Understanding MT4 On The Phone | The Best Forex EA Bot

Alan Solar, the passive income guru, in this video tutorial explains to you how MT4 on your phone works.

Right. Welcome back. So you've now learned how to connect MT4 on your phone and you've logged into your account. And now I'm going to go through some of the features so that you can understand exactly how MT4 works and how to work out your return on investment and how to know what your capital is, etc. So when you logged in.

I'm sure that you get to this page over here which is the home page and as you can see at the bottom, yeah, it says here trade. Okay, so trade is basically the open trades that.

You currently have in play right now. So, so the bot has opened a certain amount of trades for you automatically and usually they're in negative territory and they'll stay in negative territory for a while until they go into positive territory and then they will close out. So if you click on any one of the currencies that are in trade, you can see that a little drop down menu appears. And what this means is it basically means you've got an sl, which is your stop loss, you've got a take profit, your tp, which is your take profit and you've got your id. Now the sl, the stop loss is basically when a currency drops to a specific level.

Then the robot will close that trade out automatically. That happens very, very rarely. The stop loss on the Robot is about 200 pips. You're going to learn about that later in another video. The take profit is basically when the price of this currency gets to that price 1.58127 that trade will close in profit. Right now it's in, it's in minus territory. Let's just see if we've got any positive trades that are about to close out soon.

No, nothing closing out soon. Okay, so let's carry on with that lesson. Okay, the id, that is the trade serial number. So every time a trade is open it's given a specific ID number. That's the ID of their trade. The swap is basically when a currency is kept overnight. The forex broker charges you a small fee. So let's see if we've actually got any trades that have been open for more than one day. There's one. So this is BE. This trade was opened on the 1st of August and I was charged minus 4.43. Now this is a cent account, so everything is in cents. So to get back to dollars you would move the decimal two places from the right hand side to the left hand side. So if you move the decimal there two places from right to left, it's 0.4American cents.

So it's not even half a cent that I was charged to keep that trade overnight. Okay, Taxes is if they are, if they do charge taxes, it'll be there and charges if there any additional charges that will be there. But there aren't any taxes and there aren't any charges. Okay, so in the top, in the top of the screen in red you have a minus number. Mine is -3351.25. So 3345.83. So to find out how much money I have in play at the moment, I move the decimal place two places from right to left. So I actually have $32, $33 of my capital in play in trades at the moment. That's taking into account all the trades that are in positive and all the trades that are in negative. Okay, so at the top of the screen you've got here your balance. So that is the amount of money that you have in your account. Your equity is the amount of money that you have, less the open trades that right now. Okay, the margin. This is the amount of.

Basically the money that you have left that you've borrowed from the Forex company. That includes your leverage. So at a certain point in time, if you go into minus $2504, all your trades will be closed out and your account will basically be blown. You would have blown all your capital. And that very rarely happens with.

With the bot free margin. This is the amount of money that you have left in your account after all the trades, okay? And the margin level is as a percentage. So you have 8,340%.

Left in your account. So as your account goes down, meaning as more trades open and the position in red at the top of the screen, when that gets to 100 or 200 or 500 or a thousand, this margin level will start dropping. Okay? When it gets to zero, it means that you've got no more money left. Okay? So in the bottom left hand corner of the screen you've got quotes. So let's click quotes. So this is currencies that are, that are on the screen that the forex House or MT4 puts there as a standard. Okay, now you can have a simple mode or an advanced mode. The simple mode basically just tells you the price of the currency, whether it's up or down. The advanced section tells you.

The time, then it shows you the spread. Now the Spread is the commission that is charged by the Forex house when you open a trade. Okay. And it's not 12 pips. This is in pips. It's actually 1.2 pips. Okay. This is 1.5 pips, this is 1.5 pips. So it's not a lot. When you see 30, it's actually three pips. Okay. Over here, this is the, the lowest it's ever been. This is the highest it's been for the, for the day I'm talking about. So the low for the day is 1.1615. The half of the day is 1.166. Now if you want to, you can, you can tap on, on the currency. And when you tap on the currency you have various different options. You can trade, which means that it will give you the option to manually trade, which I don't recommend. So this is if you have.

If you have, when you've opened your account, when you have connected your MT4 to your Forex account, this is when you, you use your trade password. I don't recommend it. I recommend that you use your investor password. As a beginner with the bot, no reason to have the, the trade password installed on your phone. Okay. So when you click on a currency, those.

That option of trade won't be there. Okay. You've got your chart which will show you exactly what's happening with that currency. Let's go back, let's tap on a thing and then you've got details as well which will basically tell you a little bit more about that currency. The currency being Aussie dollar, Swiss franc. Okay. If you want to add more currencies to the screen, you just click on the plus sign and you click on Forex. And then here are different currencies that you can add to the home screen. So if you click on plus, it will leave the screen and will go to the, to the main screen. So let's click on done and then it'll be at the bottom. Okay, there it is over there. Now you can sort them in alphabetical order if you want to. In the top left hand corner there's a pen and you just click on the pen. And then as you can see in the right hand side of the screen there are three parallel lines and you can just hold your finger on that line. And then basically you can order all your currencies in alphabetical order if you want to. Once you've finished, you can click on the pen. Okay, your chart. We. This is another way of getting to your Chart. Now if you turn your phone sideways like that, what will happen is, is that you get a bigger view of what's going on with that chart. Now I've got lots of lines on that on my charts of which I'm going to do a separate video of exactly what these lines mean and how to read a forex chart so that it keeps you a little bit sane. Okay. When you see red on your screen, you don't know why it's red, you don't know when it's going to correct. And I'm going to do a separate video on there. So as you can see, let's just zoom in here. Let's go to a different time frame. It's good at one minute time frame. So how I did that was I just put my finger on the screen and then in the left hand side you've got your time frames starting from MN at the bottom. W1 is week, D1 is day, H4 is a four hour chart. H1 is a one hour chart. M30 is a 30 minute chart. M15 is a 15 minute chart. M5 is a five minute chart and M1 is a one minute chart. Okay? And each candle represents that time frame. So if we go to an H4 four hour chart, each candle represents a four hour time frame. Okay? So if we go to one minute chart, let's just do that again. One minute. Each candle represents one minute. Okay, now I was talking about the spread earlier. This is to too small a time frame. Now as you can see there are two lines on the screen. This is the price line. Okay? So this is the price that it is of the currency at the moment. And the spread is. This is the difference between the two, the price of the currency and the close out price that when the currency gets to that, that line, it will close out at that line, not on this line. Okay, so if we were on a take profit, let's just go to a four hour chart and let's just, let's just minimize here. I'm not trading any of these currencies. So let's go to this chart over here and I can show you much better. Okay, so here's the TP over here. Okay. So when the red line hits the TP line, this dotted line over here, then my trade will close out. My trade won't close out. When the white line hits the tp, the take profit. Very important to know. Okay? And then if you put your finger onto the screen, you'll see on the right hand side of the screen you've got various different options. So this is basically just another type of way of looking at the chart. I don't like to look at charts like this. I read charts using the candlesticks. It's a lot more informative. So the second option over here is candlesticks. So that changes your chart, candlesticks.

The squiggly line over there changes your chart to a line, a line graph, which I don't like to use either. And the plus sign basically gives you a crosshair.

On your screen. And let's just go back to the candlesticks and then we'll go to the crosshair and then if I crosshair over there, it will basically tell me exactly like what's happening.

With this, with that currency at the minute. So over here. So there we go. So that candle over here, this the. The information displayed on the screen for the 2nd of August, that's basically what that, what has happened with that candle over that time frame. So these are the moving averages, These are the Bollinger bands. There's another moving average. This is the stochastic, the signal and the volumes. Okay. Of which I'm going to, I'm going to teach you everything later on in different videos. Not at the moment. The F is basically when you want to add different.

Different moving averages to your screen or you want to delete them. You just slide your finger.

Across the screen on whichever indicator you want to delete and you can click on that and that indicator will be deleted from your screen. If you want to edit, you can just edit and you can just on the left hand side, just delete them like that. Okay, the next option is the. You've got various different options that you can add to your chart. This is a diagonal or a, or an angled line. So if we just draw. So you can actually see in the top left hand corner of the screen there is a little window. It's magnified so that you can see exactly what's happening. Also at the top of the screen. It tells you the amount of pips that.

That move is. So from, from the bottom of the.

Diagonal chart, there's a little white and red circle. And I'm moving this little angled line to the top of this candle. Now in the top of screen, in the top left hand side of the screen, it'll tell me how much movement in pips it was. And as you can see there, it says 9 forward slash 42 2, which means that it was a 42 pip movement. So it just gives you an idea of how big that move is. I'm going to explain this all to you in other videos. You don't have to worry. Just giving you an indication of how versatile MT4 is. Okay. And then I can draw symbols, I've got blocks. Just go back there.

And then if you want to delete any of the, the lines that you've drawn, you just mouse, you just put your finger on the screen on the indicator. You move your finger from right to left, click on the delete and then those indicators are removed from your screen. Okay. And then over here I've got other objects as well. So let's go back there in the top, just where it says add object, on the right hand side of the screen there is an arrow. If you click on that arrow gives you various different other indicators that you can add to your chart. When you get more advanced at trading, you'll start adding them. I don't, I don't need them. I don't use them. I don't use any of those indicators. The only indicators I use are the indicators that I have on my screen. And, and they are very, very predictive indicators. A lot of them are lagging indicators. So that's no good. It shows you stuff that's happened in the past. It doesn't give you an indication of what is going to happen in the future. And that's what my indicators do. They tell me exactly what's going to happen with that currency in the future. Right, so we're going to turn our screen again upright and we're going to then click on the trade button. Okay, so we were Talking about the 33, 3157 minus that's 3000, that's 3000 cents. So I've got $30 in the game. So my equity, my account balance is.

$2,123, which means, sorry, it's $212,320, which means that I've got $2,123. Remember, you move in the decim right to left, two points. So 1, 2. And there you have, if I just leave my mouse there, you can see there's $2,123. Okay, that's what, how much money is in this account? Okay, now to work out your drawdown. Now the drawdown is the amount of money that you have in trades as a, displayed as a percentage over your capital. So let's, let's do that together. Let's get a calculator out so we can say roughly, let's call it $32 divided by $2132 worth of capital equals, and we're going to times that by 100 to get to a percentage. I currently have 1.5% of my capital being utilized currently in trades. Now, anything less than 2% is safe. Don't let your account during high volatility times or low volatility times get more than 1.5%. So in when, when it's a quiet day in the market, which it is at the moment, don't let your account get more than 1.5%. Okay? So don't add currencies when you first start your bot, don't add currencies. Go according to the engineer's recommendations. Let your bot run for three, four days, Wait for lots of trades to open and start closing. You'll see what your return on investment is over the day and get your drawdown to a maximum of 2%. That's when you're running your bot at a.

At its, at its peak, okay? Anything more than that, you're over leveraging and you could get your, your bot into a little bit of trouble. Okay? So the history, that's the tab at the bottom there. You, this is where you can see what trades have closed out for the day. Okay? Now if you click on a trade, you'll see that you've got a little bit of history as well. You can see exactly what's happened with that trade. Okay? Not really interesting information that is going to excite you. What is exciting is at the bottom here, it says here profit, okay? So that's the amount of profit that you've made for the day so far. As you can see on. I don't know why my phone keeps on saying 941, but the time is currently 10:47. When I plug my phone into the computer, it always says 9:41. I'm not 100% sure why. So at the bottom there, where it says profit, it says that the, that I've made 1147 cents, which is move the decimal two places from right to left. So 1, 2, I've made $11.47 for the day. And, and it is 10 to 11 in the morning, which is great. So I've got the full day to make lots and lots of money, right? So now to work out your return on investment, you would take your profit, okay, divided by your capital. So let's click on trade to see what our capital is and let's open up a calculator and we're going to go back to the history and we're going to say $11 47 divided by. Going to go back to the capital divided by. At the top of the screen it says here, this is my balance $2123.00. $2123.32 equals. And I'm going to times that, times that by 100. So that is what I've made so far for the day. I've made just over half a percent. Okay, which is great. You know, we were expecting between half a percent to 2, 3% and that's not over leveraging your account and keeping your account at a safe.

Not in harm's way. Okay so let's go to the history again. Here you can see what you've done for the week. So for the week this account has done, let's wait for it, $158 again we're moving the decimal two places from right to left. So 1, 2. So we've done $158 for the week, which is fabulous.

And if we click on month.

So the week is today's Thursday. So from Monday to Thursday we did $158. So let's go and do that, let's go do the math. $158 divided by.

The capital of 2123 equals times that by 100 to get to, to get to percentage. So we've done 7.44% which is for three and a half days. It's Thursday now, so call it. Yeah, three and a half days from Monday to, to Thursday, 11 o'. Clock. Okay, Thursday is not finished yet. Okay, so not bad for the week. And if you click on history and you've got a custom.

So if you, if you click on history again and you go to month it will tell you what you've done for the month so far. So today is the 2nd of August and so I can't really work it out. Not sure when this month started. Have to scroll all the way to the top to see when the month started which was on the 29th of the 6th. So 29th of the 6th to.

The 9th of the 2nd. So it's not really the month. So to work out the month you can go over here, you can go first of July to the first of August and you can click on OK and there it'll tell you in the bottom right hand corner what you did for the month which was 452.

So let's take that 452 divided by how much is my equity? 2132 equals and you times that by 100 to get to a percentage. So we did 21% last month, which is absolutely unbelievable. Okay, where else are you going to get 21%? So if we do that times 12, that's about 254%.

Growth in one year. That's without even compounding, which is another conversation which is absolutely fabulous. Now the bottom right hand corner says Settings and this is where you manage your account.

And there's various different things that you can do here. I'm not going to go through this because it's really irrelevant, not that important. You don't need to. No need to know any information here whatsoever. Okay. So I hope that you found this video interesting. If you like this video, just mouse over this video. In the top left hand corner of the video on my Website there's a YouTube icon. Click on the YouTube icon which will take you to YouTube. You should be subscribed to my videos if you're not. Under the video on YouTube there is a subscribe button. Click on the subscribe button. Also there's a bell icon on the right hand side of the video. Click on or next to the subscribe button there's a bell icon. Click the bell icon. That means you'll get emailed when I come out with new videos. Also click on the thumbs up icon if you like this video. And also leave a positive comment as well as your bitcoin wallet address. Because I give away 0.005 of a Bitcoin every single Friday and you could be the lucky winner of that prize. So good luck for that and. And I'll see you on the next video.