MetaTrader 4 is mainly used for traders with different levels of experience. It also creates and tests strategies as well as the utilization of automated trading software and technical analysis. MT4 for desktop is a trading platform that was launched by MetaQuotes in 2005. Ever since this trading platform was launched, it gained the attention of the public and had a large number of users ever-since. Its immense popularity could be due to its user-friendly interface and a couple of tools that are useful for both beginners and experienced traders.
Starting a MetaTrader 4 Account
Before anything else, the first thing that needs to be considered is finding a reputable broker that will help you with your trades. Take note that you can only use an MT4 account if you have a broker that supports the use of MT4 as one of its trading platforms.
After finding the best broker suited for you, then you can start the downloading process by downloading the software directly from the website of the broker. Otherwise, you can also download the software directly from the official website of MT4. After downloading, follow the on-screen steps on how to install the software.
Using the MetaTrader 4
Don’t be afraid to download the software because MT4 has a user-friendly interface that can be divided into 6 areas equivalent to the different currency pairs chosen by the trader. The areas are as follows;
The Control Ribbon – this provides function performed in the MT4 trading platform.
The Toolbar – this area provides different functions, tools, and options for traders such as Timeframes, Line Studies, Charts, and General Commands.
The Market Watch – this area lets the trader open the currency chart that is used to see the chart window which is then used for technical analysis in addition to the specification, depth of market, tick chart, chart window, and option in opening a new order.
Navigator – in this area, traders are allowed to log in to various trading accounts. Additionally, you can test your strategies here before you use them in a live trading environment.
Terminal Window – this area is where you can see your open orders as well as your trading history, exposure, alerts, and messages.
Charts Workspace – this area displays various charts and where traders can perform a trading analysis.
Setting Up Charts in MetaTrader 4
Although there is a default chart provided by the MT 4 platform, you can use it in a couple of ways alongside other information and features. The appearance of the chart will depend on the information that traders like to see in their accounts.
Expert Advisors, Virtual Private Server, and Trading Signals
MetaTrader 4 provides the use of Expert Advisors (EA). These are robots that trade instead of the trader himself. They are following strict commands and parameters personally set by the trader.
Trading Signals is a built-in service of MT4. With the use of this feature, traders can copy the deals that are made by successful traders.
Virtual Private Server helps ensure that the traders will main uninterrupted when using EAs and other signal subscriptions.