How To Trade Forex With MetaTrader4?

The MetaTrader 4 trading platform is a powerful tool for any trader looking to enter the financial markets. It’s not just about its impressive features and extensive range of customizable indicators, but also its user-friendly interface that sets it apart from other trading platforms.

One of MetaTrader 4’s distinctive characteristics is its support for three different trade execution modes, which makes it simpler for traders to execute trades quickly and accurately. It also offers a trailing stop feature and a number of order types, including market, pending, and stop orders.

Nevertheless, what truly sets MT4 apart is its integrated tick chart feature, which enables traders to precisely pinpoint their entry and exit positions. It is a favourite of both experienced and novice traders since traders can easily send trading orders straight from the chart with only a few clicks.

Furthermore, essentially all reputable brokers offer MT4 as their trading platform, creating a sizable community of traders and brokers, all of whom have unique perspectives on using the platform. With trading MT4 platform, traders have the opportunity to hedge and multi-hedge without the requirement for plugins or workarounds. Moreover, MT4 is much easier for traders to use on desktops or iOS and Android smartphones without compromising efficiency as it requires substantially less Memory than MT5.

Installation And Set-Up Of The MT4 Trading Platform

The MT4 trading platform could look intimidating at first, but it is simple to install and set up the platform. You will be directed through a simple installation process after metatrader 4 download. If necessary, you may alter the programme group name and destination folder in the installation window. The MT4 forex trading platform will load immediately upon installation.

You will get an email with your demo account number, password, and server to use if you acquired the platform straight from your broker. To use the platform, choose the demo server from the list and click Next.

You will be requested to provide your account credentials after choosing the server. To ensure that the platform remembers your login information for subsequent uses, make sure that the Save Password box is ticked.

You may begin trading as soon as you have entered your account information. \ You can customise the platform’s interface, add technical analysis tools, and execute trades with ease.

Different Sections In MT4 Trading Platform

The platform is simple to use and has a wealth of tools that assist traders in doing technical analysis, managing their portfolios, and making trades. There are several sections, each with a unique set of features.

Menu: All MT4 activities are available under the Menu area, which also gives traders access to a number of tools and choices.

Toolbar: Another portion of the platform is called the Toolbar, and it provides some of the most often-used features including changing the timeline, using the main technical tools, zooming, and altering the look of the charts. Traders may completely customise this area and change the layout to their taste.

Market Watch: Traders can examine a list of available assets and choose to display a tick chart in the Market Watch section. Also, traders may choose which assets to show and have access to all information, including swap rates for overnight holdings.

Navigator: Access to indicators, installed EAs, and scripts are all available under the Navigator area. Moreover, account details like trade, exposure, and account history are also shown.

Terminal: Traders may manage their open positions, check their account balance, and access streaming market-related information and events in the Terminal area. Traders can explore third-party add-ons in the Market area to hone their trading techniques.

Chart Workspace: The Chart Workspace is your go-to area for performing technical analysis on the MT4 platform. The most of your time will be spent here examining market trends, seeing patterns, and choosing which trades to make. The best part of this section is how entirely customizable it is, letting you design a unique workspace that meets your requirements and preferences.

Here are some suggestions to help you improve your user experience and get the most out of the Chart Workspace. To optimise the space in the Chart Workspace, start by adjusting the Toolbar.

The Toolbar has two rows by default, but you can easily slide the bottom two parts and place them on the same level as the top two to expand the Chart Workspace.
Closing the Navigator section is another approach to organise your workspace, especially if you just have one account open. The Navigator icon on the Toolbar may be clicked to always bring it back up. You’ll have more space to concentrate on your charts and technical analysis if you close the Navigator.
As you work with the Market Watch section, you may notice that the asset list is limited. But, you may expand the list by selecting “Show All” from the context menu when you right-click anywhere inside the Market Watch. As a result, you will have additional possibilities for your technical analysis. This will display all accessible assets.

Lastly, you may click the “Trade” option in the Terminal area to keep track of your account balance and open trades. You may manage your open positions in this section as well as access market news and events and examine your account history. These suggestions will help you organise your workspace on the MT4 platform so that you can make more intelligent trading decisions and eventually enhance your trading success.

How To Trade On Metatrader 4 With Indicators?

Adding indicators to MT4 is a simple process that can be done in just a few steps. First, navigate to the “Open Data Folder” option under the “File” menu in the upper left corner. From there, locate the “MQL4” folder and then the “Indicators” folder. Drag and drop the desired indicators into this folder and close the folder windows.

To apply the indicator to a chart, open the chart and navigate to the “Insert” option in the toolbar at the top of the platform. From there, select “Indicators” and then “Custom” if the indicator is custom-made. Choose the chosen indicator and, if required, customise any settings in the “Common” tab. Also, make sure that “Allow DLL Imports” is ticked. The indicator will show up on the chart once you click “Ok.”

It is important to remember that indicators should not be used in isolation and should always be considered in the context of other market factors.

Placing Trade Orders In MT4

Forex traders frequently use the MetaTrader 4 for placing orders, which is an important part of trading. Regardless of your level of experience with forex trading, setting orders in MT4 is a simple task. You have the option of pending orders or immediate execution. You must first open the order window in order to place an order on MT4. There are various ways to do this, including hitting F9 key, right-clicking the pair you want to trade in the market watch window, double-clicking the pair in the market window, or right-clicking the chart of the pair you want to trade and selecting “trading.”

You can opt to place a market order or a pending order once the order window is open. A pending order is executed when specific criteria are satisfied, as opposed to a market order, which is executed at the current market price. You may choose the trade’s volume and, if you’d like, add take profit and stop loss orders.
You must select the pending order type (buy limit, sell limit, buy stop, or sell stop), the price at which you wish the order to be executed, and, if desired, the expiration date before you may create a pending order.

After providing all the necessary details, place your order by clicking the “buy” or “sell” option. A confirmation box will then appear, notifying you that the request has been fulfilled and under what conditions. You can see your position in the terminal window.
That’s it!


How can I withdraw money from MetaTrader 4?

MetaTrader 4 does not include a function for deposit or withdrawal of funds. If you want to withdraw money, you can do it through your brokerage account by submitting a withdrawal request.

When should beginners switch to a MetaTrader4 live account?

It is advised to start with a demo account if you are new to trading in order to prevent making significant errors. Once the platform is installed, spend some time clicking, hovering, adjusting, and modifying anything to get comfortable with the features. You can switch to a live version of the platform once you are acquainted with its features.

What is a MetaTrader4 demo account?

For new traders to practise using the platform, MetaTrader 4 offers a demo account that simulates trading. You may manage portfolios, adjust charts, make orders, and back-test trading techniques using the demo account. Also, it is helpful for performance testing and ranking new Expert Advisors while they are still in the design phase.