You want to enter the world of trading and have built your skills already, so now is the time to choose a trading platform. There are many choices, but a name commonly heard is the Meta Trader 4 platform. Released in 2005, MetaTrader 4 is still considered a gold standard.
It is a forex and futures trading platform used for financial market analysis, performing trading operations, getting Expert Advisors, and replicating deals of other traders. In addition to exchanging currencies, it is used for commodities, Contracts of Differences, and cryptos. Keep on reading this comprehensive guide to learn more.
MetaTrader 4 Advantages
MetaTrader 4 is compatible with Windows, macOS, and Linux and can be used on PC, Mac, iPhone, iPad, or Android devices. Thanks to algorithms, you can choose and control trades to customize the platform according to your needs, aim, and preferences.
Trading is easy here, either performed by you with a one-click trading function or via pre-set orders that do it automatically and worry-free.
You can start to learn forex trading online through various methods, which would enable you an easier understanding of everything MetaTrader 4 offers.
How To Set Up MetaTrader 4?
MetaTrader 4 is easy to install. You can download it for free and then follow the provided instructions. Once it is opened, you only need to set up an account and log in.
MT4 allows you to have several accounts, so always pay attention to which one you use. Beginners are always advised to start with the demo account and slowly build their way up.
How To Use Meta Trader 4?
MT4 may look intimidating at first, but once you get the hang of it, you will see how simple this trading platform is. Here are several steps that would guide you through the process of using Meta Trader 4:
- Step 1: Go to the “Order” button and select the pairing you want to trade with.
- Step 2: Go to “Market Execution” and enter the trade size. MT4 also allows you to place a comment on any trade that you open.
- Step 3: Decide if you will buy or sell and confirm your trade.
These basic steps are accompanied by other details, such as placing stop-loss or limit orders. Note that these will be disabled when you first decide to buy/sell but can be changed later by selecting the “Modify” button of a trade you have started.
You can also enter a trade through a so-called “Pending Order” or decide to alter an already open trade.
MT4 is highly customizable. To get the best experience, you can tailor this trading platform to your preferences. A few simple clicks can modify the chart to your needs by style, color, grid, etc.
There is an option to change the default chart style by clicking the chart icon in the toolbar and choosing one of the three available types: candlestick, line, and bar chart.
Colors And Gridlines
To have a clear picture of the price movement, set the colors of the chart, background, foreground, lines, bars, and candlesticks by going into the properties and colors tab. In case gridlines make your chart crowded, you can eliminate them.
You can save the change you have done as a template when you right-click on the chart, select “Template,” and save it. This way, you can use this standard template next time you open a chart.
When you implement a style configuration and technical analysis, you can save it in your profile. Next time you open Meta Trader 4, everything you have kept will be there. This enables you to have different charts based on your applied analytical techniques. Plus, you can upload the saved profile to another account.
You can also view the trade history by using the “Terminal” window. Once you open it (CTRL+T), go to “Account History” and enter the menu. You can choose the whole history, the last three months, or the previous month. You can also save the trade history as a report where you will have the prize, size, time of trade execution, profit, and loss.
There is a “Trade” tab where you can view open trades, balance, equity, and the free margin amounts. To withdraw the money, you use the “Withdrawal” function, choose the banking option, and fill in the details.
Another great thing is the option to install indicators. When you download Meta Trader 4, you get 6 of the top ones for free!
There are additional features that MetaTrader 4 offers to you, like technical analysis, change timeframes, drawing tools, and many others that you need to go and personally see, test, and understand.
Start exploring with a demo account and once you feel confident, begin your trading journey.