Okay, by this time you should have downloaded and installed Metatrader 4 with standard options. So what are we going to do with this shiny new thing?
When I first started Metatrader, I had no clue how to do anything with it. If you are in that stage, I would suggest to take a little walk around on YouTube.
There are lots of tutorials that can teach you what a chart is and what all the buttons in Metatrader can do for a newbie.
The short version is that Metatrader can display market information that is downloaded in real time and you can open or close trades with it.
If you never have done this before, you should absolutely start with a demo account, because you are going to make costly mistakes. For example you might open a position with a lot size that is ten times bigger than usual. Oops. Start small and save with a demo account.
If you are in Europe or anywhere outside the U.S. I would suggest Forextime or Roboforex for your first demo account. I have reasons for that and we are going to discuss that in another episode. Maybe you already have a demo account or you prefer to use your own broker. Fine. You can do that, as long as Metatrader4 is supported and your broker allows automated trading.
Some brokers have restrictions. Your broker might forbid hedging for example. A good website to start with your broker research is ForexPeaceArmy.com. Look out for their “Forex Brokers Reviews” – Link in the menu.
If you already have a broker and a demo account, you can start automated trading in 5 minutes. Open Metatrader 4 and fill in your account details, Metatrader will find your account and start to download data.
That is the right time to go into the options menu and set the correct settings.
Find options and the tab Expert Advisors. There is an option with the text “Allow automated trading”. Mark the checkbox to allow it.
You might also want to go to the events tab and disable all the notification sounds.
If you have downloaded the EX4 file for you Golden Goose System, you should now see it in the Navigator view on the left side. If that Navigator view is missing, simply hit (CTRL + N).
Drag that Golden Goose entry on the left with you mouse to the black currency chart on the right. If you have done everything right, you should now see a smiley and the text entry Golden Goose on the upper right corner of your currency chart.
Well done! You just have automated Metatrader 4 in under 5 minutes. If there is a longtime trend you should also see your Golden Goose Starter Kit open a trade within the first minute.
Other courses start with things like printing “Hello world!” and you could learn data types for the next few months. Most people are long gone before they see their first automated trade.
But you have done it in under 5 minutes, Congratulations! How does it feel?