SET-UP. Installing and. account

Transcription

1 Session 17 SECOND TERM THE SET-UP THE SET-UP Part 4: Installing and setting up your trading account

2 The Set-Up Part 4: Installing and setting up your trading account In the last session we completed the first stage of your set-up- Downloading the two ZEN FX files onto your PC. They should be sitting safely in a folder on your desktop, ready to use later. The next stage, spilt over two sessions, is: n Getting the right basic trading software onto your PC. n Setting up a trading account with an online broker. So, what basic software package will we be using? The answer is Let s take a minute to look at this is a bit of detail There are many many types of trading software out there, almost all of them for free. So why have a opted to use Metatrader? Quite simply, I find it provides the most accurate data for our needs and lets us pick the most accurate settings. I have tried other software packages, and Metatrader is best suited to us, which is why I really want you to load Metatrader onto your PC even if you are used to another software package. Basically, all of the Zen method s settings are worked around Metatrader. It would take me an age to work out all of the correct settings for each piece of trading software plus I d then have to load all the training videos in duplicate and answer any queries in duplicate. It would make the course impossible to run. So using Metatrader is essential. I will be able to guide you properly, help you properly and make sure you are trading properly but ONLY through Metatrader. This term will focus on getting Metatrader downloaded onto your PC, together with all the settings I use to adapt the basic package into the Zen method. Through Metatrader we will be able to access the Cloud

3 correctly and SEE things correctly. I have only developed Zen Fx to work on Metatrader so you need to install this. And to do that, you need to have the Windows operating system - this will not work on Apple s OSX. However for all the Apple faithfuls, hope is not lost (Windows users can skip this bit). If you own an Apple computer, you ll need to install some software called Parallels. This lets you install and run any Windows software without a hitch. I have a MacBook myself and it works brilliantly. You can find the Parallels software here: You back with us? Good, let s continue So, you need to load the trading platform - Metatrader - onto on your PC or Mac. So where do we find the Metatrader software? Choosing your broker the choice is made for you! We will download Metatrader from the broker we ll be using to place our trades Alpari UK. I want you to use Alpari because I use them to place my trades so all of my examples will be based on the Alpari layout. Plus, we can download Metatrader 4 from Alpari free of charge. So to sum up: n We will open an account with Alpari one of the largest global Forex brokers in the world. n We will load Metatrader onto your PC free of charge by downloading it through Alpari. n We will adapt the basic Metratrader software package with my Zen settings. n We will place our trades through Alpari. So, ready to start? Good. This next step is the longest we ve taken so far. But don t be daunted most of it is simply providing your details so that Alpari will let you have the software for nothing (it s a fair swap!). If you ve ever filled out any sort of form it ll be easy not exciting, but easy! And once you ve completed this Session, you will have your basic trading platform loaded onto your PC.

4 Let s get going You can download Metatrader from here: Once downloaded double-click to open the file and start the install. You should now see this install window: Work your way through the installation process by following the on-screen prompts. Once you get to the end, click finish and the Metatrader platform should boot up... You should see now see this screen: Before you close any windows, you need to fill in your details in the open an account window. *IF YOU DONT SEE THIS WINDOW WHEN YOU FIRST OPEN MT4 THEN YOU CAN SELECT FILE-OPEN AN ACCOUNT FROM THE TOP LEFT MENU* See example below:

5 You should now see the open an account screen: The first part of the form is dead easy just like 1000 other forms you ve probably filled in. You just need to fill in your Name and address including your postcode (zip), phone and . [Don t worry - Alpari doesn t share your information with anyone, it s just a way to control sign-ups so they know how many people are using them]. Once that s done, work your way through the following: Account type: Change this to your relevant country of residence; so for example if you re from the UK select GBP, US select USD etc. Leverage: just leave this at 1:100 for now. We re going to be opening a demo account first, so this doesn t matter at this stage. When you re ready to move onto a live account I ll explain leverage then. Currency: Again change this to your own currency, for example

6 I m from the UK so I would type GBP. Deposit: This is how much you want to trade with. Again with a demo account it s not real money, so it s not really important. Leave this at 5000 for now. Once you have done this, make sure you place a tick in the box agree to subscribe to the newsletter (unfortunately we have to select this before it lets us continue, but it just means you get updates every now and then nothing sinister!) Now click next You will now see this screen: Select Alpari UK Demo Micro+Classic. Once you have highlighted this, click Next. You will now see this screen: Make a note of your Login and password, this is important (I have blocked mine out for obvious reasons). Then click Finish. To see me go through these steps in real time on my computer,

7 take a look at this session s training video in the Zen site. Now, before we finish up, I d just like to run through something that happens very rarely, but we need to know about it What to do if your Broker closes your Metatrader demo account? Your MT4 Demo account will remain open indefinitely, unless you have not logged in to your account within a period of 30 days and as we re working through this course that s unlikely to happen! In fact, officially your demo account needs to be inactive for 180 days for it to be closed automatically. This purging of the database means that the amount of info kept on the whole system is reduced so active clients can enjoy a stable workplace. However, now and again your broker may close or block your demo trading account out of the blue even within the 30 days. If this happens you will see a red no connection in the bottom right of the chart. If this happens don t worry it s dead easy to fix. It literally takes less then 15 seconds to reconnect your account. Here s how: n Simply open the Metatrader platform n In the top left file menu click File > Open an account n When the Open an Account box appears you should already see all your details already entered in the boxes. Just make sure you click the I agree to subscribe to your newsletter. n Then simply click Next. You should now be reconnected to your account with all your settings and charts unaffected. Simple! Congratulations! You ve made it through quite a long process and have now downloaded the trading platform to your PC in its raw state. In the next session we will be attaching our Zen files to this so we can enter the Cloud and use the Zen Fx method.

8 But for now your trading platform should look like this: This might look a little daunting at first much like any chart looks a little daunting. If you re new to this, a lot of this will be meaningless. But the beauty of Zen FX is that it allows you to strip out everything that s unnecessary shows you WHEN to place trades and WHERE - so you can calmly trade the markets without stress or panic. All you ll be doing as a Zen FX trader is following a process. There s no analysis involved you don t have to figure anything out or judge anything. With the set-up in place and the Zen FX method in your possession, you ll just look for signals that are simple to spot, and when they show up you ll copy what I do and place a trade. Really, really simple. But to get to the point of placing a trade, we need to go further than most traders do at the start. You see, at this stage, you are now open forbusiness (albeit in demo mode!) This is where most people start to trade. But our most important set-ups are yet to come. Others may plough in now and, with a guide open on their desk, start placing trades and hoping for the best. But at this stage, all we have done is created access to the FX markets. And in my opinion, they are far too hectic and noisy in their raw state. No matter what system you re using, it will be hard to trade profitably, because with the markets changing every second, most signals will be muddled. But we are doing this differently. We are spending the time

9 NOW to get access to a much more powerful way into these markets one where the signals are very, very accurate and very simple to spot. Imagine the FX markets are the most popular, most exclusive nightclub in town Everyone wants to get in. There are crowds outside and queues snaking round the block. People are constantly turned away, or have to wait hours in the cold before being let in. Basically, people turn up and have no real idea whether their evening will be a success or a flop. Whereas you glide up to the front of the crowd, the velvet cord is held open for you, and you are ushered into the club through a VIP door that gets you into the best part of the club. That s what Zen FX will give you in the markets access to the most profitable trades that you can take quietly, while others traders are baying and shouting and hoping they ll do well. Now we need to open the VIP door to the FX markets one that will give us access to the Cloud, and will arm us with the right tools to make money that most people miss. See you in the next session