MetaTrader 4 has been the go-to option for most retail traders because of its ease of use and simplicity. It was launched back in 2005 by MetaQuotes Software Company. MetaTrader 4 licenses the software to Forex brokers, who provide access to MT4 to their clients only if they have a Forex account.
Traders use the platform to monitor the live shifting prices, buy the shares, sell them, and use pending orders. At the end of this article, a beginner will get to know how to use and install MetaTrader 4, set it up, open and close trade, and also a currency pair.
How can you set up your account?
To set up your account in MetaTrader 4 platform, you have to start by downloading the application and once you have done it, follow the instructions to install. You can choose any device as the application is available on Android, Mac, and iPhone.
You can opt to first create a live Instagram account and then use that to access MT4’s services. Once installed, you have to enter your account details, and if the login screen then does not show up on its own, navigate to the ‘File’ tab and click ‘Login to Trade Account.’
Trading a currency pair in MetaTrader 4!
It is very convenient to place a trade in MT4, and all you need to do is select the currency pair you wish to trade. You have to place a trade using the tools bar and click ‘new order.’
Alternatively, you can also press the F9 key, which will do the job for you. You will now see that you need to enter the trade size details in the ‘Volume’ box and click Buy or Sell. Just ensure that you choose the order type to be ‘Market Execution.’ Choosing this order will instantly help you place an order within the MT4 application.
You can choose ‘limit or a stop order’ by modifying your order type. Doing this will allow you to select the specific levels for your trade compared to placing a trade order instantly at the current price using the ‘Market Execution’ order.
If you ever wish to close a trade on MT4, all you need to do is navigate the ‘Trade’ tab from the’ Terminal window.’ You can also press Ctrl+T to close the terminal window.
Go to the ‘buy limit,’ ‘sell stop,’ ‘buy stop,’ and ‘sell limit’ options and choose the type of order you wish to place. You will also notice the difference between limit and stop orders this way. You then need to select the price level for your order and check the expiry box to enter the date you want your order to expire if the market does not reach the price you imagined. Then, click on the place, and your order will get placed.
How can you set stop-loss using MT4?
When you are placing a trade in the ‘order’ window, you can enter a Stop Loss and then take Profit Level as per the respective field. Further, clicking the arrows in the stop-loss option will reflect the current market price for your desired asset.
Please note that MT4 uses the offering price only. If you open the tick chart on the left, you will see the connection between the prevailing bid prices and your desired stop-loss level.
Here are some navigation tips:
- Control Ribbon: Using this bar, you are practically free to perform any action on the MT4 platform. Although, you may see that it is not as intuitive as the other available options on the platform.
- Toolbar: Most of the options you will need to use in the coming time for your platform will be available here in the toolbar. Mastering the toolbar options will mean mastering the application itself.
- Market Watch: This should matter the most to you since it contains the complete list of currency pairs, including the asked prices and bids.
- Navigator: Using this, one can navigate through the indicators that you can further add to your charts.
We have tried to cover all the basics of trading with MetaTrader 4 in this article. We still think the best way to learn about the platform is to spend as much time on it as possible, especially if you are new to trading on such platforms.