The MetaTrader is one of the most common options globally, but it doesn’t have a reputation for being the simplest to use.
The positive thing is the great wealth of features it offers: the more you deal, the more you hear about different forex metrics or strategies, and so you can undoubtedly discover more to help you learn about MT4.
Download MetaTrader 4
The first step is to download and update the platform as standard. But the broker will give you a download on the broker’s website, and this is an excellent start as the forex broker frequently adjusts MetaTrader 4 in particular ways that may benefit you.
We suggest beginning with the desktop edition that allows things easy to locate functionalities – the web version is still the top version, but necessarily a lot smaller.
Open or Add Your Account
The browser prompt helps you to start with different categories of accounts. You can launch a sample account quickly without connecting to a broker. Or type your broker’s transaction details into a live version: you have to pick from a new or current live account.
You would need to apply authorization details to your Forex account and then log in. At this point, it is a smart idea to upgrade the version you download to make sure you have all the whistles.
Customer Terminal Configuration
The user can now change the Client Terminal as needed. Any of the choices would be clear to you, such as sending an email, reading notes, etc. If you have downloaded your program from the broker’s website, other settings have been specified for you.
This guide includes several other subjects, so make sure to check them all out. You may pick the maps you want to see and even set the date range (i.e., 5-minute chart, fifteen-minute chart). In addition to choosing the number of bars shown, you can adjust the Ask-Price levels to your taste.
You’ll need to customize order submission settings to simplify trading operations.
You should choose the type of automatic trading you want. You may be required to distinguish between a passive or active fail-safe.
There is the “trade” tab in the terminal where you can display all the trades available orders.
A brief introduction to Metatrader 4
If you become comfortable with terminal software, you may begin trading.
MT4 immediately opens with four map windows. At the peak of the trading window, you’ll notice exchange tools. On the other hand, on the left side of the panel, there is “Market Watch”; it helps you monitor other market behavior. If you enter the “Tick Charts” tab of that pane, you can see each of these pairs’ current market output.
With currency exchange, you can adjust views by opening the “Views” pane. And you should make three choices:
- Choose a currency pair from the Market Watch and right-click it. You will access the current trading window by clicking on “New Trade.”
- Click and right-click on a map that is already available. First press “Trade,” then “New Order”.
- If you look closely at the toolbar, you’ll see a prompt called “New Order” – press that.
Eventually, you will see your output when you enter this new order. You can use the same button to end the exchange in the same position as possible to launch the trade. The free-market order can be accessed from the “Trade” Window by clicking on the “Terminal” key.
Even though traders find it challenging to adjust open orders, traders want to alter these orders. You can, therefore, apply a stop-loss or take-profit. You will draw attention to illicit activity by highlighting “Trade” on the terminal, then right-clicking on it and choosing “Modify or Delete Order.”
To familiarize better, examine MT4 terminal, explore something different, and find help for specific trading techniques.