Absolute Beginner’s Guide to Getting Started with MT4 – The World’s Most Powerful Trading Platform
As you take baby steps into the world of Forex and crypto trading, you are bound to come across the name, “MetaTrader 4.” MetaTrader4 or MT4 as it’s popularly known as is a widely used software program that provides real-time access to global trading markets to anyone from anywhere. MT4 is a single platform that you can use to trade all commodities like Forex, CFDs, and indices.
Since its initial launch in 2005, MT4 has become the global standard for electronic trading. The reasons for its popularity are plenty – simple design, easy to use, integration with third-party charting tools, real-time price feed, access to historical data, extensive third-party application integrations and more.
If you are just finding your way around MT4, then you’ve come to the right place. Here, we’ve put together a comprehensive guide for getting started with MT4 and also point you to other resources and articles that will help in boosting your trading experience.
Where to Begin with MetaTrader 4?
Starting with MT4 is quite easy. You can either approach your broker to get a copy of the software or download it for Free on the official website. The official site makes it super easy to download and use the software, even for those with no prior technical and trading experience.
There are no specific OS requirements, and you can pretty much use it on all regular desktops and laptops and even on your Smartphone. All you need is a steady, internet connection and you are ready to go.
Here’s a quick guide to installing MT4.
Step 1: Head to the MetaTrader 4 official website and select the download for free button. Choose your preferred option. Decide whether you want to download for Windows, Mac OS, Linux, Apple or Android.
Step 2: Once you agree to the Licensing Agreements and other terms and conditions, click Next to begin the installation.
Step 3: Follow the usual installation steps like “Create a desktop shortcut,” “Launch program after successful installation.”
Step 4: Once the setup wizard finishes, a message will be displayed on the screen, stating that the software has been successfully installed.
To get started with MT4, you need a live account with any registered broker. If you don’t have a live account, you can use the MT4 demo account to test the platform. The demo account is loaded with demo dollars. It’s highly recommended that you set up a demo account to learn the ropes of using the software.
Use the various parameters to customize your demo account – account type, desired leverage, trading currency, hypothetical deposit and more. When you complete the demo account, you can start trading with MT4.
Basic Navigation Guide for MT4
Now, that you have installed the MT4, it’s time to start learning how to navigate your way around the software.
The default screen in MT4 has four chart windows, each of which denotes a particular currency pair. The toolbars can be found on top of the screen. Below the toolbars, towards the left is the “market watch,” window that gives a list of several currency prices along with their ask prices and corresponding bids. On the “Market Watch” window are two tabs at the bottom. One – the Symbols (this shows the list of currency pairs), Two – the Tick Charts (this tab shows the current price activity).
The “Navigator” window lies below the “Market Watch” window. Here, you can view your account details as well as other indicators like Scripts and Expert Advisors.
At the bottom of the screen is the “Terminal,” that has six tabs – Account History, Alerts, Experts, Journal, Mailbox, and Trade. Traders can click on each tab to find out more information. For instance, the “Trade” tab is where you can check the details about open orders, trade entry price, trade closing price, stop loss levels, take profit levels and more.
Charts and Settings
All the charts and settings in MT4 can be customized to reflect your particular trading style and specific preferences. Right click on the chart you wish to customize, select “Properties” and change the appearance of the chart. You can change the colours for each variable like the bar colours, grid, foreground, and background.
Templates
Once you have chosen a particular colour scheme, you can save it as a template. Name the template and select it for later use.
Price Bars
You can also customize how you want the prices to appear on each chart. Choose from bar, line or candlestick price data.
Connection Status
The bottom right corner of the MT4 window shows a status icon that indicates whether the platform is connected to the internet and can receive market updates. If you see green bars, then it means you are connected. Additionally, you can also see a number close-by that indicates the speed of the connection. If the bars flash red, then it means that there is no connection.
Wrapping Up
While installing and setting up MT4 is quite easy, learning how to place trades requires time and effort. You need to understand the intricacies of the program to start taking advantage of its advanced features.
Stay tuned for other helpful guides on MT4 from us. And, in the meantime make sure to check out the MT4 User Guide and the MQL4 community for helpful tips on using this powerful trading platform.