MetaTrader 4 (MT4) platform is the most used platform for Forex Trading. MetaQuotes developed this platform.
If you want to know the basics of MetaTrader 4 (MT4) platform, then you should go through this article.
(Note that you can get a better view of the images provided in this article by clicking on them).
Installing MT4 Platform:
You can easily download MetaTrader 4 (MT4) platform from your forex broker’s website. Click here to read unbiased reviews of some of the best brokers offering efficient MT4 platforms.
With an average internet speed connection, it may take a few minutes for the installation to complete. Thereafter, you need to open a real / demo account to operate this software.
After installing the software, you will have the following popup window.
To create a demo or a live account, click on “next” and the following popup window will appear.
Select the desired radio button (demo account/real account) and click “next”.
Consequently, the following popup window will appear. Provide the required information and then check “I agree to subscribe to your newsletters” and click “next” to get your password and user ID.
You will then receive your password and user ID. To complete your account opening process, click the finish button.
Importantly, you can easily change your MetaTrader password anytime. On the toolbar panel, you will find an option named “tools”, which you can click and a new popup window will appear for you to make the changes.
Navigating MT4 Platform:
The software has the following 5 main sections.
- Tool bars
- Chart Window
- Market Watch
- Navigator
- Terminal
- Toolbar is positioned at the very top of the MetaTrader platform. Some of the icons you’ll find on this section include file, view, insert, charts, tools, window, and help.
- Chart Window is the central main section of the platform. By default, four different charts will appear on the MT4 platform.
- On the left side of the platform, you will find another window called Market Watch. On this window, you can find each financial instrument offered by your broker with bid and ask prices. There is a shortcut button (Ctrl + m) on the keyboard to unhide or hide that window.
- The Navigator window is located just below the market watch window. You can find your username, scripts and expert advisors on this window.
- The last window is the terminal window. Here, you can find tabs like Trade, Account History, News, etc. If you want to see your pending and running orders, click on the trade tab. To hide or unhide this window, simply press (Ctrl + t).
Step by step instructions to open chart:
To open a new chart, you need to click on “file” on the toolbar menu and then click “new chart”.
You may open a new chart by clicking the icon (new chart) located underneath the file menu.
How to set the properties of an active chart:
To accomplish this, open a chart and then select “properties” by right clicking on the active chart. A new popup window will appear.
You have to click on color scheme menu and then select your desired color or you can manually alter the color from the left side as shown on the below chart.
If you want to remove the grid and volume from the chart, you can easily do it by unselecting “grid” and “volume” as shown on the figure below.
How to add indicators to chart:
To add an indicator to the chart, you have to click on “insert” on the toolbar menu. Thereafter, click on “indicators” and then select your desired indicator.
You can also add indicators to your chart using an icon (indicator icon) as shown in the following screenshot.
How to organize multiple charts on same screen:
If you want to accomplish this, you have to start by opening multiple charts on the same screen. Then, click on the window of the toolbar before clicking on tile vertically. As a result, you will see all the charts organized vertically on the same screen.
Opening a Trade:
Here are some ways of opening orders on the trading platform.
By Market Watch Window: To open a new trade, right click on the preferred currency pair and then select “new order”. A new popup menu will appear where you can select your preferred volume, stop loss, take profit. Ultimately, click “buy” or “sell”.
By Active Chart: You can easily open a new trade by right clicking on the desired chart and then selecting “new order” followed by “trading”. You may also open a new trade by simply clicking “Buy” / “Sell” to be found at the top right corner of every active chart.
By Using the Toolbar: On the tool bar menu, you will find an icon named “new order”. By clicking that icon, you can easily set an entry.
How to Monitor Running Trade:
Monitoring an open trade can be done either through the active chart window or through the trade terminal section.
You can adjust your take profit or stop loss levels on the active chart by simply dragging it up or down with your mouse.
Closing a Trade:
To close a running or pending trade, you have to go to the terminal section by clicking (Ctrl+t). Thereafter, open the trade you are trying to close by double clicking on it .
A new popup window, as shown in the following figure, will appear. You will see a yellow colored button to close that entry.
Monitoring Trading History:
Open the terminal section by clicking “view” and then “terminal” or by simply pressing (Ctrl+t). If you select “account history” column, you will see your trading history such as, entry price, take profit, stop loss, closing price, swap, and profit/loss.
