The MetaTrader 4 platform is an excellent place to learn how to trade forex. It caters to all experience levels, offers ample indicators and analysis tools, plus automated trading and a mobile app. And with the host of online learning resources available, you’re always just a few clicks away from trading support 3. · This article will provide you with a quick, easy rundown on everything you need to know to use the MetaTrader 4 trading platform (MT4), and how to trade using MT4. Through step-by-step tutorials, and with the use of screenshots and detailed explanations, this MetaTrader 4 review will help traders master the MT4 platform MetaTrader 4 (MT4) is perhaps the most popular trading platform in the world and you can download MT4 on desktop and mobile. As such, it’s essential to know how to withdraw money from the platform as you will probably use it at some point in your trading journey
How to Trade Forex Using MetaTrader 4 (MT4) Walkthrough | Beginner Friendly | Meta Trader Expert
Reading Time: minutes. This post is also available in: Indonesia. Popularly known as MT4this retail trading platform is provided by almost all brokers, except for very few. Perhaps you are here since you want to be a guru in Forex trading on MetaTrader 4. Well, to accomplish that, you need to learn how to use Meta Trader 4.
Luckily, we have compiled a comprehensive guide to help you understand what is Forex and get started trading on one of the best trading platforms. Just to take you a bit back, MetaTrader 4 was developed by MetaQuotes Software Corporation five years ago. A decade and a half later, MetaTrader 4 has remained the most favorable option for most Forex traders thanks to its user-friendly interface and unparalleled support for automated trading solutions development.
Traders can also start with free MetaTrader demo accounts, which are provided by most brokers such as FXTM. These efforts by MetaQuotes are meant to promote the upgraded version of MT4, though the claims whether MT5 is better than MT4 have never been substantiated. In our tutorial, we will use the MetaTrader 4 demo account from FXTM. This MetaTrader 4 tutorial will guide you on how to install and set-up your account. First, you need to download the trading platform.
After that, follow the instructions for installing your program. If need be, click on the settings and choose the folder to save your program. On the list, you will see your demo server. Select it and click Next. Input your account details. Ensure to check the Save Password box so that MetaTrader can log in automatically in your next login. Your MetaTrade 4 platform is now set for use. At a glance, the platform may appear intricate, but when you start to use it, you will realize the first sight can be deceiving-it is pretty easy to use as you shall see below.
The platform is comprised of 6 different sections. For easy identification, we have marked them using different color rectangles, as shown here; the Market Watch greenMenu redChart Workspace yellowToolbar orange Terminal purpleand Navigato r blue.
Here is where you can access all MT4 actions. However, we will show you more useful options in this MetaTrader 4 demo account tutorial. On Toolbar, you can access the frequently used options such as technical tools, modifying the appearance of the chart and the timeframe.
Here you will access the list of all the available assets. On Market Watch, you can also customize which assets to be displayed on your platform.
To see more details of the asset, right-click and hop to Specifications. Here, you will see the overnight positions as well as the rates charged. Not many brokers mention this, and therefore the tool is not frequently accessed in the MT4 platform. In this section, you can access scripts, indicators, and the how to trade forex metatrader 4 EAs. The account history, trade, and exposure show your profile and makes it possible for you to manage open positions.
The News tab displays live-market-related articles and open events. The Market allows you to browse third-party add-ons. This is the workstation where all technical analyses are conducted.
You can customize it and also save the template. The default appearance of the Toolbar displays two rows. The 1 st row is how to trade forex metatrader 4 of Charts and Standard, while the 2 nd row consists of Timeframes and Line Studies. To see the names right-click randomly in the Toolbar. If you want to increase the Chart Workspacehow to trade forex metatrader 4, you can bring the bottom two to the same level as the first two, how to trade forex metatrader 4.
When you need it, you can access it easily by clicking the Navigator icon found in the Toolbar. Besides, you can expand the contracted asset list by hovering your cursor and clicking inside the Market Watch and selecting Show All. To reveal the account balance, click on Trade accessible in the Terminal.
This is also where you will see all the open trades. Once these steps are executed, your MetaTrader 4 trading terminal should appear like this:. Most of your trading time will be spent on the charts in the MetaTrader 4 terminal. MT4 contains four charts by default, but for a newbie, it is best to commence with one. To arrange multiple charts in tiles or maximize them, click the corresponding Toolbar icon. To open a new chart, right-click on the selected asset in the Market Watch section and then choose Charts Window.
Automatically, MT4 will add the new chart and display it at the bottom of the Chart Workspace window, how to trade forex metatrader 4. This is highlighted in the red rectangle below.
Place the cursor anywhere within the chart and right-click. A how to trade forex metatrader 4 box will appear — select properties.
Alternatively, you can simply press F8. A property window that pops contains Common and Colours. With these properties, how to trade forex metatrader 4, you can create and customize your chart. Try to experiment with various options and choose the style that best suits you. Below is the layout customization image that we will be referring to in our tutorial.
To save it, hover your cursor to the chart and right-click in it. Click on Template and go to Save Template. Save it in the destination folder you had chosen before. Prop tip: Save your template as Default. This enables your template to load automatically whenever you start a new chart. If you want to go back to default MT4 settings, simply click on Reset.
While working with the MT4 charts, you want to be able to analyze the assets in the most efficient way possible. To realize this, two crucial items will help your navigation. They include Hotkeys and Toolbar.
Items such as Timeframes, Charts, and Line Studies allow for quick adjustments while analyzing the assets. At the charts, you can customize the visual display, get indicators list, choose timeframes, zoom, shift, manage the templates, and arrange your assets. While the cursor is set as default, you can choose crosshair.
This makes it possible to identify by measuring the distance between the two charts. Long-press the left button of the mouse and highlight the endpoint. The number of candlesticks, last value, and pips distance will be displayed, how to trade forex metatrader 4. Besides, Line Studies comes in handy when you want to draw horizontal, vertical, and trend lines, labeling charts, and adding Fibonacci Retracement sequences. Here you can access nine and maneuver through them effortlessly.
Even better, with MT4, how to trade forex metatrader 4, you can load a variety of them on different charts. With experimentation, you will become better and better every day. After all, that is the key purpose of having an MT4 demo account.
You can always access the Toolbar which will show hotkeys and other functionalities. Hotkeys are essential in speeding up your navigation and when you want to modify the charts, and the more you analyze different assets, the more you will appreciate their crucial role. Here are some hotkeys obtained from the MetaQuotes site. There is a myriad of technical indicators to use.
Some are placed directly into the chart while others are added below it. The best way to access indicators is by how to trade forex metatrader 4 to the Menu and selecting Insert. Or, you can use Navigator as shown here as marked by the red rectangle. In our example, we will select the Commodity Channel Index.
For each indicator you choose, you will see settings in the dialogue box that pops out after choosing the one to add. To add the indicator, click OK. Below, you can see the Fibonacci Retracement Fan sequence that we have drawn using the equivalent tab from the Toolbar.
We have also included a Simple Moving Average indicator. And if you want to delete the indicator, you can do so by right-clicking on it. You will see a box like this:. Understanding how to place trade orders is not a rocket science thing. There are four available options. However, the one-click trading option is most convenient though you can use the other advanced options in the order windows. To place orders you can either click on the New Order button found in the Toolbar redor right-click in Market Watch on the selected asset, or press F9.
To enable single-click trading, click in the triangle close to the asset name orange square. The main differences between placing an order via the order window and through a single-click trading icon are that in the former, you can initiate a stop loss and take profit and also leave a comment.
How to Trade Forex Using MetaTrader 4 (MT4) Walkthrough - Beginner Friendly
, time: 18:18Forex Trading With MetaTrader 4 - Take Forex Analysis To The Next Level
MetaTrader 4 (MT4) is perhaps the most popular trading platform in the world and you can download MT4 on desktop and mobile. As such, it’s essential to know how to withdraw money from the platform as you will probably use it at some point in your trading journey 4. · Metatrader 4: Availability and Design. Just to take you a bit back, MetaTrader 4 was developed by MetaQuotes Software Corporation five years ago. A decade and a half later, MetaTrader 4 has remained the most favorable option for most Forex traders thanks to its user-friendly interface and unparalleled support for automated trading solutions development.4/5(1) The MetaTrader 4 platform is an excellent place to learn how to trade forex. It caters to all experience levels, offers ample indicators and analysis tools, plus automated trading and a mobile app. And with the host of online learning resources available, you’re always just a few clicks away from trading support
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