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How To Use MetaTrader 4 (Tutorial For Beginners - How To Use A Charting Platform) [Trading Basics] - YouTube
Channel: Disciplined Trader
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Hi Traders,
I'm Luke from disciplined trader.
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This video is part of the trading basics series
and in this one we are looking at how to get
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and use a charting platform.
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I will be going through the basic functionality
of the platform and I will add a contents
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with time links in the description below if
you want to skip back to a particular part
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at any time.
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I will be using Meta Trader 4 as I think this
is the best platform for new traders and most
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brokers offer this platform with their accounts.
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To download Metatrader4, you can go directly
to metatrader4.com and download it from there.
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Alternatively you can find a broker that offers
the platform and sign up for a real or demo
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account.
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I know activetrades and IG offer mt4 for both
their real and demo accounts.
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Just go to their websites and follow the instructions
to get it installed.
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Once that's done and you've opened the platform,
It will ask for the login details for your
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real or demo account if you have them.
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Alternatively there should be an option to
set up a new account if you don't already
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have one.
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As you can see here, I have downloaded this
platform though IG and it will allow me to
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open a real or demo account and all I do is
complete the forms and hit next.
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Once you've done that and logged in you should
see the bars in the bottom right corner go
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green to show you are connected to the live
price feed.
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Now you have the platform installed and opened,
the next thing I will to go over is how to
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change the chart options.
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As you can see on my platform, I have a range
bar chart with a green and black colour scheme.
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The first thing I want to change is the chart
type to a candlestick chart.
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I can do this by either clicking the chart
and then clicking the candlestick button.
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Or I can right click on the chart, go to properties,
then click the common tab and select candlesticks
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then press OK.
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The next thing I want to change is the colour
scheme of the chart.
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Again to do this right click on the chart
and got to properties and go to the colors
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tab.
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Here you will be presented with a list of
items and their corresponding colours.
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You can simply choose the colour you want
from the drop down menu.
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I want a white background, black foreground,
no grid with red and green candles with a
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black outline.
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You can play around with these settings as
much as you need to get the charts just how
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you want them.
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There are a few ways to read what price the
market is currently trading at.
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The first I to just look at the price axis
on the chart and the current trading price
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will be highlighted.
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Alternatively you can use the Market Watch
window as this shows the bid and the ask prices
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for all the markets on the list.
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If the window isn't showing you can simply
click the market watch button and this will
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appear.
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Lastly you can show the one click trading
buttons and you will be able to see the bid
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and ask price on each chart.
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To do this, simply click the small black arrow
in the top left corner of each chart.
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If you want to hide them again, simply press
the arrow again.
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MT4 gives you the ability to make chart templates
to save the settings you have made for your
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charts.
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For example, you will see if I open a new
chart, the settings revert back to before
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we made the changes.
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So to save the chart settings you want, you
need to make a template.
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To do this, click on the chart where you have
made the settings amendments and then right
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click and on the chart and go to template
and then press save template.
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You can call this anything you like.
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I'm going to call this Day Trading.
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Then when I open a new chart, I can simply
right click on it, go to template, then click
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Day Trading and it will use the settings I
saved.
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You can also get to the template menu by using
the button on the quick bar at the top of
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the platform.
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A little tip when saving your template.
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If you call your template default it will
open all new charts with these settings from
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here on.
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For example, I will save these chart settings
as a new template called default, and when
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I open a new chart this time, it automatically
uses those settings.
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To open a chart of a different market we need
the market watch window.
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Again if this isn't already open, you can
open it by clicking the market watch button
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on the quick bar at the top of the platform.
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This window shows a long list of all the markets
we can look at.
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Simply right click on the market you want
to look at and press chart window and a chart
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will open up.
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If the market you are looking for isn't on
the list, you may need to add it.
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For example, I want to add the FTSE 100 to
my list.
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So to do this, I need to right click in the
market watch window and press symbols.
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You can then look through the different market
categories and show or hide any market you
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like.
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I'm going to add the FTSE 100 so I'll go into
indices, click ftse100 and press show then
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close.
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Now the ftse 100 will be in my market watch
window.
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To change the time frame of a chart we can
either right click on it and go to time frames,
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then select the time frame we want to view.
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Or we can use the time frame quick bar at
the top of the platform to quickly choose
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a different time frame.
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All you do is click the chart to want to change
and then click the time frame button you want.
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You can also zoom in and out on a chart.
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Again this can be done by either right clicking
on the chart and then pressing either zoom
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in or zoom out.
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Or you can use the zoom quick bar buttons
at the top of the platform.
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To scroll back on a chart you simply left
click on the chart, hold and drag it across
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to move backwards.
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You may notice that the chart keeps jumping
back to the present time and this happens
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every time the current price changes.
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To turn this off so you can scroll back without
been interrupted by price changes, simply
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press the button with two axis with a little
green play button.
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If you want to turn this feature back on,
simply press the button again.
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To use drawing tools on a chart you simply
use the quick bar at the top of the platform.
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Just select which tool you want to use and
then start adding them to your chart.
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You can change the settings of the drawing
by double clicking on them on the chart so
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the two little boxes appears at either side
of the drawing, then you can right click on
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them and pressing settings.
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To delete a drawing just double click it then
hit delete on your keyboard or right click
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and press delete.
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You can add other drawing tools to the quick
bar by right clicking on it and pressing customize.
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You can then look through the list and add
tools to the quick bar.
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You can also remove any tools that you don't
want on there.
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You can measure the price change from two
points by using the cross-hair cursor.
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Select it from the drawing tools quick bar
and simply left click on your chart and drag
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to where to want to measure to.
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You will be shown three numbers and the first
is how many candles you have measured over,
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the second is the pip change with one decimal
place.
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So for example, if it shows 504, that is a
change of 50.4 pips.
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And the last number is the price at which
your cursor is at.
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To add indicators to you chart, simply click
on the chart you want to add an indicator
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to and then go to insert at the top of the
platform and then indicators.
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You will then see a list of different indicators
you can add to your chart.
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To change the indicator settings or remove
it from your chart, right click on the chart
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and go to indicator list.
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You can then select which indicator you want
to change and either edit the settings or
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delete it completely from the chart.
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You can resize any chart by simply dragging
one of the sides or corners to the size you
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want.
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Metatrader does has an inbuilt function to
arrange the charts for you.
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Simply go to the window menu at the top of
the platform and choose from either tile windows,
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cascade windows, tile horizontally or tile
vertically.
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You will also see a tab along the bottom of
the chart window for each chart window you
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have open.
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If you are looking at the charts in full screen,
you can toggle through the chart windows using
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these tabs.
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If you want you have the charts open over
two monitors, press the restore down button
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on top right corner of the platform and drag
it over the two monitors.
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You can then arrange the charts manually over
the two monitors.
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You can enter a trade by clicking the new
order button on the quick bar at the top of
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the platform.
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A little dialogue box will open asking for
more details about the position you want to
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open.
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You simply select the market you want to trade
from the drop down, set the position size
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in the volume box, set a take profit level
and a stop level if you want to and if not
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leave blank.
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And lastly choose what order type you want.
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Then press buy or sell to execute the order.
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You can also quickly enter a trade by using
the one click trade buttons we looked at earlier.
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To turn them on, go to tools on the quick
bar at the top of the platform, then press
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options.
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Then check one click trading, agree to the
terms if you are happy and press OK.
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The buttons will then be added to your charts.
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To use them simply enter the position size
you want in the little box and click either
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buy or sell and your trade will be executed
straight away.
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Any open trades you have will be displayed
in the terminal window at the bottom of your
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platform.
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If this window isn't open, simply press the
terminal button on the quick bar at the top
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of the platform.
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The press the trade tab on the terminal window
and your open trades will be displayed there.
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To close a trade immediately, you can click
the little cross at the far right side of
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the trade entry in the terminal window.
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You can also close a trade by setting a stop
loss level or a take profit level.
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To add or edit these levels, double click
the box for either on the trade entry in the
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terminal window and a dialogue box will open.
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Then simply enter the level you want each
to be at and press modify.
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These levels will then be shown on your chart.
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You can view all your past completed trades
by clicking on the account history tab in
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the terminal window.
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It will show you the order number, time, date,
trade direction, position size, market traded,
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price you entered, stop loss level and take
profit level if set, date and time you closed
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the position, price you closed the position,
any swap amendments and the p/l for the trade.
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I know some traders will be asking about the
other charting platforms out there.
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There are other charting platforms other than
MT4 available such as Pro Real time, Ninja
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trader, eSignal, Trade Station to name a few,
but the reason I have used MT4 here is because
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I think it's a great place to start for new
traders and its free!
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It has all the features you need and is offered
by the majority of brokers.
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It's very easy to use and to get to grips
with.
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The last thing you want is a confusing platform
when you're trying to learn to trade.
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That wraps up this video on using a charting
platform, I hope you have found it useful.
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If you enjoyed the video, please feel free
to drop a like on it.
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If you have any questions or want me to cover
any other topics in future videos, please
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let me know in the comments below.
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Also subscribe to the channel for more videos
like this one.
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I will be continuing this trading basics series
to provide new traders with all the knowledge
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they need to get started.
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Thank you very much for watching and I hope
you all have a good trading week.
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