MetaTrader 4, also known as MT4, is a powerful and popular online trading platform developed by MetaQuotes Software Corporation in 2005. It is a user-friendly platform that allows traders to take advantage of the latest technology and real-time data feeds to analyze financial markets and make informed decisions. The platform supports the majority of trading instruments, including currency pairs, stocks, commodities, and indices. Additionally, it provides traders with advanced charting tools, technical indicators, Expert Advisors (EA), and automated trading capabilities. MetaTrader 4 has become the go-to choice for many traders due to its reliability, ease of use, and high levels of security.
Guide To Using MetaTrader 4 For Beginners
Open an Account
Opening an account with Metatrader 4 is a straightforward process. All you need to do is fill out the online form, and you’ll be ready to start trading in no time.
Now that you have an account in MT4, it is time to download it on your preferred device. Just go to the Play Store or App Store to download the app. After that, you can enter your credentials.
Open a Position
Open the app. From there, find “tools” and then “new order”. You will be redirected to the “order” window. You will now be presented with the “order” window where you can choose to buy or sell assets.
Keep an Eye On Open Positions
You start monitoring your open position and pending orders. To do this, you need to go to the ‘terminal’ window by clicking Ctrl + T to navigate to the ‘trade’ tab. If you want to delete a position, you can simply click ‘x’ located at the right corner of the screen.
Modify Stops and Limit Orders
With MetaTrader 4, you can modify stops and limit orders which will become your risk management tool to avoid huge losses when trading.
To do this, go to the ‘Terminal’ window and tap the ‘trade’ tab. Right-click the position that you want to edit and choose ‘modify’ or ‘delete order’.
Customize the MT4 Chart
One of the best features of MT4 is its customizable charts. It has different objects that you can use to draw something on the chart. You just need to select the right image from the toolbar, and you can start editing your chart. Changing the timeframe of your trades is also possible.
Setup a Price Alert
Setting up a price alert is beneficial, so you won’t get surprised to see the prices dripping down. To do this, you need to go to the ‘terminal’ window and tap ‘alerts’ tab. You can then right-click on the window and choose ‘create’ from the dropdown menu. You can create an alert editor of your choice.
View Trading History
Checking your trading history allows you to view your successful and failed trades. With that, you can determine which actions contributed to those wins and losses. To view the trade history, simply go to the ‘terminal’ window and tap ‘account history’. You can also filter the results to see the most recent transactions.
In this guide, we have explained what MetaTrader 4 is and how to use it for beginners. We have also discussed the steps involved in opening an account, downloading MT4, and starting to trade. We have also provided tips on risk management and how to customize the MT4 chart. Last but not least, we’ve outlined the steps needed to set up price alerts so you don’t get surprised by the markets. So if you are looking to start trading online, MetaTrader 4 is a great option.