Trading FAQs

What is MetaTrader 4?

MetaTrader 4 (MT4) is an electronic trading platform with automated trading capabilities. Tradenext has licensed the software so our clients can access Tradenext Spreads while using MT4.

What do I need to use MetaTrader 4 at Tradenext?

You need a Tradenext trading account and a windows-based computer on which to install the Tradenext MetaTrader 4 software.

Will I be able to download the software on my Macintosh computer?

The MT4 software will only be available natively for Windows based applications. But some third party soft wares on the Macintosh such as Parallels, WinOnx, etc. allow you to run windows based software on them.

Where can I download the MetaTrader 4 software?

You will need an account to access all of the features of the MetaTrader 4 platform. To sign up for an account, click "Open an Account" to the right of this page.

What is the minimum to open an account?

There is no minimum deposit to open a Tradenext MetaTrader 4 account.

How do I register for a demo account?

You can register for a Tradenext MT4 demo account quickly and easily via our website

How do I open a live account?

Applying for a Tradenext MT4 account is quick and easy. The online application only takes 10 minutes to complete and can be accessed at the links on the right of this page.

What lot sizes are available?

MetaTrader 4 users have the option to trade in micro (.01), mini (0.1) and standard lots (1.0).

What is the CFD lot size in units for MT4?

To see the MT4 lot sizes for all CFDs, please refer to our Market Library

I’m receiving a message saying: "Trade context is busy". What should I do?

To resolve the error message Trade Context is Busy, log out and log in to the Tradenext MetaTrader 4 platform. This message appears if the cancel button is pressed while an order is in the process of execution.

Will phone orders be allowed?

Phone dealing is available but only to place stops/limits to close an open position. Market orders or stop/limit entries are not available via phone.

Will I be able to manage other people's accounts?

Yes, we offer money managers a solution to trade on a single trading platform and simultaneously manage an unlimited quantity of managed accounts. The ratio of the individual sub-accounts funds to the overall pool of funds will determine their allocation of any trade executed by the master account. Please note you may need a Limited Power of Attorney to be able to manage other people’s accounts.

Will I be able to open accounts in different currency denominations on MetaTrader 4?

Yes. Tradenext offers MT4 accounts denominated in EUR, GBP, USD and SEK.

Will MT4 allow for partial fills on large orders?

No. Orders to open and close trades, as well as take profit (TP) orders execute Fill or Kill. These orders only execute if they can fill in their entirety at the requested price. These orders cannot be broken up and filled at multiple prices.

Will there be order size limits on MT4?

Tradenext’s MetaTrader 4 allows for order sizes up to 10 million per trade. Traders have the ability to trade incremental sizes (multiple orders of 100 million for the same pair).

Do trailing stops remain active when I turn off my computer?

No. This is a limitation of the MetaTrader 4 software. Trailing stops are maintained locally on your machine and therefore requires that your MetaTrader 4 platform remain on and connected to the internet. If you disconnect the MetaTrader 4 platform from the system, log off or turn off the computer, any open trailing stops will be converted to a hard stop or limit.

Can I have two accounts show in the MT4 client terminal?

Only one account will show at a time in the MT4 Client Terminal.

How can I see my statements?

You receive daily and monthly statements by email. Additionally you can download your trade history reports from the MT4 trade terminal directly.

What ports do I need to have opened to run MetaTrader 4?

You will need to open port 443 on your firewall to properly run the MetaTrader 4 platform.

How do I fix the "Waiting for Update" message on my charts?

Click on the symbol you want to view from the Market Watch section of the trading platform and drag it into the chart window.

How can I change the default language?

To change your language preference, go to View > Languages. Select your default language. You may need to restart the MetaTrader 4 application for the changes to take effect.

How do I zoom in or out of a chart?

To zoom in or out on a chart, right-click on the chart and select Zoom In or Zoom Out. You can also use the keyboard shortcut (Shift +) to Zoom in and (Shift -) to Zoom out.

How do I change my chart type?

From the top Menu bar, select Charts. Choose your chart type preference.

What do I need to program Expert Advisors and custom indicators?

To create and compile Expert Advisors and custom indicators, use the built-in "MetaEditor". It is accessible from the client terminal and is a convenient development environment for MQL 4 programs. (For details on how to use this MT4 feature, read the user guide available within the MT4 interface.)

What is a custom indicator?

A custom indicator is a program developed in MetaQuotes Language 4 (MQL 4) by the user and functions as a technical analysis trading indicator. Technical indicators are mathematical calculations of currency pair prices created to help forecast future price changes. Traders use indicators to help assess if a current trend will remain the same, and where it will turn. Indicators are intended to simplify the complicated process of decision making in trading. Their algorithms are also used to develop trading tactics and Expert Advisors.

How can I create Trend Lines and other Line Studies?

To add a trend line or line study, go to Insert > Lines and choose a line study. Line studies can be adjusted on the chart by dragging the white point to the desired area.

How do I view the time frame toolbar?

To view the time frame toolbar, go to View > Toolbars and make sure that Periodicity is checked. You will then see the following buttons in the new toolbar:

M1 = 1 minute chart
M5 = 5 minute chart
M15 = 15 minute chart
M30 = 30 minute chart
H1 = 1 hour chart
H4 = 4 hour chart
D1 = daily chart
W1 = weekly chart
MN = monthly chart
 

What time zone is used for charts and can I change it?

Charts are (UK time +2) and cannot be changed.

How do I place a trade within the MetaTrader 4 platform?

To place a trade, select Tools > New Order. Choose the currency pair's symbol, the trade size volume, and Market Execution for Type. Click Sell or Buy within the Market Execution section to place the trade.

How do I close an open position?

To close an open position, double-click the position within the Trade section of the platform. Within the Order ticket, click the Close button. You will receive a confirmation of your trade.

How close to the prevailing price can I place stop and limit orders?

Limits and stops must be set at least 1 pip away from the prevailing market price.

Is MT4 mobile trading platform available? Where can I download MetaTrader 4 Mobile?

Yes, it is. Existing clients and registered demo users can click the following links to download MetaTrader 4 Mobile. You can use the same User ID and password to switch between MetaTrader 4 and MetaTrader 4 Mobile platforms. Within the mobile app, simply go to Tools > Login and enter your account credentials in MetaTrader 4 Mobile.

Device Download Link Requirements
iPhone https://itunes.apple.com/us/app/MetaTrader 4-4/id496212596?mt=8 iOS 4.0 or later
Android https://play.google.com/store/apps/details?id=net.metaquotes.MetaTrader 44 Android 2.1 and up
How do I set up rate alerts in MetaTrader 4?

First, obtain your MetaQuotes mobile app ID in the MetaTrader 4 iPhone or Android apps by going to Settings > Messages. The first message labelled “Hi” contains your MetaQuotes ID. Next, in the MetaTrader 4 desktop terminal, go to Tools > Options > Notifications, enter your MetaQuotes ID, check off “Enable Push Notifications,” and click OK. Then, click on the Alerts tab and right click to pull up the options menu. To create a new alert, click Create, enter your specifications, and choose Notification as your delivery method within the Actions section. You will receive your rate alert as a push notification to your mobile device.

What is Event Risk?

Event risk refers to the risk of the market moving due to an upcoming news release. Many traders prefer not to take positions ahead of important news releases due to the risk of not knowing the outcome.

When is the Asian trading session for Forex trading?

The Asian trading session starts around 7PM Eastern Time and ends around 4AM Eastern Time.

When is the US trading session for Forex trading?

The US trading session starts around 7AM Eastern Time and ends around 4PM Eastern Time.

What is Drawdown?

Drawdown is the difference between the balance of your account, and net balance of your account. The net balance takes into account open trades that are currency in profit, or currently in loss. If your account net balance is lower than your account balance, this is called drawdown.

What is an interest rate differential?

An interest rate differential is the difference in interest rate between two currencies in a pair. If one currency has an interest rate of 3% and the other has an interest rate of 1%, it has a 2% interest rate differential. If you were to buy the currency that pays 3% against the currency the pays 1%, you would be paid on the difference with daily interest payments.

What is an Expert Advisor?

An Expert Advisor is a piece of software written specifically for the MetaTrader Platform. An Expert Advisor can just advise traders which trades to make or can be programmed to automatically execute the trades on a live account. Expert Advisors are very flexible pieces of software that can take any information into account that is available on the MetaTrader 4 platform. They are written in their own proprietary programming language called MetaQuotes Language Version 4.

What is a take profit order?

A take profit order is an order that closes your trade once it reaches a certain level of profit. When your take profit order is hit on a trade, the trade is closed at the current market value. Take profit orders are also sometimes referred to as limit orders.

What is a stop loss?

A stop loss is an order that closes out your existing trade in order to limit losses. Stop losses are literally used to stop the loss of your trading capital. When your stop loss order is hit on a trade, the trade is closed at the current market value.

What is a mini lot?

A mini lot is a lot of 10,000 units of the base currency. It is called a mini lot because it is only 1/10th of the size of a 100,000 unit standard lot. If you are trading on an account based in US Dollars, a mini lot would be a trade worth $10,000 of USD. A mini-lot is a common trade size used a Forex mini account.

What does it mean to "go long"?

When you go long you are simply placing a buy order on a currency pair.
In Forex trading all currency pairs have a base currency and a quote currency. The quote will usually look something like this: USD/JPY = 100.00. The USD is the base currency and the JPY is the quote currency. This quote shows a rate of $1 US Dollar being equal to 100 Japanese Yen. When you place a long trade on this currency pair, you are going long on the USD Dollar and simultaneously going short on the Japanese Yen, but you would make this trade if you believed that $1 was going to become more valuable than 100.00 Japanese Yen (i.e. $1 = 101.00JPY)

What are pending orders?

A Pending order is an instruction to open a position when the current price reaches the order level.

There are four types of pending orders:

Buy Stop - an order to open a Buy position at a price higher than the price at the moment of placing the order.
Sell Stop - an order to open a Sell position at a price lower than the price at the moment of placing the order.
Buy Limit - an order to open a Buy position at a lower price than the price at the moment of placing the order.
Sell Limit - an order to open a Sell position at a price higher than the price at the moment of placing the order. 

What is a Forex spread?

The spread is the amount of pips between the bidding price and the asking price is called the spread. The spread is what Forex brokers use to make money on every Forex trade placed through their network. For example, the Forex broker may be paying a price of 1.3600 for buying or selling. The broker will then allow you to buy the currency for 1.3601 or sell it for 1.3599. The spread always stays around the actual price that the Forex broker is paying. So when you buy, you get one end of the spread and when you sell you get the other end of it, and vice versa. By the time you close your trade, you will have always paid the spread.
 

What is market noise?

Market noise is the seemingly mindless back and forth movement on the smaller time frames. A trader’s definition of market noise is usually relative to the time frames that they are trading. A trader that trades a 1 hour time frame might think that the 15 min chart contains market noise while a trader that trades 15 minute charts might think that a 5 minute chart contains market noise.

When does the Forex market open?

It opens at 22:00 UK time and closes on Friday afternoon around 21:00 GMT. Forex traders can initiate trades at any time between Sunday and Friday.

What is a Margin Call?

A margin call happens when a trading account no longer has enough money to support the open trades. This happens when there are too many floating losses. For example, if you are using 200:1 leverage and you have a $20 account and use $10 to open a trade; your trade size on the market would be $2000. Each pip would be worth around 20 cents. If the market moved against you by 50 pips that would be floating loss of $10. Since it takes $10 to keep your trade open, at a floating loss of $10.01, you will no longer have enough margins to keep your trade open. At that point your broker will automatically close your trade because you no longer have enough margins to keep that $2000 trade on the market. This is how a margin call works.

How to calculate the amount of margin for a trade?

The amount of margin is equal to the trade volume divided by the leverage. The trade volume is equal to 10000 US Dollars multiplied by the amount of lots and by the exchange rate of a base currency in a pair to the USD. The base currency is the first in a currency pair. For example, in the EUR/USD currency pair the base currency is EUR (thereafter, the exchange rate of a trade to the US Dollar is EURUSD), in USDCAD - is USD (the exchange rate of a trade to the US Dollar is equal to 1, because USD/USD = 1), in GBPJPY - the base currency is GBP (the exchange rate of a trade to the US Dollar is equal to the GBP/USD exchange rate or to the exchange rate of GBPUSD). So when the GBPUSD exchange rate equals 1.4956 in a 2 lot trade with the 1:100 leverage, the margin will be 10000 * 2 * GBPUSD/100 = 299.12 USD. In a 3.4 lots trade on USDJPY with the 1:1000 leverage, the margin is equal to 10000 * 3.5 * 1/1000 = 35 USD.

What is the difference between Balance and Equity?

Balance: When you have no open position, balance is the amount of the money you have in your account. For example, when you have a $5000 account and you have no open position, your account balance is $5000. Equity: Equity is your account balance plus the floating profit/loss of your open positions: Equity = Balance + Floating Profit/Loss. When you have no open position, and so no floating profit/loss, then your account equity and balance are the same. And for example when you have some open positions and they are $1,500 in profit in total, then your account equity is your account balance plus $1,500. If your positions were $1,500 in loss, then your account equity would be your account balance minus $1,500.

What is a Pip?

PIP stands for Percentage In Point. It is equal to 1/100 of 1%, or .0001. In Forex, currency prices are typically quoted to the fourth decimal. For example, if the EUR/USD pair moves from 1.3410 to 1.3420 it has moved by 10 pips. If the EUR/USD increases by 1 full cent in value (from 1.3410 to 1.3510), it has increased by 100 pips.

What is the value of a pip?

Please use the pip calculator provided on our website in the tools section.

What is Carry Trading?

Carry trading is when you take advantage of the interest rate differential between two currencies. For example, if the interest rate on the British Pound (GBP) is 5.75% and the interest rate on the US Dollar (USD) is 4.25% and you place a buy trade on GBP/USD, you will collect the difference between the two interest rates or 1.50%. As long as you hold that trade open, you will be paid that interest differential every day. See: Interest rates and Forex trading

What is a Currency Pair?

In Forex trading, all currencies are quotes in pairs. For example, in comparing the Euro Dollar (EUR) to the US Dollar (USD), you would quote the currency pair EUR/USD. A currency pair is a set of currencies that are being quoted against each other. In a currency pair there is always a quote currency and a base currency. The first currency in the pair is the quote currency and the second currency is the base currency. When we render a Forex quote for this pair, we are saying how many dollars each Euro is worth. If the quote is EUR/USD 1.31 that says 1 Euro is worth 1.31 US Dollars.

What is a technical indicator?

A technical indicator is a graphic representation of price action. Some technical indicators overlay on the trading chart, and some reside on the bottom of the chart. Typically a technical indicator is just some type of oscillation of the price based on parameters that you set.

What is a trailing stop?

A trailing stop is a stop loss order that moves as the price progresses in the direction that you are trading. If the trade moves back towards the trailing stop loss order, the order will stay stationary until hit. A trailing stop will continue to follow the price reducing your trading risk with every move and ultimately locking in profit.

What does leverage mean?

Leverage is the ratio of a margin amount to the borrowed amount: 1:100, 1:200, 1:1000. 1:100 leverage means that, to open a trade, you should have 100 times less amount than the amount of a trade. Tradenext offers leverage from 1:1 to 1:100.

How can I change my leverage?

You can request to change your leverage by sending an email to dealers@tradenext.co.uk or support@tradenext.co.uk with the following information: trading account number and leverage you want to have.

Do you have swap free account?

Yes, swap-free account is intended for traders who use trading systems without adjustment to swaps or for the customers who are not allowed to receive swaps owing to their religious beliefs. It determines the second name of this accounts type: "Islamic accounts." When trading on the swap-free account with any currency pair, a trader does not gain or lose any amount regardless of the position volume. Even keeping the trade open for a long time, a trader can be sure that only the exchange rate will affect the trade outcome. You can enable the swap-free option when opening a live trading account. If you want to enable it for existing trading account, contact our Customer Support Department. If you want to have a swap-free account, you should accept the "Swap-Free Trading Account Use Agreement".

I cannot log in to the platform. What should I do?

Contact us through the details on our Contact page. Please have your trading account number ready.

Where can I find information about spread?

Please see our Market Library for more details.

What can I do if I have a trade query?

Contact our dealers on dealers@tradenext.co.uk or by phone on +44 207 614 5550. Please have your trading account number ready.


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