MetaTrader 4 (MT4) is one of the most well-known trading platforms used by retail traders for the reason that it is simple and easy to use. The MetaQuotes Software Company first launched MetaTrader in 2005 and the software is licensed to be used by Forex brokers. In return, these Forex brokers offer it to their clients to access the MT4 platform once they open a Forex account. Then, the traders utilize this platform in monitoring live prices, use it for pending orders or buy and sell in the market.
When using MT4, four points need to be considered – the opening of an account, performing fast installation, setting up the right indicators and navigation tools, and placing trades that will generate more profits into your account.
Opening an Account in MetaTrader 4
Opening an account in MT4 is so easy especially if your broker is trusted and reputable. Therefore, it is very important to find a good broker who can assist you in opening a trading account. At this stage, you will also need a broker who can offer a demo account under your name. This way, you can practice your trading strategy and test the platform of your broker. After you get satisfied with the results, you can have the MT4 installed.
Installing the MetaTrader 4
Installing an MT4 is easy as most login details will be provided by your broker. Upon opening a Forex account, you will usually receive these details from your broker – Login, which usually contains a ten-digit number that acts as a username, a password, and the server where the account will be based. You should also receive an email that usually contains a link to the MT4 installer. But you can also download the MT4 from their official website and find the best version appropriate for you.
Trading with MetaTrader 4
When placing a MetaTrader 4, you have to select a chart with your desired currency pair. Then click the ‘New Order’ button located at the standard toolbar. There is also an alternative to this step. You may directly visit the Market Watch window where the currency pair is located. Then, you must right-click it then select the ‘new order’ button.
Make sure you verify properly these details;
Symbol – it is the currency pair that you want to trade with.
Volume – when choosing a volume, you need to make sure that you consider the risk and money management strategy that you have.
Stop Loss and Take Profit – for predefined levels, you need to enter the exact value. If not, you can add it later after you place your orders.
Comment – if you have some observations regarding the trade, don’t hesitate to leave a comment about it. It can either be related to your trading strategy or your trading analysis.
Type – you have two options for this, the Pending Orders or the Market Execution.
Using MetaTrader 4 Indicators
Visit the Navigator window and find the indicator folder. Click it to expand. A window will open and you will view that list of MetaTrader 4 indicators. From there, you should choose your preferred indicator.