We often see how novice traders struggle to find a decent source of information. Of course, the first thing we always recommend you do is take a look at FBS news and analytical materials. At the same time, if you have registered your account and successfully downloaded Metatrader, you are already halfway to productive results. Today, you will learn how to view and use MetaTrader’s hidden tools. This guide is very useful if you like trading based on the news.
Uncover the package of support tools
After you log into your real account in MetaTrader, you usually turn your attention to the chart or to the “Market Watch” section of the software on the left. If you deposit a certain amount of money, you may see a section at the bottom of your screen, where you can see your balance, equity and margin. Let’s take a closer look at that view. This is called the “Toolbox”. Its features will be described in this article.
First, let’s click the News tab. This section keeps track of important titles and assets.
The second instrument we will consider is the economic calendar, which you can find in the (surprise, surprise!) tab “calendars”.
You can set what you want to see on the calendar. It allows you to select the priority of events, add or remove country-specific events and follow the release of any of the currencies. You can even implement events into charts! To do so, press the button to the right of the calendar and select “Show on chart” – “Add all events”. You can press “Update automatically ” if you want the relevant data to show in the chart.
Strategies for trading based on news with the MT toolbox
Let’s consider a possible real-life scenario for trading news based using MT tools. In the calendar settings, we will select events with medium and high priority.
First, we open the calendar and see the first significant events there.
On Wednesday, March 10, the first important event will be the release of the China CPI. According to forecasts, the indicator is expected to rise 0.9%.
We choose USD/CNH for scalping on the M5 timeframe. Prior to the release, we set 2-3 support and resistance levels closest to the price for faster take profit and stop loss placements.
The calendar is updated immediately, so that is very convenient if you are a scalper. When the data was released, we saw that the actual figure came out lower than expected. The indicator increased 0.6%. We opened long positions on USD/CNH as soon as we saw it, setting our take profit at the resistance at 6.5230 and stop loss a few pips below the support at 6.5150. It was a success!
By the way, don’t forget that you can follow all the events in the “News” tab! Important warnings about certain instruments will help you not to get lost in the complicated market environment and choose the pairs that are moving (not just EUR/USD or GBP/USD!).
As you can see, MT has almost everything you need for news-based trading. If you want to get complete market coverage, you can always visit the FBS website for trading ideas and professional views.