Here Is How to Trade With MetaTrader 4
By Soko Directory Team / Published September 5, 2022 | 7:52 am
MetaTrader 4, also known as MT4, is one of the most popular trading platforms, along with its newer cousin, MT5. In this article, we are going to look at how you can trade using MT4. If you haven’t tried MT4 before, it will be a useful intro to the platform, especially if you plan to try trading forex or CFDs.
Download MT4
To start using MT4, you need to download it. MT4 is available for Windows, Mac, and Linux. Many online brokers offer MT4 for PC, so check whether the broker you are thinking of using has a download link. The software is easy to set up if you use a Windows PC. Download the file and follow the instructions on your screen. Mac users may find it a bit trickier, and users with a 32-bit system won’t be able to install MT4 on Mac.
MT4 can also be installed on a smartphone. The software is available for both Android and iPhone.
Once you have the MT4 software installed on your device, you need to open a broker account. Once you have an account, enter the details into MT4 and log in to start trading.
Make a Trade
Now you are logged in, it is time to start trading. The easiest way to get started is by using the ORDER window to open a trade.
Forex traders can select a currency pair, enter a trade size, and then decide whether to buy or sell. The Market Execution feature lets traders place an instant order. You can also set limits and buy/sell when the market hits a specific price, rather than executing an instant trade. If you can’t see the currency pair you want to trade, open the Symbols window and look for it there. Do this to search for all available trading instruments.
It is also very easy to use other trading instruments in MT4, such as CFDs, stocks and shares, indices, and commodities.
Using Charts
MT4 comes with a default chart, which appears when you open the software and log in. However, there are different chart options available, and many traders prefer to choose their own charts rather than stick with the default one. If you decide to select a different chart, click on the appropriate icon in the toolbar; candlestick charts are one of the more popular options.
Charts can be customized. If you like to see the same colors and styles each time, save your preferred chart as a template.
Trading Indicators
Use MT4 to set up trading indicators. MT4 comes with a core bunch of indicators built-in, but you can also install custom indicators if you prefer. Use the Navigator window to search for indicators.
Trading History
Your previous trades are available via the Terminal Window and Account History tab. This is useful if you want to analyze what worked and what didn’t. Use the Terminal window to find the Trade tab, which will display your trading account balance.
MT4 has so much functionality that it will take a while to get the hang of it. Practice with a demo account until you feel comfortable using all the many features.
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