If you are a FOREX trader, chances are, you not only know what an MT4 platform is, you use one on a regular basis. With something so essential and often used, you may as well become familiar with all of it’s capabilities.
In this MT4 Guide, we will examine the MT4 platform ins and outs. You’re going to love it! For real.
This will be a 5 part course. Get your thinking caps on. Are you ready to grow in your knowledge of MT4 platforms? If you grow in your understanding of how to use a trading platform there’s a good chance your trading profitability could grow as well.
Part I – What is MT4?
Trading.. it’s been around for thousands of years. Over the past one hundred years personal investing has developed into an economic giant. Hundreds of millions and more invest in trading opportunities. With the web and computers, modern trading is now SIMPLE.
In order to trade in the financial market, you need a program that enables you to make trades, analyze market conditions, and develop strategies. With Forex you probably want to trade on mobile devices, use managed accounts, and conduct personal trading.
MetaTrader 4 is the answer to all of these needs. Since 2005 brokerages have been using this platform for their trading. It’s by far the most used Forex platform in the world.
Part II – MT4 Installation
Downloading an MT4 platform is the first step in using an MT4 platform. Many times when you open an account with a broker, you will receive a download link for the MT4 platform. If you open a demo account with a broker, you receive a download link or button for the MT4 platform. This is pretty basic but for those who are not familiar with Forex, please know that the platforms come from brokers. Each broker’s platform can be different but many will be MT4. You will want to download your platform to a place in the C Drive and name it. Most likely, a short cut will be created automatically in the installation process for your desktop. Check out a Video on how to download your MT4 platform:
Installing MT4 platform.
Part 3 – Platform Information
Charts show you the currency pairs’ data. You can display the data in candlesticks, lines, or bars.
You can view charts in tiled view or full screen. By going to the “window” tab you can tile in different ways. To open a new chart you can go to the market watch and open them by double clicking or by going to the “new chart” button. To close a chart, you can hit the close button on the top right of the chart.
You can also customize a chart. You can right click on it and go to “properties” to change the color of the background, candles, and other chart information.
B. Market Watch
In the market watch you will see currency pairs with their current Bid and Ask prices.
With an MT4 platform you can have multiple accounts logged in to the same platform.
Indicators will help you analyze the current and past market conditions.
Expert Advisers are a huge part of Forex Trading today and this is where you will see them once installed on your MT4 platform.
In the terminal you will find Trades, Account History, Alerts, Mailbox, Expert Logs, and the Journal.
Part 4 – Tools and Indicators
In an MT4 platform you have many tools to assist you in your work of analyzing the markets.
Part 5 – Placing Orders
Now how do we place orders? Set Stop losses? Take profits? Let’s take a look:
Winner’s Edge Trading, as seen on: