With hundreds of thousands of users worldwide, the MT4 trading platform is the most popular among traders. And there are important reasons behind that. Having your MetaTrader4 set up properly is crucial if you intend to be a consistently profitable trader. If you are curious about how to do that you’ve come to the right place. This article will focus on a MetaTrader4 tutorial explaining how to master MetaTrader4 and particularly on how to trade Forex using MetaTrader4.
Why use the MetaTrader4?
Before we start with the MetaTrader4 tutorial, let’s see why you should use MetaTrader4.
MetaTrader is one of the oldest trading platforms suitable for any investor. It’s particularly important for you as a retail trader. Forex community is using this platform to exit and enter their trades. Of course, there are many other trading platforms out there, but regarding user-friendliness, nothing compares to MetaTrader4.
The most widely used trading platform globally, MetaTrader4, is acclaimed for its robustness and ease of use. Particularly suited to Forex trading, the MT4 platform is suitable for both novice and more experienced traders. Besides, it offers various powerful technical analysis charts indispensable for successful trading.
You can trade currency pairs such as EUR/USD, GBP/USD, USD/JPY on MT4, as well as many minor and exotic currency pairs.
When it comes to trading stock indexes, MT4 opens the doors to the main stock market indices, such as the DAX 30, the CAC 40, the Dow Jones, or nearly 20 cash indices and 3 Futures indices.
MT4 also allows you to trade in the commodities market, with gold and silver of course, but also metals and energy commodities. Finally, if you are looking to trade cryptos, it is also possible with MetaTrader4, which offers the main crypto-currencies, namely Bitcoin, Ether, Litecoin, Ripple, or even Bitcoin Cash.
However, beware that to trade live stocks in MT4, you need a newly opened MT4 account. You are not allowed to trade stocks from the same account you use for trading with other assets.
MetaTrader and its different versions are downloadable whatever your operating system is. Whether you trade on Mac or Windows, or even on mobile with iPhone or Android, you get the same functionalities. Here is the MetaTrader4 tutorial to help you get started.
MetaTrader4 Tutorial – How to Master MetaTrader4
How to open an account on MetaTrader4
An opening account on MetaTrader4 includes the following steps:
- Download MetaTrader4,
- Install MetaTrader4,
- Open a trading account with a stockbroker,
- Log in to MetaTrader4 with your credentials.
Nothing could be simpler than downloading MetaTrader4. Just click on the download link on your broker’s site.
Then, to install MetaTrader4, simply run the previously downloaded file and follow the installation wizard’s instructions. A shortcut for your MetaTrader will automatically be created on your desktop. To open MetaTrader4, you just need to double-click on this shortcut.
Once your platform is installed, your broker will provide you with various elements that you will use to connect, via email. These elements include your account identification number and the password for your account.
The next step to start your trading is to deposit funds in your trading account.
1. How to add funds to the MetaTrader4 account
You can simply deposit money on MetaTrader4 when you login into your account on the broker website you have previously chosen to execute your trades. Just select the deposit method, and then add the deposit amount.
Mind that you are not able to add deposits directly from the MetaTrader platform. You can deposit the money only via your online broker. To put funds on the trading account, do the following:
- Log in to your live account on your online broker’s website.
- Go to Deposit tab and click Deposit
- Choose a payment method and deposit the money on your account.
2. How to Trade Forex using MetaTrader4
If you are wondering how to trade Forex using MetaTrader, here are the steps to take.
Register on your MetaTrader account using the login details provided by your broker. If you forget them, check the email address you used while registering on the broker’s website and see the MetaTrader account’s login details. Once registered to the MetaTrader platform, you can start placing orders.
In general, the order is opened as follows:
- Go to “Tools” – “New order” in the program menu,
- Choose “Trading,”
- Click on “New order” at the top left of the MT4 platform,
- A window opens with the Buy and Sell buttons,
- Choose the batch size in the Volume section,
- Click the Buy or Sell button depending on the action you want to execute.
3. Setting Up Parameters in the Market Watch Window
The Market Watch Window is a table representing the quotes of the asset you want to trade. The window contains several fields representing the asset’s name, bid and ask field, and time field. There you can see the prices and time of their income from the broker’s server. Minimum and maximum values are determined based on the changes in price during the day.
Using the ‘’Volume’’ field is the next important step when placing a trading order. It allows you to determine the volume or the size of your trading position. There are three types of lots: micro, mini and standard lots. If you don’t have much trading experience, start with smaller lots and stick to it for every trade until you get enough confidence.
Setting up Trading Orders in MetaTrader4
“Stop-Loss” is a limit exchange rate at which the trade will be closed automatically if the price takes an unexpected direction. Therefore, stop loss shields you from possible losses since you will not lose more money than you have chosen as a stop loss. “Take profit” is the type of trading order with the purpose to automatically close the trade when the price reaches a specific level, meaning your profit target.
Market Orders and Pending Orders
“Type” field contains two types of trading orders which are market orders and pending orders. In case you go for a market order, your order will be opened at the current market rates. If you go for pending orders, the order will be set for the defined price in future. When you opt for the pending order, the trade will be executed automatically when the set price is reached.
To close order on MT4, the procedure is very intuitive. On the MT4 trading chart, a simple right-click on the red dotted line that indicates the entry-level will display the “Close” option. By selecting this option, you simply close your order.
The MetaTrader4 Trading Account History
All details of completed transactions and cancelled pending orders are available in the account history. The history contains details such as:
- The unique number of trades.
- The time when the trading position is opened.
- The amount of lots.
- The name of the asset.
- The price at which the position has been opened.