MetaTrader 4 is a trading platform created in 2005 software for Forex trading
What has characterized this platform from the beginning is its ease of use. MetaTrader 4 offers trading with instant and pending orders, so it does not require a great effort from the investor. Another of the platform’s main features is that it allows you to customize the charts. Its graphical capabilities are one of the clear advantages of MetaTrader 4. In addition, it uses a simple programming language. This is MetaQuotes, a system by which any investor profile will be able to access and understand orders and investment-related terms.
The main element of MetaTrader 4 is the chart screen, where you can find the main menu and the charts you are trading. At the top of the platform, there is the toolbar, from where you can access the different options. In the upper left corner, we find the observation of the market in which we can see the bid and ask of the assets we follow the most. The explorer is the component through which most of the tabs necessary for trading, such as custom indicators or scripts, are displayed. The last component is the terminal, where you can access the account history, alerts, etc.
Are you interested in using the MetaTrader 4 platform?Are you hesitating between opening an account with MetaTrader 4, MetaTrader 5, or even another platform?
This is normal.
We all go through that when we start trading or when we approach the world of Forex and CFDs, which is where MetaTrader4 reigns almost absolutely, at least in the retail trading market.
Forex is the largest market in the world, or so they say.What is clear is that the individual traders’ market is one of the largest markets in the world.
The number of traders is in the tens of millions. The vast majority of these traders use the MetaTrader 4 platform.I think I can safely say that it is the most widely used platform in the world for individual trading.
Aguideonhow touse MetaTrader 4
1: Firstly, set up your MetaTrader account
a) Download and install MT4
b) Fill in your account details.
2: Save your account details
a) Keep a safe record of account information so that you do not lose it. This is your bank vault!
b) Now you can create and access multiple accounts without exiting the program. And do not fail to remember to which account you are going to use before placing any trades and orders.
While you may want to go and start trading with a live account, we highly suggest that you start with a metatrader demo account. Why do we say that? Psychology. On a demo account, you don’t have anything to lose. Thus, you will trade differently versus a live account. Even if it takes you a little while longer than you thought to make your first few millions, we believe the wait is worth it. While you might not think so, we are sure many traders who have gone from demo to live will attest to this.
Ok – now it’s time to learn how to use it!
We knowthat the MT4 platform can look a little bit daunting.But don’t worry, it’s not as daunting as you think.
We’ll start with the basics – setting orders:
- Buy or sell via market execution
- Buy or sell via pending order
- Modify a trade after it has been entered
Quotes in MetaTrader 4 can be viewed through a window called “Market Watch”, which can be activated in different ways:
- Using the VIEW/Market Watch menu.
- By pressing the key combination Ctrl+M.
- By pressing the corresponding button on the toolbar.
What is: Stop Loss and Take Profit Orders?
Stop Loss
The Stop Loss is an order used to close a previously opened trade to limit losses. The Stop Loss determines the maximum level of loss you are willing to accept.When we are bought, the SL should be set below the current market price.When we are sold, the SL should be set above the current market price.
Take Profit
These are orders used to establish take profit levels and, therefore, the trade will be closed in positive if that level is reached.When we are bought, the price must be above the current market price.When we are sold, the price should be below the current market price.
Pending Orders
These are instructions for the automatic opening of a trade when a certain asset reaches a predetermined price level.They can be used to open both buy and sell trades. In MetaTrader 4 we distinguish four types of pending orders.
Buy Limit: An order to buy at a price lower (better) than the current market price.
Sell Limit: Order to sell at a price higher (better) than the current market price.
Buy Stop: An order to buy at a price higher (worse) than the current market price. Usually, orders of this type are placed waiting for the price of the asset to reach a certain level and continue to grow.
Sell Stop: An order to sell at a price lower (worse) than the current market price. Usually, orders of this type are placed in the expectation that the asset price will reach a certain level and continue to fall.
It is Time to Start Trading
Now that you have some knowledge about MetaTrader 4, it is time to get cracking and start trading on a demo as we recommended before committing your capital to it!
Don’t be afraid to use all the features offered by MetaTrader 4 platform as it will give an extra boost to your trading experience and help you trade with confidence.
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