All learners should read, understand and follow the few guidelines.
In the absence of any human supervisor, you are left to deal with algos set up on the Metatrader by way of a robot which in Metatrader language is called Expert Advisor. If you can find an Expert Advisor that acts as a human supervisor, that will be quite helpful.
You can use myfxbook (free) and connect it with your Metatrader demo account to understand your own trading pattern and get behavioural data about every single trade, currency and goals achieved. It is an excellent way for the trader to become own teacher.
Understanding risk is very important. Each trader is required to manually manage and close positions and to remove limit orders in order to deal with 'surprises' for the risk system..
Summary
It's worth familiarising oneself with the following parameters for each pair to be traded and to adequately study and understand the formula;
Contract Size
Margin Percentage
Account Currency Exchange Rate
Leverage
Account Balance
Swap Rate
Following parameters are set for developing professional fund managers .Progress will be through the stages. You will have to set up goals in myfxbook to measure your progress. Whole focus should be on making steady profits consistently and avoid low risk of ruin.
Leverage: Never use more than 1: 3 ratio.
Max Order Size = 0.5. You can use 5 orders of 0.10 lots or Multiple Orders that do not exceed 0.5
Never place a single order of 1 standard lot. To place a POSITION of 1 standard lot, 2 ORDERS of 0.5 must be placed.
Max Position Size depends on account size and the pair selected based on Average Daily Range statistics.
Use any online Margin Calculator to work out how many lots you can trade.
CHF pairs require up to 3 times the margin of EUR pairs.
Traders must manage and close positions without any supervision.
CHF, USD, GBP, EUR, JPY, CAD, AUD, NZD, XAUUSD may be traded in any combination as pairs.
None of the following currencies may be traded: XAG, SEK, CHN, HKD, MXN, NOK, DILS, ZAR, TRY.
Stop Loss, Take Profit, and Limit orders may be used.
Download the software
Install onto your computer
Login to your MT4 trading platform
Create an MT4 practice account
Display the terminal
Understand the information contained within the trade tab
Close an open position from within the trade tab
Modify or delete a stop-loss and take profit from the trade tab
Access the account history tab
Generate a report on your trading to monitor your progress
An overview of the short-cut keys
How to open a chart
Selecting different windows
Opening the new order window
The expert advisor tab
How to change chart type
How to zoom in and out on charts
Using auto scroll and chart shift
Selecting different chart time-frames
How to open the navigator
Finding your Account name and number
Trading with multiple MT4 accounts
Installing default indicators onto charts
Installing Expert Advisors on to charts
Installing custom indicators
Selecting a currency pair to trade
Selecting how much to trade
Selecting order type
Executing long and short trades
Setting a stop loss
Setting a take profit
Closing a position
Market Orders
Buy Limit Orders
Sell Limit Orders
Buy Stop Order
Sell Stop Order
The Market Watch lists all currency pairs and instruments available to trade on MT4.
Display the Market Watch
Read the information on the Market Watch
View additional symbols
Load a chart from the Market Watch
MetaTrader contains highly configurable Forex pricing charts.
Add or remove the grid
Select different chart types including bar, line, or candle
Change the appearance of the charts
Create a chart template
Load a chart template
Move between charts
View multiple charts in different ways