May 28 2021 0
You must immediately read this MT4 software manual if you do not know how to trade on it. That's because MetaTrader 4, or MT4 for short, is the most used forex trading software on the market. To join this vibrant and powerful community of traders, learn how to use MT4 trading platform in this article now.
Step 1: Set up the MT4 platform
First thing, you have to download the MetaTrader 4 software to your device. When the download is finished, you should run that .exe file to install the MT4 platform on your device. The installation should be quick and simple. MetaTrader 4 is available on all operating systems including Mac, Windows, Android and iOS.
After installing the platform, you will need to enter your account details. If the login screen does not automatically show up, simply navigate to the "File" tab in the top left corner and click on "Login to Trading Account".
Step 2: Place a trading order
Placing trades in MT4 is really easy. All you need to do is select the currency pair you want to trade in the "Window" tab and click "New Window". Then, click the “New Order” button on the toolbar or press F9.
In the image below you can see the “Order” window for trading the EUR/USD pair. As the picture above clearly shows, you will find buying and selling a currency pair pretty simple on the MetaTrader 4 software. You just need to enter the order size details in the “Volume” box and click Sell or Buy. Remember to choose “Market Execution” for the order you entered.
Selecting the market execution order type will allow you to place orders instantly within the MT4 platform. Alternatively, you can place a trade using a limit order or a stop order by changing your order type. This will allow you to execute trades at specific levels, while Market Execution will trade the asset instantly at its current price.
Step 3: How to exit an order
Closing a trade on MT4 is also very easy. First, you just need to find the 'Trade' tab on the 'Terminal' window or press CTRL+T and it will pop up for you to close the order.
In the Trade tab, you can see all the trades that are currently open. To close them, right click on the desired trade and click on ‘Close Order’ and click the yellow “Close” button next to it to close that order.
Note: Place Stop Loss order on MT4
When placing a trade order in the Order' window, you can enter the Stop Loss and Take Profit levels in the respective fields. To see the current price of your trading asset in the market, you just need to click on one of the arrows in the Stop Loss area. Remember that the platform uses the prices it offers. If you look at the tick chart on the left you will be able to see the relationship between the desired stop loss and the current bid.
In summary, although this article has covered some of the basics of trading with the MetaTrader 4 software, the best way to learn the platform is to spend as much time as possible practicing. If you are new to MT4 trading and software, I recommend you to start learning the platform on a Demo Account as you will not be risking any real capital.
What is a Demo Account?
Demo accounts are free accounts that forex brokers offer to their clients so that they can experience the trading conditions on the platform for free. When opening a demo account, they will have a certain amount of money in the account (virtual money) for you to freely trade for a certain period of time (depending on each broker).
You can also use a demo account to practice trading strategies without fear of losing your capital or anything else. Check out the list of forex brokers with the best demo accounts here.
MetaTrader 4 is the best and most popular type of trading platform in the forex market. Read our guide on how to use MT4 software for beginners to get a handle on the most powerful tool in the forex trading world.