Help me understand MT 4

Beginner Questions
1

Hi All �Babypips.com is So Excellent!! I look forward to some good interactions that will help each other move forward to our goals in trading!

I have just started demo-ing IBFX (MT 4) and have two(2) questions:

1: I live/trade in Eastern Standard Time zone(EST), but the horizontal scale (date/time) on my 15-minute chart is 4-hrs ahead (i.e. charts shows 2000hrs, my actual time is 1600hrs) my 4hr charts are okay and show my EST. I am concerned that I may mis-interrupt the real time of, for example, a �News� candle if my chart is not is sync with my local time.

2: Upon filling out my profile for MT 4, I was asked to specify leverage from the drop-down menu (200:1 to 1:1). Did I miss something in the �Money management� lesson in Babypip school?? I though I controlled risk/reward based on the size of the lots traded and my equity account balance, relative to each of my trade??? Why was I asked?? Does it matter??

2

Hi Jazz,
This is my first post to the forum as a noob. So it will be the blind leading
the blind. I am definately open to corrections. The GMT in MT4, just get used to it and learn to convert. As for leverage, you are choosing your account leverage not your true leverage. So just choose the 200:1. Doesn’t mean you have to actually use that much. Your true leverage is decided on on each trade you make by money management rules you set for yourself.

3

Hey Two pip’s

Thanks for the reality-check! I “thought” (first mistake) I understood GMT, but after your post I checked GMT on the internet and found what caused my ‘corn-fusion’: I did not know [U]GMT had ‘Daylite Savings Time’[/U]. Now I understand why the charts are showing 4-hr diffence when I was expecting 5-hr delta for EST. Also, thanks for the ‘confidence’ check on the leverage question.