If you are a novice trader who’s looking to immerse yourself in the world of forex trading, then you must know how to set up and use the MetaTrader 4 trading platform.
With that in mind, I am going to delve into all the tiny, nitty-gritty details of everything there is to know about MetaTrader 4, and hopefully, you’ll be able to gain a deeper understanding of the platform.
What Does the Term MetaTrader 4 Entail?
MetaTrader 4 is a CFD and Forex trading platform that’s used by forex traders to analyze and trade the forex markets. The platform provides traders with effective and advanced tools that they can use in their trading activities in a reliable, secure, and fast environment.
Thanks to its simple yet advanced features and functionalities, it has gained popularity among traders worldwide.
How to set up MetaTrader 4
Whether you want to run MetaTrader 4 on a 64- or 32-bit PC, I’ve got you covered. Let’s delve into how to set up the MetaTrader 4 platform.
– How to Setup Meta Trader 4 on Windows
As opposed to popular belief, it’s easy to download and install MetaTrader 4 on Windows. However, you might have to first identify a suitable broker and either open a demo account or a live-funded account to download MetaTrader 4.
The reason for signing up with a forex broker is because they are responsible for providing traders with access to forex market data. So, in this case, a broker can be considered a middleman who helps traders access trading data from the financial markets.
Once you have completed the sign-up process with your broker of choice and have successfully downloaded the MT4 software, all that’s left is for you to run the.exe file and follow the guided instructions within the installation wizard.
– How to Setup MetaTrader 4 on iPhone
As a trader, sometimes you want to be on the move but still enjoy the convenience of not having to carry your laptop to gain access to the forex market. So, what better way than to install MT4 on your iPhone?
All you’ll need to do is download MetaTrader 4 from the App Store, connect to your broker, and you’re off to the races before you know it.
– How to Setup MetaTrader 4 on Android
Similar to installing MT4 on iOS devices, the same concept applies to Android gadgets. The only difference will be that you’ll be downloading the MetaTrader 4 platform from Google’s Play Store.
– Logging Out of MetaTrader 4
Once you are done trading for the day, you don’t necessarily have to sign out as you would with any other membership website. However, there may be those of you who would prefer not to have your login details saved.
If you fall under that category, ensure that “Save Account Information” is unchecked during your first log-in attempt.
How to Trade with MetaTrader 4
In this section, we are going to explore how to execute trades on the MetaTrader 4 platform.
Firstly, the easiest way to open a trade on MT4 is by using the “Order” window and placing an instant order based on your currency pair of choice. To do this, select your favorite currency pair. There are a ton of options to choose from: EUR/USD, GBP/USD, and the list goes on and on.
Below is a screenshot of an “Order” window for the EUR/USD currency pair. By now, you should be able to see how easy it is to sell and buy with the MetaTrader 4 platform.
To trade at the current market offer, you’d need to choose your lot size (0.01, 0.1, and 1 lots depending on your account balance and your risk management policy) from the “Volume Box,” and then with the “Market Execution” selected as the order type, you can choose to “Sell or Buy” depending on the market trend.
If you don’t want to participate in the market at the current market price, you can use a limit order to buy or sell, as this is the way to anticipate bullish or bearish market phenomena.
How do you Close a Trade on MetaTrader 4?
It goes without saying that once you have executed a trade on MT4, sooner or later you might need to close it, depending on whether you’ll be on a major drawdown. So, how does one exit a trade on MT4?
Well, from the “Terminal window,” choose the “Trade” tab; there you’ll see all the open trades displayed, and by right-clicking on the orders you wish to close, you’ll be able to close trades that aren’t performing as you had analyzed.
Setting up a Stop Loss in the MetaTrader 4 Platform
As evident from the “Order” window in the screenshot below, you should be able to spot the “Take Profit” and “Stop Loss” fields. If you click on the down or up arrow within the “Stop loss” field, the box automatically populates itself with the current live market price.
Frequently Asked Questions
1. Is MT4 (MetaTrader 4) free?
Yes, MetaTrader 4 is free to download and use. All that’s needed from your end is to sign up with a broker, open a demo or live account, and download the trading platform.
2. Is MetaTrader 4 secure and safe?
Yes, MT4 is a trustworthy and secure platform that’s used by thousands of traders worldwide.
