-forex
Paxforex		Write Blog Post - Get Bonus	$20 to $40	http://www.paxforex.com/forex-blog-post-bonus
Roco forex		$10 Cash Reward Account	$10	http://www.rocoforex.com.au/Account/10dollar.shtml
Tradefort		Welcome No Deposit bonus	$5	http://www.tradefort.ws/clients/bonus/welcome_bonus/
ForexPalm		No Deposit bonus	$30	http://www.forexpalm.com/no_deposit_bonus
Fort Financial services		Welcome Bonus	$5	https://www.fortfs.com/conditions/bonuses/welcome
FxOptimax		Welcome Bonus	$10	http://www.fxoptimax.com/promotion
IronFx		Sign Up Bonus	$25	https://www.ironfx.com/en/sign-up-bonus/
Market.com		Free Bonus	$25	http://www.markets.com/lp/campaigns/registration-funnel/en/live.html
PCM		No Deposit Bonus	$100	http://fxpcm.com/forex/no-deposit-bonus
TenderFX		Forex Bonus Gift	$100	http://www.tenderfx.com/account/bonus.html
TechnoFx		Promo 20 USD	$20	http://tenkofx.com/en/promotions/promo_20usd/
Upme		No Deposit Tour	$14	http://upmegroup.com/en/no-deposit-tour
Vector Securities		Loyalty Bonus	$10	http://icvector.com/en/page/334
XM		$20 free for XM Contest Arena	$20	http://www.xm.com/contests/20-free
Roboforex		Welcome Bonus 3.0	$15	http://www.roboforex.com/operations/no-deposit-bonus/
xCFD		Sign Up Bonus	$30	https://xcfd.com/en/#prizes

Hope the above list of latest no deposit bonus will be useful for you. I am sure that all the above bonuses are working because i have tested and verified it manually.

If you came to know about any new bonuses please let us know by commenting below. You will be rewarded for it in one way or another. And also don't forget to share this list with your fellow traders using forums and blogs. Have a Profitable day.

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