MetaTrader4 (MT4) is one of the most popular online trading platforms used by traders to trade in the forex market. Today, most trading agents offer MT4, and the software is compatible with a variety of devices. This article will discuss the use of MetaTrader 4 (MT4) and its trading tools, including expert advisors (EAs), demo accounts, tutorials, and support.
MetaQuotes Software first released MetaTrader 4 way back in 2002, but since then it’s undergone a few changes and upgrades. The industry started to get interested in the software after its 2005 version was released. MT4 was popularized after its surprise launch in the 2007, with trading agents quickly adopting it and making it an alternate option in addition to their proprietary software. The widespread adoption of MT4 has continued over the years and led to it becoming a popular trading platform.
The MT4 platform isn’t limited to forex traders nowadays – it’s now being used by traders of various financial markets. You can buy & sell futures, CFDs, stocks, commodities, and cryptocurrencies like Bitcoin (BTC) and Ripple (XRP) with ease on the platform. MT4’s popularity is largely due to the wide variety of third-party scripts and advisors available.
How to Open an Account on MetaTrader 4
Opening a MetaTrader 4 account is easy. You can either download the platform in a zip file from MetaQuotes or you can get it through a third-party trading agent. But if you get it through an agent, you must first register on the broker’s website.
System Requirements
The quickest way to use MetaTrader4 is to trade directly through your web browser (Webtrader), but you can also do so on a Mac, Linux, or Windows 7, 8 and 10.
How to Setup your Trading Account
To get started with MetaTrader4, you must first download the MT4 platform and then create a new account. Once this is done, you can customize the entire platform as per your preferences. You can choose from various chart types and backgrounds that cater to your needs.
When signing up for a trading account, the rates for trading costs such as commissions and spreads are usually given. If you’re new to trading, you may be a bit surprised to see charges like that come from your account every day. Interest is charged or received on your daily trading positions and can fluctuate depending on what you have currently open. It’s called a swap because it refers to the interest rates at the end of each trading day.
To trade, you first need to do a few checks on your margin balance and the maximum leverage requirement. If there is not enough money in your account and the maximum level of leverage is reached, you would see an error message when trading. It’s easy to deposit and withdraw funds. Just click “deposit” or “withdraw” from your account, select the payment options available, and confirm the transaction. Here is our YouTube Channel to see our services.
As with all online payment transactions, you are going to be charged a certain percentage of the amount transferred. Typically, you will find some form of free payment option. Depositing and withdrawing funds also depend on what trading agent is being used and how long they can hold onto your money for.
How to Start Trading on MetaTrader 4
Basic Functions
To place an order for a trade, choose the “Tools” page in your account and then click on the “New Order” window. If you want to use keyboard shortcuts, use F9. Remember not to get overwhelmed by the order window, despite its appearance being complicated- all the components are simple and straightforward.
Volume – How much currency will you be trading? 1 lot is equal to 100,000 units of base currency, so you could trade a few hundred or thousand lots depending on the size of your investment.
Stop-loss – This is a great tool that minimizes the chances of loss by closing out trades when they reach a certain price.
Slippage – It is possible to reduce slippage with the help of the deviation setting.
Symbol – You can choose what type of trading you want to do, with categories such as Forex, Gold, or Stock Indices. For example, the S&P 500.
Take-profit – Stop-losses are designed to mark you out of a trade when the asset value falls below a certain level. The same thing can be applied when taking profits, as it allows you to cash out on successful trades and close your positions automatically before prices go any lower.
Type – The ‘instant execution’ function lets you start trades in a matter of seconds. Alternatively, you may also decide to make a ‘pending order’. You can choose the point at which to open your trade.
How to Monitor & Close Positions
To start a trade, go to the ‘trade’ function in MetaTrader 4 by selecting ‘view’ and then ‘terminal’. To exit an open position, click the “x” next to the profit margin.You may also change your stop and limit orders by right-clicking on the pair that you want to change and selecting ‘modify’.
Trading Charts
To draw charts, first select an object from the chart toolbar and then move to your graph. If you want to change the time of a price chart, right-click on it and select ’time frame’. You have the flexibility to customize your trade time frames. You can use anything from 2 minutes to 8 hours by setting it yourself. Know more about MultiBank Group
Trading Indicators & Add-Ons
When you’re deciding to use technical analysis, it’s important to consider what type of charts will best fit your needs. MT4 has a huge library of indicators that can be downloaded for free. However, you should also see if the indicator is customizable or not. Some of the most popular indicators used for technical analysis includes – Elliot Wave Indicator, Trend Indicators, Oscillators, Bill William Indicators, Market Cycles Indicators, Bollinger Bands, Pivot Points, and more. You may even choose to go with third-party indicators, such as Stealth Orders and Alarm Manager, to program the MetaTrader 4 platform according to your trading strategy.
