MetaTrader 4 is a forex trading app, which is often the main working tool of a trader. Best brokers allow one to trade Forex, CFDs on metals, indices, commodities, cryptocurrencies, futures, and more, using opportunities of social trading. The set of trading tools that traders can use depends on the broker and your account connection specification.
Using the MT4 trading software, you can not only make trading operations. With this best trading platform for beginners it is possible to trade using a forex robot for auto trading, make the analysis of the market and try to experience your trading strategies, track the most significant and relevant news, as well as get information on dealing transactions.
Despite the simplicity of MetaTrader 4, learning the basic functions of the trading terminal may take some time. Further, you can find a specification of the functions, which are the most spread in the program, as well as all the transactions.
Firstly, you need Metatrader 4 download at the best stock broker of your choice. Learn the basic abilities of MT4 before you begin to use it. Just start a demo account, or work with an existing one, choosing it in the Meta Trader 4. You can do it by selecting “File – Open an account” or “File – Connect to a trading account” in the menu.
The terminal consists of several main working windows, that is sections:
Work area where the graph is displayed
A trader can manage working windows fast, which is performed from the toolbar.
All sections are adjustable both in width and height of the window. You can fully close it at any time, as well as open it.
In the MetaTrader 4 terminal, training is necessary, first of all, to master the basic functions of displaying charts, analyzing price movements, choosing instruments, and trading itself. The rest of the abilities should be used after you grasp the main ones.
We can split up the basic often used instruments into 5 bunches:
1. Displaying the view of the graph. Most often, Japanese candlesticks are used when displaying charts. However, in some cases, or out of habit, traders use a bar chart or line display of prices.
2. Chart scale. which is important from the point of visual display of trends or certain features of price changes. If the scale is too large, then it does not allow the trader to perceive and understand the overall picture, and too small does not allow you to see the current situation at a given time interval. Choose the best scale.
3. Tracking current prices. The auto-scroll feature is extremely useful if you keep an eye on the latest live prices. But when analyzing the prices of past periods to the left of the current prices, it is better to turn it off for a while. Moving the chart towards the end allows you to instantly see the latest quotes.
4. Analytical block where traders build lines of trend, support, and resistance, Fibonacci, price channels, and can measure a price movement.
5. Time ranges for displaying the chart, or timeframes. Here you can set the display period for the graph from 1 minute to 1 month. The viewing period that you choose will be shown on the chart as a particular candle, bar, or point.
Display tools also include chart templates in Charts – Template menu. Templates are responsible for the display area of charts, for example, a convenient color scheme. They also allow you to save all analytical constructions for a specific instrument. All templates are stored locally, so you can only download them again on the computer where you created them.
To analyze price changes, use different indicators, choosing it in the menu “Insert – Indicators”. Moving Average is one of the most popular indicators.
The highlighted area is the work area for plotting. By default, 4 graphs are displayed. However, you can set up any number of charts, including multiple charts for the same instrument. This can be useful when working with different strategies with the same tool.
It is possible to add a new chart from the “File – New Chart” menu. Also, traders can switch charts if drag the wanted tool from the “Market Watch” section to the workspace while holding down the left mouse button. The windows can be resized to your liking, or you can organize them in the Window menu.
MetaTrader 4 Working Windows
The “Market Watch” section offers a fast catch of the quotes of various instruments, as well as the size of the commission or the spread charged when opening a trade.
The “Navigator” section allows a trader to change their accounts, as well as get quick access to indicators, advisors, and scripts.
The data section gives short info on the tool, together with the open, close, high, and low prices, the number of contracts at the selected point. The information is dubbed in the status bar at the underside of the Metatrader 4 window as well.
The terminal window gives access to your trading operations, account history, market news, purchases of robots and scripts, and terminal-server connections. Occasionally you may need to take notice of the status of the connection.
The numbers in this window should be constantly changing, and the turquoise stripes indicate the presence of a connection. Momentary disconnections are possible.
But in case the window shows red lines with the words “No connection”, then the trader needs to verify the Internet connection presence or restart the trading platform.
Making deals in MT4
To make a deal, you must select an instrument by clicking the upper toolbar “New order” or press F9. Under certain conditions, you can make a deal in one click from the chart window.
The Sell and Buy buttons allow a trader to put an order to the broker to sell or buy the appropriate instrument. Volume is the number of contracts or parts of contracts that you entered. The significant points are Stop Loss (S/L) and Take Profit (T/P), upon reaching the values of which your trade will be closed at automatic mode either with an estimated loss in the first event or with an estimated profit in the second one. When setting the Stop Loss and Take Profit grades, the trader should heed to the spread and the current price, changes which may not allow you to set the levels closer than the indicated spread. S/L provides you with the ability to stop losses in time if the price moves in the other direction, and T / P will allow you to fix the received profit if everything went according to your expectations.
Also, detailed information about the operation of the Metatrader 4 trading terminal can be found in this trading software opening the help section by pressing the F1 key.
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