How to Use MetaTrader step-by-step: MT4 Trading Platform

MetaQuotes, the brain behind developing software applications for brokers. They have been responsible for a number of popular products, from simple FX Charts platform to the renowned MetaTrader 4 & 5. Irrespective of your trading experience you would be hard-pressed to have not heard of MetaTrader. You can deactivate the mode at any time through the same procedure. Typically, placing orders in MetaTrader 4 is a 2-step process.

  • You can choose one of the best Forex robots that are presented on ForexStore, as we provide only the best systems for traders.
  • We begin this article by telling you all the details of installing MetaTrader 4 on different operating systems.
  • All securities and financial products or instruments transactions involve risks.
  • You can then go on and customize the colors of the background, foreground, up and down candles, and more.
  • The only thing you can do is change your broker to one in a different timezone.

Hover on the Account History tab found in the Terminal (red rectangle) to display and view all the details of the closed trades. In the image below, we closed the open trades, hence unshaded manually exited trades. We closed the positions through stop-loss and we shaded the take gains in red and green, respectively. Although it doesn’t display the profitability of the closed trades, you can see it under the Profit column.

Download the platform and try your hand at trading on a demo account

The good news is OspreyFX offers demo trading accounts meaning you can play around with MT4 without risking any capital. When you are ready neural network for xor to start trading, this can be done in the order window tab. At first, this may seem daunting, but the elements are very straightforward.

  • You might have to shorten some of these sounds, but it’s easy to do.
  • Then, go through the directory to find the instrument and period of time you want to refresh.
  • However, in such situations, there may be some gaps appearing in the chart data, which can be frustrating.
  • You can also place either a pending order or an instant execution, depending on what you want.

I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! There are many ways to get custom sound files, you can purchase them, download them for free, or create your own. Learn the process to change the default sounds, add your own, or mute them.

Add a Custom Sound

Trend trading is considered one of the most profitable Forex strategies. Correctly identifying trends is like catching the wind in your sails, which will lead you in the right direction. Traders need to learn how to predict the continuation and reversal of a trend because it is not so easy to catch a tailwind.

About Pending Orders

So, if you prefer to use your phone for forex trading, you’ll certainly be able to learn how to trade with MetaTrader 4 on Android. Learning how to use MetaTrader4 on Mac is not that easy, especially considering that the trading how to become a devops engineer in 2022-23 platform doesn’t work on the Catalina OS at the moment. On Windows, it’s quite easy to download and then install your MT4 platform. You just have to find the MetaTrader 4 file to download, and then you can run the .exe file.

How to use the Market Watch. Set up Stop Loss and Take Profit

The good news is that MetaTrader 4 is entirely free to download. You should also note that MetaTrader 4 is a safe, secure, and reliable app. Even though the app is safe, you will know that trading is not safe after learning how to use MetaTrader 4. Self-confessed Forex Geek spending my days researching and testing everything forex related.

They may give access to the MT4 web platform, however, the approved method is to learn the desktop platform first. The interface, including windows, charts, and indicators, is highly customizable. As shown in the image below, you can see the updated stop-loss and take profit levels (red rectangle). First off, you need to understand the foundation of assets analysis with indicators and order placement. You can do this through a bunch of technical indicators available.

How to Trade Metatrader 4 – Position Opening

It will give you a MetaTrader 4 guide on how to create your new EA. However, you can also use an existing EA instead of creating your own. There are many profitable Forex robots on the Market now.

The chart displays the trade instrument alongside many more pieces of information. The opening and closing levels are marked on the chart with tiny arrows, joined by dashed lines. If you hover the arrows with your mouse, the trade information will appear as tooltips over the trades.

Pips play an essential role in learning how to use MetaTrader 4. Executing a stop-loss or a take-profit order expresses the order levels in absolute market levels. After adding an order in this way, you can head over to the Trade tab in the Terminal window.

MetaTrader 4 forex trading

Manage your list of displayed symbols by pressing Symbols or just Hide, Hide All, or Show All of them. Check or uncheck options like Spread or High/Low to add or delete columns with crucial characteristics like spread, Bid and Ask prices, and so on. Additionally, you can save your trading history by clicking on Save as Report or Save as Detailed Report. This way, you have access to every detail that matters to you. This can be valuable trading information, such as prize, size, trade execution time, and profit and loss. This saves the report in an HTML format that opens in your web browser.

After logging in you can close it and return to this page. Follow the steps in this tutorial for a successful installation. If you have several accounts (e.g., live and demo), switching 1 minute simple and profitable forex scalping strategy pdf between them is a breeze. The mailbox is your line of real-time communication with the broker 24/7. The servers are powerful and can process tens of thousands of trades, all at once.

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