The platform plays a significant role in trading, especially for beginners who need an understandable interface and straightforward functions. MetaTrader 4 is a great choice for both newcomers and professionals. If you have no experience working with it, learn how to trade with MT4 in the guide below.
What Is MetaTrader 4 Used For?
MetaTrader 4 is one of the most widespread platforms for trading that includes diverse styles. You can provide forex, commodities CFDs, indices, and cryptocurrencies trading; and all this is at the same application. People choose this platform because it allows traders to adjust their preferences quite easily. Also, you can automate the trading process to get more with less effort.
How to Install MT4?
You can download MT4 on the fbs.com website, which takes a few steps to follow.
- Open the installed file and follow the instructions;
- Launch the program, and the login window will appear. If you have a real or demo account, you can log in. If not, you can create one later.
- Now the application is ready to use. You can install it on the official MT4 site too.
Guide on Using the Tool
MetaTrader 4 has a lot of functions and requires some time to get accustomed to. This guide will help you to understand the main of them and get familiarized with the trading process in general.
Step 1: Log in or create an account
If you didn’t log in, you should do this because you won’t be able to start trading otherwise. By the way, you can create a live IG account when you have already run the application if you don’t have one.
Step 2: Make a new order
The trading process starts with creating a position. You should go to ‘Tools’ and press ‘New order.’ You can also press F9 on your computer for a faster launch. The order window will open further.
Step 3: Adjust the position settings
In this window, you should choose the details about the position. They include the market you want to trade in, the number of CFDs (if you trade CFDs), and comments. Here you should also set the stop loss or take profit. Then select the order type, which can be either instant execution or pending order.
Step 4: Monitor the position and close it
There is a terminal to monitor all your opened positions. Press ‘View’ and then ‘Terminal’ to see your orders. When you’re ready to close the position, you can do it here by pressing the small ‘x’ near it. You can also modify the stop loss and take profit in the terminal too.
Step 5: Price alert
MT4 allows you to set the price alert to get the notifications when the price reaches the particular value which you choose. Open the terminal and right-click in the alerts tab. Here you will see an option to create an alert, delete it, modify it, or turn it off for some time.
Step 7: View and download the reports
After trading for some time, you can look at your history and download the reports to analyze them. This function is also available in the terminal. There is an ‘account history’ tab where you can press the right button and see all history or set the date range you want. Here you can also save the report or a detailed one, which includes additional metrics.
MetaTrader 4: Extra features
Though now you know how to create a position and monitor it, MT4 provides many beneficial features you can use for trading. Among them are creating several positions at the same time and adjusting diverse custom indicators. MT4 also has streaming news and allows you to manage the history database. You may do the technical analysis with more than 50 charting tools and indicators.
MT4 for Profitable Trading
As you see, MetaTrader 4 has all the needed functions for trading CDFs, forex, cryptocurrencies, and many others. You need some time to feel more comfortable while trading with MT4 and gain the essential skills. The above guide is intended to help you achieve it faster. Try to trade on this platform and make this process more pleasant.