First you want to create a RAW SPREAD free demo and live account at ICMarkets. Choose the Global or AU branch. Don’t go for the EU branch, or you will run into some restrictions later on.
Go for the 1:500 leverage!
With the Raw Spread account, you pay a fixed commission with a low spread on every trade. With a Standard account your commission is determined by the spread alone.
The spread with the Raw Spread account is mostly 0.0. The spread with a Standard account is 0.9 or higher (especially some hours after the NY exchange closes).
After creating your account with ICMarkets, we move on with downloading and setting up MT4.
MT4 download and setup
The download and setup of MT4 takes 5 steps.
We are going to download and setup MetaTrader 4. Login into your ICMarkets Client Area, go to [Trading Tools] and click on [Downloads].
You want to use 2 advanced trading tools from ICMarkets:
– ICMarkets Trade Terminal
– ICMarkets Market Manager
To get both, you only need one download: Advanced Trading Tools.
The ICMarket – Trade Terminal gives you more functionality than the standard MT4 trade terminal (e.g you can close multiple orders in one time)
The mini terminal on each chart is more informative than the MT4 standard.
You find all the advanced trade tools under [navigator] on the left of the MT4 window. Scroll down to [Expert Advisor] and find [ICMarkets – Trade Terminal].
The mini terminal looks like this:
The ICMarkets – Trade Terminal is very adjustable. The first thing you want to do is clicking on the little arrow next to a column title (1). It gives the possibility to choose what columns are visible. The picture below shows all the columns you need.
If you have multiple screens, it might be practical to undock the ICMarkets – Trade Terminal. You do so by clicking on [setup] (2).
If you prefer, you can close both numbers 3. The mini terminal is already on your chart.
Next is to open all Forex Major and Forex Minor charts one by one. Click on the add-chart-icon with the green + on the top left of MT4 window.
For each chart seperately follow the numbers 1, 2 and 3 in the middle top of your MT4 window:
- Choose the daily time frame (D1)
- Make sure the candle view is toggled
- Zoom in as much as possible
For each card seperately you can change the properties. Just right click anywhere and choose [properties]. A new window pops up. Here you can adjust the colors to your liking.
In this last step we are going to install the ICMarket – Market Manager. Again you find it under [Navigator] [Expert Advisors].
The end result is a small popup with forex Majors and Minors. If you click on the name of a symbol, a mini-chart pops up.
On the left in the middle of the mini-chart, you can toggle between the pips-line and 3 time frames. I use the 3 time frames to determine the strenght of a trend. Others prefer the movement of the pipsline. Choose whatever works best for you.