An Introduction to Pip Index Capital Markets Introduction 3 Before Using MetaTrader 4 3 New for

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2 An Introduction to Pip Index Capital Markets Introduction 3 Before Using MetaTrader 4 3 New for MetaTrader 4 Installation 4 Opening a Demo Account 4 Personalising Your MT4 Platform 5 The Default MT4 Platform 5 How to Customise the MT4 Platform 6 Menu Bar 8 MetaTrader 4 Toolbars 8 Standard Chart 8 Charts Toolbar 9 Line Studies Toolbar 9 Periodicity Toolbar 10 Market Watch Window 11 Navigator Window 12 Terminal Window 13 Status Bar 13 Charts 14 Bar Charts 14 Candlestick Charts 15 Line Charts 16 Assessing Charts in MT4 17 Further Personalisation of Charts in MT4 18 Trading 19 Placing Instant Execution Orders 21 Placing Pending Execution Order 23 Editing Pending Orders / Stop Loss Orders / Take Profit Orders 24 Trailing Stop Losses 25 Cancelling / Deleting an Order 26 How to Close a Trade 27 Expert Advisors 28 Automatic Installation 28 Manual Installation 29 2 P a g e

3 INTRODUCTION Thank you for choosing Pip Index Capital Markets and the MetaTrader 4 (MT4) trading platform. By combining Pip Index with MetaTrader 4 you to benefit from: No Dealing Desk Execution. 100% Straight Through Processing Incredibly wide range of markets 50+ currency pairs, metals, indices, stocks, commodities etc. FCA Regulated Standards Funds Secure in Segregated Client Accounts Leverage up to 200:1 Industry leading Execution Speeds Competitive spreads from 0.5 pips Premium Customer Support MetaTrader 4 is a trusted and straight-forward online trading system for managing your financial trades and strategies across all asset classes. The Pip Index version of the MT4 platform provides a wide array of market analysis tools, such as Expert Advisors, that can be used to gain insight into the patterns of the global financial markets, without the requirement of constantly scanning the market manually. Coupled with our highly competitive pricing, market traders are able to develop and implement strategies with minimal ongoing effort. BEFORE USING METATRADER 4 Pip Index Capital Markets wishes to advise all traders that they should gain a basic understanding of the financial markets and trading fundamentals prior to the commencement of live trading. For those new to trading, Pip Index provides many educational tools and learning resources which we are happy to speak to you about. We feel that it is important to first open a demo account in order to familiarise yourself with online trading and the MetaTrader 4 platform. This will provide you with a fantastic opportunity to familiarise yourself with how the markets work, and also to learn both the skills and risks of trading. The demo account is a free trial account and an exact mirror of a live trading environment without any financial risk to yourself. All traders are advised to go to our website in order to become aware of our Disclosure Statement. NEW IN THE 2014 RELEASE OF PIP INDEX S METATRADER 4 One-click trading direct from charts New custom indicators Wider range of markets 3 P a g e

4 INSTALLATION 1. Download Pip Index MetaTrader 4 (MT4) software. You can do this by clicking HERE 2. Run the mt4setup.exe file and select Yes when the dialog box appears 3. Choose your preferred language from the drop-down menu 4. Click Next as you read and proceed through the Pip Index MT4 Setup 5. Click I Agree when you have finished reading the License Agreement 6. Click Browse if you wish to change the destination folder wherein the MT4 software will be installed. Otherwise, just click Install and then Finish once the complete screen appears OPENING A DEMO ACCOUNT Upon opening your Pip Index MetaTrader 4 for the first time, it will automatically request some information in order to open an account. This is where you will create your demo account. 1. Fill in your personal details see image below 2. Account Type refers to the trading currency you will be using. In the demo version, there are three currencies available GBP, EUR or USD choose which one suits you best 3. Choose your rate of leverage 1:200 is the industry norm. 4. Choose your deposit amount. You can choose anything from 3,000 up to 5,000,000. It s normally best to choose the amount with which you would actually be live trading with in the future. 5. Check the I agree box and the Next button will become available 6. The next window will ask you to choose your trading server. Select PipIndex-Demo. 7. Click Next and the Registration completion page will appear 8. Make sure to note your complete login and password credentials 9. Click Finish 4 P a g e

5 PERSONALISING YOUR MT4 PLATFORM The Pip Index MetaTrader 4 (MT4) opening screen is setup as a default user interface. This can be changed to suit your layout preferences. The Pip Index MT4 is a completely customisable platform. We will take you through the default platform in detail, prior to showing you how you can personalise it in order to be able to trade on your ideal, most visually comfortable platform. THE DEFAULT METATRADER 4 PLATFORM Menu Bar Chart(s) Window Market Watch Screen MT4 Toolbars Navigator panel Terminal tabs Status Bar 5 P a g e

6 HOW TO CUSTOMISE THE MT4 PLATFORM Our clients tend to prefer to change the default platform to one which they are perhaps more familiar with. We will take you through that process on a step by step basis. 1. Close all open chart windows. This is achieved by clicking on the small X on the top right corner of each individual chart. 2. Open a new chart. Simply right click on whichever market you wish to view within the Market Watch window, and then click on the Chart Window option. 3. If it does not already fill the entire chart window area on the platform, simply click on the symbol on the top right of the individual chart window. 4. You now right click on the chart itself. This will bring up the following sub-menu. 5. Click on the Properties option at the very bottom of the sub-menu. 6. A new sub menu will now appear 7. As you can see, you can now choose which ever colour you wish to feature on any style of chart which you open. 6 P a g e

7 8. Please bear in mind that the Background colour and the Foreground colour must be distinctly different from each other in order to be able to successfully read any chart. It is probably best if one remains black, and the other remains white. At PipIndex, our preference is that the Background is white, and the Foreground is black. However it is up to you to choose your own. 9. When you have your amendments made, you click the OK button. 10. In order to save your preferential changes, you again right click on the main chart. The same submenu as before appears, but this time you scroll over the Template tab. You then click on Save Template 11. A new box will appear, requesting that you save the new layout within the PipIndex MetaTrader4 folder on your computer. Simply type the word default into the File Name area as shown below. 12. Click on the Save button. 13. This ensures that all further charts which you open will naturally default to your chosen, personalised setting and you will not have to repeat this process again and again. 7 P a g e

8 MENU BAR The MetaTrader menu bar is located at the top of the platform / workspace. There are seven different tabs within which you can use options to manage your market windows and other tools. METATRADER TOOLBARS The most frequently used tools are located on four individual toolbars. These are located directly below the Menu Bar. If they are not already visible, you can access the toolbars by clicking the View menu, selecting Toolbars and then clicking on the menu option for the toolbar you want see below If you so wish, you can customise all of the toolbars so that they are only populated solely with the tools which you use. They can also be rearranged to whatever you wish by dragging and dropping. The Standard toolbar contains tools for displaying windows within the MetaTrader workspace allows you to open a new chart window from our range of markets allows you to change between profiles (if you have more than one Demo A/C) and change the default Demo trading currency opens and closes the Market Watch window opens and closes the Data window where you can analyse price movements in greater detail opens and closes the Navigator window opens and closes the Terminal window opens and closes the Strategy Tester window opens and closes the New Order window opens and closes the MetaEditor turns on and off the Expert Advisors function 8 P a g e

9 The Charts toolbar displays tools for managing the appearance of the chart window allows you to view your market chart as a bar chart allows you to view your market chart as a candlestick chart allows you to view your market chart as a line chart allows you to zoom into your market chart allows you to zoom out of your market chart the AutoScroll function allow you to the Chart Shift function allow you to move the chart to the left in order to view future timeframes allows you to place some market indicators on your chart allows you to alternate between available timeframes to view your chart with allows you to alternate between your platform templates and to also add further indicators The Line Studies toolbar contains tools for displaying drawing and other analytic objects and even text in the chart window this is the default Cursor which you use as a normal cursor to select an item on the screen this is the Crosshair and it allows you to analyse the price action at a very specific time on the chart this places a vertical line on your chart at your specifically chosen point this places a horizontal line on your chart at your specifically chosen point this places a trend line on your chart between your specifically chosen points this places parallel or equidistant lines on the chart between your specifically chosen points in order to form a channel this places a Fibonacci retracement tool between your specifically chosen points on your chart this allows you to place text or comments at your specifically chosen point on your chart ideal for tagging prices / indicators at specific times. This text will scroll with the chart this allows you to place text or comments on the chart, but it does not scroll with the day to day chart movement. It allows you to label a chart and will always be visible this allows you to place a wide selection of graphics on the chart for tagging purposes. 9 P a g e

10 The Periodicity toolbar displays tools for managing which time frames you wish to view the chart this allows you to view your chart on a one minute timeframe this allows you to view your chart on a five minute timeframe this allows you to view your chart on a fifteen minute timeframe this allows you to view your chart on a thirty minute timeframe this allows you to view your chart on a one hour timeframe this allows you to view your chart on a four hour timeframe this allows you to view your chart on a daily timeframe this allows you to view your chart on a weekly timeframe this allows you to view your chart on a monthly timeframe 10 P a g e

11 MARKET WATCH WINDOW The Market Watch window provides real-time quotes for our entire range of tradable instruments. To display all instruments, right-click on the Market Watch panel, select Show All and all 32 currency pairs, 7 indices and commodity products we offer will be displayed. Market Watch Menu Options: New order to open or close a position or place a new pending order Chart window shows the chart for the selected market Tick Chart shows the tick chart for the selected market Hide removes the specified market from window Hide all removes all symbols which are not used from the list in the window: (e.g. If you have an open position or charts, its symbols will not be deleted) Show all displays all available markets within the window Symbols shows the window where you can see complete information on all markets available Sets saves/loads/deletes the custom setting for the window High/Low display columns which provides you with the highest and lowest prices for each market Time displays the column with the arrival time of the latest quote for each pair Auto Arrange when unticked, it will allow you to freely rearrange the order of the available markets Grid makes the visible grid disappear / appear Other Notes The arrow beside the instrument symbol shows if the price is higher or lower than the previously listed price. The Bid and Ask prices also show market direction. If the price quoted happens to be lower than the last reported one, the numbers appear in red. If the price quoted happens to be higher than the last reported one, the numbers appear in blue. You can rearrange the instruments as desired by clicking on the symbol you want and dragging it to a new location. Double clicking on a pair will open an order window Ctrl + M activates/deactivates this window try it out 11 P a g e

12 NAVIGATOR WINDOW WITH COMMON AND FAVOURITES TABS The Navigator window provides quick access to your specifics (e.g. Accounts, indicators, expert advisors). With experience, you will be able to add indicators to chart windows. You can also add expert advisors, custom indicators, and scripts. The Navigator window is what you use to view all of the available tools. The Navigator window is divided into two tabs. On the Common tab, you can select menu options from a grouped list. The +/- buttons will expand or hide these grouped menu options. Accounts - both your demo and live account(s), if you have any, will be displayed here. If you have more than one account, you can use this menu to select the one that you want to log into. If you right-click on an account, you can access a drop-down menu which includes options to login, delete, or open a new account. Indicators - shows a list of up to 100 different technical indicators (depending on your account type) which you can add to the chart window. Many traders use technical indicators to assess where the market may be going. You can right-click on the indicator you want and click Attach to Chart from the drop-down menu to display it in a chart window. Expert Advisors - contains a list of all available Expert Advisor strategies; these are robot plug-ins that automatically analyse market conditions and place trades based on criteria you set. Custom Indicators - displays a list of trader-modified technical indicators you have created or added Scripts - contains a list of available scripts; these are programs that perform a single trading action once More information on Expert Advisors are available in a later section of the guide. REMEMBER! Demo and live accounts are completely separate and use different servers. Your live account and demo account will not merge when you apply for a live account. Other Notes If you right-click on a specific Indicator, Expert Advisor, Script, or Custom Indicator, you can select Add to Favourites from the drop-down menu. You can then view these on the Favourites tab on the Navigator window You can download Expert Advisors, custom indicators, scripts and libraries from other sources or you can also create them in MetaEditor, an application installed with MetaTrader that develops autotrading tools. See the Expert Advisors section on p P a g e

13 TERMINAL WINDOW The Terminal window is located at the very bottom of the platform / workspace. This provides you with quick access to account and trading history. Each line in the Terminal tab is interactive with options made available by right clicking on the item. Trade - displays your open positions and pending orders Account History - compiles a list of all executed trades. You can view your profit and loss, credits, deposits, and withdrawal information. Right-click to view desired time period News important and relevant trading headlines are captured here Alerts - shows a list of alerts. You can also use this tab to set alarms to notify you when an instrument has either reached a specific price or crossed an indicator trend line. Mailbox - displays electronic messages sent to MetaTrader by Vantage FX Experts - shows information about the Expert Advisors that are active in your account. You can also view positions the Expert Advisor opened or closed. For more information on Expert Advisors, go to Expert Advisors section p.32 Journal displays detailed system messages about your account, such as login times, orders filled or edited and positions closed. STATUS BAR This is located on the very bottom right of your platform / workspace. When you hover your mouse over an active chart, it will update the status bar with the below data and status updates. Date & Time High price Close price Connection status Date & Time Date & Time Open price Low price Volume 13 P a g e

14 CHARTS In MT4, the chart window plots the real-time prices of a selected trading instrument on a graph providing a snapshot of market movements over a particular period of time. MT4 has a three chart types, namely: 1. Bar chart; 2. Candlestick chart; 3. Line chart. 1. BAR CHART If the platform is not already set to a bar chart, and if you wish it to be so, you need to click on the relevant tab in the charts toolbar here The chart is created with the use of bars where each bar has a high (top) and a low (bottom) with a line on either side; right side being the opening price and the left side being the closing price for the selected time period (4 hours intervals selected in the example chart above). Generally these charts are used for intervals of up to 24 hours. Different colours can be used to identify bars that close higher than the open (bull or up bars) or lower than the open (bear or down bars). The example above has white lines for up bars and red bars for down bars. The following section will show you how to make such customisations as colour and gridlines. 14 P a g e

15 2. CANDLESTICK CHARTS If the platform is not already set to a candlestick chart, and if you wish it to be so, you need to click on the relevant tab in the charts toolbar here This chart is created much like bar charts, with the only difference being that candlesticks add dimension and colour to the Bar Chart by depicting the area of the bar between the open and close as a two dimensional real body. The candlestick charts provides clear graphics, and are generally used on longer term views (daily, weekly or monthly data). The candlesticks are comprised of a body (also called a real body). They represent the difference between the open and close prices. An up candlestick occurs when the close is higher than the open and down candlesticks occurs when the close is lower than the open. In the chart example above, up candlesticks are blue whilst down candlesticks are red. If the open is equal to the close there will not be a body, just a line or a + type of candle which is called a doji. The thinner lines present extending beyond the body are called shadows or wicks. Above the body is the high and below the body is the low that was reached for the selected time period shadows or wicks do not necessarily need to be present. 15 P a g e

16 3. LINE CHART If the platform is not already set to a line chart, and if you wish it to be so, you need to click on the relevant tab in the charts toolbar here Generally, these charts are used for very short term intervals (ideally for 5 minute intervals maximum 30 minute intervals). 16 P a g e

17 ACCESSING CHARTS IN MT4 It is possible to open up to 99 charts in MT4 although to do so is not advisable, as it might adversely affect your computers performance. In order to open a new chart you simply, right-click on the desired trading instrument in the Market Watch window and then click Chart Window. A second option is to click on the New Chart button in the Standard toolbar or by using the menu bar options File>New Chart or Window>New Window to add a new chart window. A drop down sub-menu appears with the available markets from which to choose. Directly above the Terminal panel, all your open charts can be viewed. You can switch views by clicking on the desired chart. You can also access your opened charts by going to the main menu bar and clicking on the Window option. 17 P a g e

18 FURTHER PERSONALISATION OF CHARTS IN MT4 We have already covered the customisation of the MT4 charts from a visual point of view, so we will now discuss the customisation of the MT4 charts from a more technical point of view. Again, we start by right clicking on any area within the featured chart. This generates the following sub-menu (1) after which you click on the Properties tab which generates the following window (2) (1) (2) You then click on the Common tab, located here By clicking on the Common tab, further chart settings can be customised. Outlined below is an explanation of what these setting are useful for. Offline chart this turns off the chart s live feed, preventing it from receiving updated price data and sub sequentially drawing the price data on its chart Chart on foreground this ensures that the chart is perceived to be in the foreground, and moves all other analytical objects under the price chart Scale fix One to One fixes the chart scale at one to one where the size of one pip of the vertical axis in pixels is equal to the distance between the bars axes in pixels. This mode is necessary for precise constructions Scale fix If the scale of a chart has not been fixed, it will automatically be scaled vertically. This option disables automatic scaling and fixes the current scale Show OHLC to show or hide the OPEN, HIGH, LOW and CLOSE (OHLC) bar prices in top left hand corner of chart window line like Show Ask line to show or hide the Ask price level of the latest quote Show period separators to show or hide the date and time period separating lines Show object descriptions to show or hide object descriptions placed directly upon a chart 18 P a g e

19 TRADING Once you are familiar with the mechanics of the PipIndex MetaTrader 4 platform, you should be confident enough to place a practice trade. We believe that all trades should be taken very seriously whether it is a Demo trade OR a Live trade and should only be placed after sufficient consideration has been paid to the specific market. This includes, but is not limited to, appropriate risk management, reasonable technical or fundamental analysis, an understanding of the market and your potential exposure to it, and any upcoming relevant announcements which might affect the market. Once you are happy that all this criteria has been met, then the decision to actually place a trade comes much easier. We will now guide you through both the entry and exit processes when placing a trade. REMEMBER! Before you consider placing any trade, you should analyse your market in order to decide upon a specific price at which to enter the market, as well as calculating your limits from both a potential profit and an acceptable loss perspective. We will go through this limit process later in this section. You use the Market Watch window to view the real time market prices both the Bid and Ask prices. The Bid price is the level at which you are able to sell (go short) that specific market. The Ask price is the level at which you are able to buy (go long) that specific market. It is also important to ensure that you are familiar with the other definitions which are mentioned during the actual trading process. The trade size, the spread, the tick value, the swap rates etc. are all relevant to the trade. You can find this information for each individual market by right clicking anywhere within the Market Watch window, and by then clicking on the Symbols option. The following window will now appear 19 P a g e

20 You then click on the small + symbol to the left of the green folder in order to expand each individual folder, and to find the markets listed within. When you have this done, you should be able to find your specific market. You then click on the relevant market like so You finally click on Properties and this now provides you with all the necessary information for that particular market. Like so 20 P a g e

21 When you are happy to proceed and actually place a trade, there are two different types of order to consider. They are: 1. Instant Execution Order 2. Pending Execution Order An Instant Execution Order does exactly what it suggests it allows you to place either a buy or sell order at the exact current market price. A Pending Execution Order allows you to place an order which will only be executed when the market reaches a specific price as dictated by you. There are numerous ways to actually generate the trade screen. We will describe all methods below. 1. Double click on your chosen market within the Market Watch window 2. Right click on your chosen market within the Market Watch window and then select New Order 3. In the main Menu bar, click Tools followed by New Order 4. Press the F9 key on your keyboard 5. In the Terminal at the bottom of the screen, right click on the Trade tab and then select New Order No matter which method you choose, the following screen will then appear The order screen should always appear in this exact format. The tick chart will appear on the left side of the window, and the complete market / order details will appear on the right side of the window. The red line within the tick chart on the left represents the bid price and the blue line within the tick chart represents the ask price. REMEMBER! The Bid price is the level at which you are able to sell (go short) that specific market. The Ask price is the level at which you are able to buy (go long) that specific market. In MetaTrader 4, a trading volume of 1.00 equals 100,000 units and 0.10 equals 10,000 units. 21 P a g e

22 Let s go through the definitions for each term contained within the Order window so we can be confident that we understand them. Symbol this shows you your chosen market / instrument which you have decided to trade in (above example is GBPUSD). This should be the first thing which you check before placing an order. Volume quantity or size of the market which you wish to trade. (In this case, 100,000 GBP) Stop Loss a future price level at which you have specified to automatically close your position, realising a pre-determined and acceptable loss Take Profit a future price level at which you have specified to automatically close your position, realising a pre-determined and acceptable profit Comment any personal notes you wish to make with regards to the trade Type do you wish to make an Instant Market Execution order, or a Pending Execution order You are now ready to physically place the trade. If you wish to sell the market (go short), you click the Sell by Market button. If you wish to buy the market (go long) you click the Buy by Market button. Once you place your order, the execution price will be confirmed by PipIndex. The order screen change to confirm your trade as in the image above. You now are considered to have an Open position and it will be listed in your Trade tab in the Terminal window at the bottom of your platform. 22 P a g e

23 PLACING PENDING EXECUTION ORDERS This type of order allows you to place an order which will only be executed when the market reaches a specific price as dictated by you. It is especially useful if you are not in a position to constantly monitor the market until your chosen market reaches a level pre-determined by you. You can also select an expiry date. After selecting Pending Order in the main order Type drop down window, additional options will then appear. You can choose the following types of pending orders: A Buy Limit order is used if you wish to go long (buy) at a price below the current market price A Buy Stop order is used if you wish to go long (buy) at a price above the current market price A Sell Stop order is used if you wish to go short (sell) at a price below the current market price A Sell Limit order is used if you wish to go short (sell) at a price above the current market price After you have decided upon your type of pending order, and you have selected your ideal volume size, you have the option to choose either a Stop Loss level or a Take Profit level. Stop Loss a future price level at which you have specified to automatically close your position, realising a pre-determined and acceptable loss Take Profit a future price level at which you have specified to automatically close your position, realising a pre-determined and acceptable profit It is important to note that you can place both a stop loss and a take profit order when placing pending orders. You can also place multiple orders within the same market i.e. you might decide to place a Sell Stop order if the price drops below its current level, while also placing a Buy Stop if the price rises above its current level. It is also a requirement that the desired entry level, whether above or below the current market price, must differ from the current market price by at least 30 pips. 23 P a g e

24 EDITING PENDING ORDERS / STOP LOSSES / TAKE PROFITS In order to edit a pending order, a stop loss, or a take profit, you need to go to the Terminal at the bottom of your platform and click on the Trade section. In order to select the specific position you wish to edit, you simply right-click on its row. The following window should then appear By clicking on the Modify or Delete Order option, the following screen will appear. This will allow you to edit your chosen entry point, your stop loss level and / or your take profit level. 24 P a g e

25 TRAILING STOP LOSSES Trailing Stop Losses are a hugely popular way to ensure that your potential losses are limited while also ensuring that your potential profits are maximised. As with a normal stop loss, the stop loss price is set at a pre-determined and fixed distance from the market price. The difference is that the trailing stop loss allows you to set a specific distance (in pip value terms) for the stop to trail your order. When the market price moves in your favour, the trailing stop loss rises with the market. However, if the market price then falls, your trailing stop remains static and does not move. This allows you to set a predetermined limit on the maximum loss you might incur, without setting a limit on the maximum profit you might make. In order to place a Trailing Stop Loss you need to follow these steps 1. Go to the Trade tab within the Terminal window 2. Select the desired position by right-clicking on it 3. Place your cursor over the Trailing Stop option 3. The following window should now appear 4. Select desired pips point selection Selecting the desired point selection (5 pips, 15 pips etc.) will override any previous stop loss point selections. Selecting none will cancel the trailing stop loss order. You can also chose to place a Custom trailing stop of your own determination by clicking on the Custom option and inserting your ideal stop value. It is very important to note that for Trailing Stop orders to be active the Metatrader 4 platform must remain open. This is because the order is platform based (specific to your PC) and not stored on the Pip Index server. If you close your platform, your Trailing Stop will no longer be active. 25 P a g e

26 CANCELLING / DELETING AN ORDER It is important to note that this can only be applied to Pending orders and NOT Instant / Market Execution orders. In order to do this, you need to go to the Terminal window at the bottom of the platform and right click on the position you wish to cancel or delete. The following window should then appear The new window will only show that the Delete option is available, as above. To proceed with the cancellation, simply click on the Delete button. If you wish to modify the price instead, you first select your new entry level and then click on the Modify button. 26 P a g e

27 HOW TO CLOSE A TRADE In order to close a trade, you go to the Terminal and right click on the relevant position. The following window will appear Simply click on the Close Order tab and this will immediately close your position and realise your profit / loss at that time. 27 P a g e

28 EXPERT ADVISORS The Pip Index Capital Markets platform provides you with the ability to trade using Expert Advisors which are developed in MQL 4 (MetaQuotes Language 4). This allows you to automate your trading by replacing the manual ordering process, when conditions which have been pre-determined by your ideal programme have been met. It is possible for you to download pre-programmes Expert Advisors, but it is also possible to develop your own. The MQL 4 language is quite easy to learn, so even those with no real experience in other programming language find it relatively easy to develop a personalised Expert Advisor within a few weeks. It is very intuitive, so the more experience you have with MT4 and trading in general, the easier your programming will become. Expert Advisors are a fantastic way to keep the emotional aspect out of trading. This can help you overall with your 1. Initial position placement 2. Day to day position monitoring 3. Closing out of open positions 4. Analysing market prices They also help you by constantly monitoring the market in order to take advantage of your preferred scenarios as they arise. This can free up your time as you will not be under pressure to have to personally monitor the market in order to check if your conditions for a trade have been met. AUTOMATIC INSTALLATION The Pip Index Demo version of MetaTrader 4 comes with access to some pre-programmed Expert Advisors as part of the MQL4 community. You can see these Expert Advisors in the Navigator window, where the world globe icon indicates the amount of which are available online. If you double click on this line, it will take you to the MetaEditor where you can add, modify or create new Expert Advisor programmes. 28 P a g e

29 EXPERT ADVISOR MANUAL INSTALLATION Some Expert Advisor programmes (also called robots ) require manual installation. In order to manually install an Expert Advisor programme, you must complete the following steps: 1. Download and save the programme file 2. Identify if the file is archived or if it is in its normal format. You can check this by right clicking on the file and then select Properties. It will state at the top if it is a MetaQuotes Language 4 / MQL4 file. If it does not say this, it is most likely an archive. 3. If the file is archived or zipped, you will first have to unzip the file. 4. Identify where your MetaTrader 4 is installed. It is normally within your Program Files under Pip Index MetaTrader 4 (c:\program Files\Pip Index MetaTrader 4) 5. Go to your MetaTrader 4 folder and, then double click on the Experts folder 6. Copy and paste the MQL4 file you have downloaded into the Experts folder 7. You finally restart MetaTrader 4 and the specific Expert Advisor should appear in your Navigator window You must now activate your Expert Advisor by following steps: 1. Go to your main Menu bar 2. Click on Tools > Options 3. Select the Expert Advisors tab 4. Check Enable Expert Advisors and check Allow Live Trading 29 P a g e

30 CONTACT US Pip Index Capital Markets London, England. Phone Number: Support Facebook: FACEBOOK Pip Index Capital Markets 2013 All material on the pages within the MetaTrader 4 Guide 2014 is copyright material of Pip Index Capital Markets, unless otherwise stated. Permission to copy or otherwise use such material must be obtained from the author. 30 P a g e