Introduction: High-profile Platform for Forex Traders
MetaTrader 4 is gaining currency among electronic trading platforms wielded by forex traders. The software is registered to forex brokers, who then deliver the software to their clients via their website. The server components are under the broker’s control while the client software is applied by those holding trading accounts to observe movements of prices and charts, make orders, and regulate their accounts.
MetaTrader 4 can be downloaded freely and directly from the orthodox MetaQuotes website. Or you can download the trading platform from certain online brokers. Plus some brokers offer a webtrader version, which requires no download.
Installation: Free Platform from The Internet and Certain Brokers
You can download MetaTrader 4 program directly from MetaQuotes Software’s dedicated MT4 website or any top forex brokers that deliver the program. After choosing “Download”, you will see a MetaTrader 4 Setup window. Click “Next” to kick off the installation, which leads to a new window showing the installation folder. Hit “next” to continue, and the installation progress will begin.
After successful installation, a window will show up, inviting you to open an account. You can start by filling in the fields for name, country, state, city, zip code, address, phone, and email, and then selecting the account type, currency, desired leverage and hypothetical deposit from the drop-down menus. The account will automatically be a demo account in which you can practice the program without using real money, or you can use choose the real account to make actual investments. Click “I agree to subscribe to your newsletters” for the “Next” button to appear, then click on “Next” to complete the process. All the data and price charts will appear and begin updating.
Basic Navigation: Highly Customized Platform
Main Window: MT4 displays four chart windows, each showing a different currency pair. Located at the upside of the screen is the toolbars, rife with many icons. The “Market Watch” window laid under the toolbars exhibits an array of currency pairs along with corresponding bid and ask prices. Two tabs set at the bottom of the “Market Watch” window are the tab “Symbols” with the list of currency pairs and the tab “Tick Charts” showing the recent price activity of any of the currency pairs.
Standing below the “Market Watch” window is the “Navigator”. This window helps traders to observe their account, a variety of indicators, “Expert Advisors” and “Scripts”.
Staying at the bottom of the screen is the “Terminal,” which contains six tabs: Trade, Account History, Alerts, Mailbox, Experts, and Journal. The “Trade” tab manifests open orders and traders. Meanwhile, the “Account History” lab represents all the activities that have happened.
Chart and Settings: You can customise the price chart based on your style and colour preferences. Click on the price chart and choose “Properties” to customise the appearance of the chart. A number of colour schemes are shown in the “Color Scheme” drop-down menu at the top of the “Colors” tab. You can set colours for each variable, containing background, foreground, grid, and bar colours. The “Common” tab provides certain features such as volume that appears on the chart.
Templates: You can save a chosen colour scheme as a template by clicking on the “Template” icon in the top toolbar and choose “Save Template.” This template can now be used in any chart by clicking on the “Template” icon and choosing any wanted template from the list. The chart type can be chosen from the item “Charts” in the top toolbar, which shows a variety type of charts.
Indicators: You can add many technical analysis indicators to price chart by simply going for “Add Indicators” icon in the top toolbar, the icon representing many available indicators. Once an indicator is chosen, you can alter inputs such as moving average length or using the default settings.
Chart Size: You can remodel the chart size by widening, shortening or restoring it just by clicking on the chart’s tab under the chart windows.
Zoom: To a discretion trader, the “Zoom In” and “Zoom out” icons can be helpful. These icons enable a different view of the chart. The “Zoom In” provides a closer look at a smaller data set while the “Zoom Out” icon is vice-versa.
Time Frames: You can add different time frames to a chart either by choosing the “Periods” icon or by choosing the desired time frame from the toolbar. M1 shows a one-minute time frame, M5 a five-minute time frame, H1 a one-hour, and so on.
Drawing Tools: Drawing tools help to improve your market analysis. You can use the tool to sketch several objects such as vertical or horizontal lines and trendlines. Each drawing tool has its icon in the toolbar.
Connection Status: Connection Status shows whether the platform is connected to the Internet. The Status locates on the bottom right corner of the screen. Red bars hint that there is no connection while green bars illustrates a stable connection. The next number shows the speed of the connection.
Setting Up a Trade: A Guide to Place an Order
- Open the “Order” window to place an order into the market. This action can be done in one of these three ways:
- Click on a currency pair in the “Market Watch” window and use the right mouse button to choose “New Trade;”
- Right-click on an active chart and select Trade>New Order
- Choose the “New Order” button in the toolbar
Then, you must consider the following options:
- “Symbol” from the drop-down list at the top. A corresponding tick chart shows up in the left pane.
- “Volume” denotes lot size. Many traders prefer smaller volumes.
- “Stop Loss” and “Take Profit” may available if the platform supports this option. As long as MT4 is downloaded via several brokers, these fields will be user-definable.
- “Type,” either “Market Execution” or “Pending Order” in which you can set the wanted entry price.” Choose either “Sell by Market” or “Buy by Market” following your desired trade direction.
Click “Okay” to close the window.
The open order can be seen in the “Terminal” window when you click on the “Trade” tab.
To adjust an order, highlight the trade in the “Trade” tab of the Terminal, right-click and choose “Modify or Delete Order.”
A window will show up, so you can set stop loss and/or take profit levels. The “Copy As” buttons can be used to populate the stop loss and take profit fields with the recent price. You can also make changes to the prices to attain the desired stop loss and take profit levels. When desired levels are set, the trade can be started when you snap the long bar at the underside of the screen. This bar will be highlighted when valid stop loss and/or take profit levels have been clicked.
Features: Useful and Supportive Features for Traders
What makes the MT4 trading platform so notorious is that traders can utilise any indicators. MT4 is regarded as an open platform in which programmers can program their trading regulations to aid them in the trading. MT4 delivers an array of powerful trading strategies, in the form of indicators, to help traders automate their trading activities.
Besides, you can download the MT4 mobile app to monitor trading activities using your phone.
The demo version is also equipped with all the necessary functions. It delivers a high starting point for beginner and the tools that can support advanced traders.
Conclusion: A Platform That Provides Everything
Although MetaTrader 4 has long been operated for a decade, it is still gaining the popularity among other trading platforms.
There are reasons for this long-standing position. Firstly, the platform is widely adopted by hundreds of brokers around the world. Secondly, the MT4 is highly customizable, and traders can alter the layout of the trading platform and the trading strategies to suit their preference. Finally, the MT4 is a free software containing all the necessary features and valuable service for the users.
Other great characteristics about MT4 are an excellent charting package, lots of third party support or friendly features. All those features and unique function of MT4 are designed to fully support and enhance the trader’s trading ability, which in turn brings the high chance of success for them. Scheme of things, the MT4 provides everything you need to gain success in the foreign exchange market.