INTRODUCTION TO METATRADER 4 (MT4)
What is MetaTrader 4?
MetaTrader 4 is the most popular trading platform in trading Forex. This platform is used to analyze market charts, Expert Advisors integration, and the most important part, this is the platform that we used when we buy and sell currencies.
MT4 is widely used by traders around the globe. It offers opportunities to skilled and beginner traders to apply their knowledge in technical analysis, In addition, MT4 is also known from being handy since it can be installed on Mobiles, Tablets, Desktop and can be accessed also by the web browser.
How to gain access on MT4?
1. In order to use MT4, first, you must find a Forex Broker that supports the MetaTrader4 Platform. You can browse here for a reliable Forex Broker that uses MT4.
2. Second, you must create a trading account with the Forex Broker of your choice. This is where your Broker will email you your trading account together with your trading server that you will use in Login in MT4. Don't know how to open a Trading Account? Click here.
3. You can now download and install MetaTrader 4 on your desktop or mobile. Download MT4 here. You can also download MT4 on your Forex Broker dashboard (recommended download to maximize your trading tools provided by your Broker). Note that MT4 downloaded from your Broker usually have a different icon.
4. Open MetaTrader 4 app on Desktop and Voila! You have now access to the market with MetaTrader 4 as your platform!
How to trade using MetaTrader 4?
First, you must learn how to navigate with MetaTrader 4, and know how to login to your Trading Account. To login on your trading account emailed to you by your Broker, follow the instructions below,
1. Click File, then Open an Account.
2. Find your Trading Server provided by your Broker. If not on the list, you may add a new broker server then click next.
3. Choose the existing trade account, then input your Trading Account credentials emailed to you by your Broker.
4. After you Login, you may now start to trade. But before placing a trade, familiarize your trading platform first.
Exploring Market Watch
To add a Symbol or product to trade, just right-click any of the currencies and select symbols.
You may now select all of the products that you want to trade and click show. The number of the product that you will see will depend on your current Forex Broker.
Creating a New Order
You can place an order by using the One-Click-Trading feature of MetaTrader 4 for the instant execution of buy and sell.
But if you want to place a pending order, you have to click the New Order button on the menu.
Select the type of execution in to Pending Order. (Study different types of Market Order here!)
After you place a trade, you can drag your placed order up and down to place your stop loss and take profit order. You can also observe how much money you can gain and loss on your trade by pointing out your cursor to the TP and SL line.
In addition, you may also modify your order on the terminal window. You can manually place your stop loss, and take profit price, even your pending limit price.
Trading Tips for Beginners
1. Always use stop loss!
2. Observe carefully your lot size. Some first-timers with small account place a trade immediately without noticing the lot size set to 1 standard lot. You can start on placing a trade with 0.01 lot until you become a skilled trader.
3. Trade with a currency pair with low spread. To see the current spread, you may right click the market watch and select spread. Do not trade a currecy pair with a very high spread! It will take long for your Unrealize loss to become a profit. You may trade a currency pair with spread from 0 to 16 pips to maximize your profit or you can open an ECN account to trade currency with 0 spread.
AND THAT'S ALL FOLKS, HAPPY TRADING! AND TAYOR!
Don't know how to trade Forex? Learn here!
Looking for a reliable Forex Broker? Click here!