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 technical indicators available for MT4, which can be used to better predict the possible price movements in the market.
Understanding MetaTrader 4 and the economic indicators offered by the trading platform can be very helpful for beginner as well as experienced traders. Among the trading indicators offered by the platform are volume indicators, Bollinger Bands, Market Flow Index, Stochastic Oscillator, and many others.
Step 6: Place Your Trade
As we have already mentioned in this MT4 guide for beginners, this trading platform is very user-friendly and can be used very easily by anyone. Even if you are a complete beginner, you should not have any problem with using the platform.
The simplest way to trade Forex using MetaTrader 4 is to use the Order window and place an instant order on the market. In the order menu, you can choose the currency pair you want to trade, as well as the volume of your trade.
In addition, you can also set stop loss and take profit levels for an additional level of safety. In addition, you can also choose the type of execution you want to use.
As our guide to MT4 explained for beginners shows, placing orders is very easy at MT4. To make sure you understand exactly how it works, you can start trading with a demo version of the trading platform and open and close positions there.
Understanding MetaTrader 4 – Tips & Tricks
Although MetaTrader 4 is a very user-friendly trading platform and can be very beneficial for the beginner as well as experienced traders, knowing only the basics of the trading platform is not enough as it is very complex.
It is very important to understand all of the details of the MT4 as every single feature of the trading platform has its own purpose that you should know. We will discuss more the details of MT4 our MetaTrader 4 trading tutorial below.
One of the biggest advantages of MetaTrader 4 is that it offers traders a very good selection of customer time frames. Starting from 1 minute and going up to 1 month, you can put any timeframe, including 2-hour, 8-hour, or any other.
There are many reasons why different traders need different time frames. The thing is, the timeframe that works for long-term traders, might not be useful for scalpers. A lot depends on the trading style of a trader, and since MT4 offers so many different time frames, you can easily find the one that fits your needs the best.
Changing timeframes can be very useful for traders to get a better view of the market performance and better predict the possible changes in the market according to the historical data.
There are different types of MT4 templates available in the market, which are different types of pre-made sets of visual settings created to help traders. To access the templates in MT4, you should go to the File in the menu bar and select open the data folder. Then, you can browse to the template folder where you can see all the template files.
While using MetaTrader 4, you can simply modify your trades instead of closing them. To modify your positions, you have to simply right-click on the trade that you want to change and select “Modify or Delete Order”.
Then, you will fill in the stop loss and take profit fields with your desired levels, once you are done, simply click the Modify button. After this, you simply confirm your trade adjustments and it will be executed automatically.
As our MT4 beginners guide indicates, MT4 offers traders two major types of execution, they are Market Execution and Pending Order. Market execution is a type of execution in which you place an order and specify the volume. As for the bid/ask price, it is generated during the process of execution.
The Pending Order type is basically a commitment of the client to the broker to buy or sell an asset at a pre-defined price in the future. You can open both of these orders using MetaTrader 4.
What Did We Learn With This MT4 User Guide?
Our MT4 user guide showed that MT4 is a famous trading platform released in 2005.
MetaTrader 4 offers you access to numerous trading assets, very helpful trading indicators, and various chart types.
MT4 offers traders 2 types of orders, they are market execution and pending order.
MetaTrader 4 is very user-friendly both beginners and experienced traders can easily learn how it works.
MetaTrader 4 guide shows that using this trading platform is very popular around the world.
Common Questions On Using MetaTrader 4
What Can You Trade On MetaTrader 4?
MT4 offers traders access to numerous trading assets. Thanks to CFD trading, you can trade assets such as crypto, stocks, and many others. The availability of the trading assets also depends on the Forex broker that you are using.
Although there are different types of assets available on MT4, it was initially created with Forex trading in mind. Thus, it is mostly used by Forex traders.
How Do I Create A Trade On MetaTrader 4?
Opening a position on MT4 is very simple. Our guide to MetaTrader 4 for dummies shows that to open a position you should go to the order window, where you can place an instant order. Here, you can choose the currency pair you want to trade, the volume of your position, and do many other things.
How Do I Use MetaTrader 4 With Forex?
After downloading the MT4 and registering an account, all you have to do is to open the trading platform, log in, go to the order menu, choose the currency pair you want to trade, and open a position.