MetaTrader 4 Beginner’s Guide

MetaTrader 4 is a Forex trading platform
It was released in 2005 by MetaQuotes software company
MT4 offers traders access to numerous trading assets
To make trading easier, you can use different timeframes, indicators, chart types, etc

MetaTrader 4 Tutorial - Step By Step (With Pictures)

MetaTrader 4 Explained: MetaTrader 4 is a famous Forex trading platform released in 2005 MetaTrader 4, known as MT4, is a famous Forex trading platform developed by MetaQuotes. MetaTrader 4 was released in 2005, and since then, it has become one of the most popular trading platforms around the world. MT4 has forever changed the way people trade Forex. Using MetaTrader 4 is not hard. Although this trading platform offers some very complex features, it is still very user-friendly and straightforward. In most cases, MetaTrader 4 is used for Forex and CFD trading. It offers traders numerous trading assets and different timeframes, chart types, and very helpful trading indicators. MT4 is very easily customizable and can be used by traders according to their needs and wants. The platform usually comes in two different forms. They are live and demo. Both of the types are very similar to each other, the only difference being the money used. Demo trading can benefit beginner traders who want to get used to the way the trading platform works. Numerous Forex brokers around the world offer traders access to the MetaTrader 4 trading platform. MetaTrader 4 is one of the most frequently trading platforms around the world. Below, you can see the EUR/USD chart on MT4.

Step 1: Register

In this beginners guide to MetaTrader 4, we have decided to focus on every little detail about the trading platform. One of the most important things that traders have to do to use this platform is to register with one of the brokers that offer access to the MetaTrader 4 platform. You will be able to have access to the trading platform from the Forex broker website. The registration process can be very different with brokers around the world. However, in most cases, it is very similar. In most cases, traders have to provide basic information about themselves, such as name, last name, phone number, location, and so on. Also, because the majority of Forex brokers follow the KYC policy, you might need to provide different types of documentation to prove your identity. You can also get the trading platform directly from the website of MetaQuotes and use the demo version of the platform without much struggle.

Step 2: Download & Install

Our MetaTrader 4 tutorial for beginners shows that downloading and installing the MetaTrader 4 platform is very easy. All you have to do is to go to the website of the Forex broker that you are using, choose MetaTrader 4 as your trading platform, and download it. After downloading, the installation is very easy and takes only a few minutes. However, keep in mind that the MetaTrader 4 is not officially available on Mac devices. While there is an official mobile version available for iOS devices, MetaQuotes does not offer a trading platform for Mac OS devices. However, in most cases, the majority of Forex brokers offer versions of MetaTrader 4 created specifically for Mac devices, which means that you should not have a problem using the platform on Mac OS devices. After you download the trading platform, all you have to do is to follow very simple steps and the platform will be installed on your device in a couple of minutes.

Step 3: Login & Navigation

How to log in MT4 explained for dummies is very simple. All you have to do is to open the trading platform, go to files, choose a login and use your account details. You also might be asked which server you want to use, live or demo, and you can choose the one you want to.

In most cases, you can use the same account credentials for both demo and live accounts. However, in the case of some Forex brokers, you might need to create separate accounts for demo and live trading. Once you log in to your account, you will be able to use the Forex trading platform and every type of service that it offers. One of the most important things that make MetaTrader 4 so popular among traders around the world is the easy-to-use nature that it offers to traders. Once you first open the trading platform, you see 4 charts of different currency pairs. These mostly are the major currency pairs and you can easily see how it looks. Navigating through the trading platform is very easy. You can do everything in just a few clicks, and the trading platform is very intuitive. Once you decide which currency pair you want to trade, you can look for it in Marketwatch. By right-clicking the currency pair, you can open up a chart for it. You can set the timeframes as well as choose which type of chart you want to use for the currency pair directly on the chart. You can also add different types of indicators very easily.

Step 4: Set Up Your Charts

Once you have added a chart for a certain currency pair that you want to trade, as we have already said in this MetaTrader 4 beginners guide, you can easily choose which type of chart you want to use. In most cases, you should be able to use different types of charts while using MetaTrader 4. Available chart types on MT4 include bar charts, line charts, mountain charts, candlestick charts, as well as Heiken Ashi, and many others. Once you decide which type of chart you want to use and open it in the trading platform, you can further customize the chart according to your needs. You can add different types of indicators to the chart, as well as use numerous timeframes to make using it much easier. To close the chart that you have opened on the MT4 platform, all you have to do is to click ‘x’ in the right corner of the chart. You can also change the size of the chart by dragging the different sides of the chart. You can also open a full-screen version of the chart.

Step 5: Set Up Your Indicators

Among the best MetaTrader tips for beginners is to use the indicators that MT4 has to offer. This trading platform is known for offering traders various types of indicators. In total, there are over 40 trading indicators available at MetaTrader 4, which makes trading a lot easier. However, keep in mind that the availability of the trading indicators depends on the broker that you are using. In most cases, Forex brokers offer traders their own versions of MT4, and not all of them include indicators. However, you do not have to worry. Finding different types of indicators is very easy online. There are many traders who have created indicators according to their own needs. Some of them sell these indicators, however, there also are many of them available for free download. You can even make your own custom trading indicators if you want to. Adding the trading indicators to your charts is very easy. All you have to do is to go to the indicators, find the one that you want to use, right-click it and choose to apply it to the chart. There are numerous techni