This is how to trade with MetaTrader 4

This is how to trade with MetaTrader 4

By Soko Directory Team / Posted on September 5, 2022 | 7:52

MetaTrader 4, also known as MT4, is one of the most popular trading platforms, along with its new cousin, MT5. In this article, we are going to see how you can trade using MT4. If you’ve never tried MT4 before, this will be a useful introduction to the platform, especially if you’re planning to try trading Forex or CFDs.

Download MT4

To start using MT4, you need to download it. MT4 is available for Windows, Mac and Linux. Many online brokers offer MT4 for PC, so check if the broker you are planning to use has a download link. The software is easy to configure if you are using a Windows PC. Download the file and follow the instructions on your screen. Mac users may find it a bit more tricky and users with 32-bit system will not be able to install MT4 on Mac.

MT4 can also be installed on a smartphone. The software is available for Android and iPhone.

Once you have installed the MT4 software on your device, you need to open a broker account. Once you have an account, enter the details into MT4 and login to start trading.

Make an exchange

Now that you’re logged in, it’s time to start trading. The easiest way to start is to use the ORDER window to open a transaction.

Forex traders can select a currency pair, enter a trade size, and then decide to buy or sell. The Market Execution feature allows traders to place an instant order. You can also set limits and buy/sell when the market hits a specific price, rather than executing an instant trade. If you don’t see the currency pair you want to trade, open the Symbols window and look for it there. Do this to search for all available trading instruments.

It is also very easy to use other trading instruments in MT4, such as CFDs, stocks and shares, indices and commodities.

Using Charts

MT4 comes with a default chart, which appears when you open the software and log in. However, different chart options are available, and many traders prefer to choose their own charts rather than sticking with the default one. If you decide to select another graph, click the appropriate icon in the toolbar; candlestick charts are one of the most popular options.

Graphics can be customized. If you like to see the same colors and styles every time, save your favorite chart as a template.

Trade Indicators

Use MT4 to set up trading indicators. MT4 comes with a set of basic indicators built in, but you can also install custom indicators if you prefer. Use the Navigator window to search for indicators.

Trading history

Your previous transactions are available through the terminal window and the Account History tab. This is useful if you want to analyze what worked and what didn’t. Use the terminal window to find the Trade tab, which will display your trading account balance.

MT4 has so many features that it will take some getting used to. Practice with a demo account until you feel comfortable with all the many features.

About the Soko Directory Team

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