Bitcoin Trading for Beginner Traders

Setting up Demo Practice Account and MT4 Bitcoin Trading Platform

To start bitcoin trading a beginner will need to set up a practice bitcoin trading account which they can practice bitcoin trading with before opening a real cryptocurrency trading account. A practice account commonly referred to as a demo cryptocurrency trading account is a bitcoin trading account provided by a crypto broker so that a cryptocurrency beginner trader can learn to execute cryptocurrency trades risk free and at the same time learn the bitcoin trading platform of the broker.

Learn Bitcoin Trading for Beginner Traders

Before you learn the cryptocurrency MT4 platform, you will need to download and install the MT4 platform on your computer.

After downloading MT4 platform, you will need to log into your cryptocurrency trading demo practice account that you registered with your cryptocurrency trading broker. Register a practice cryptocurrency trading account. Once you log into your demo cryptocurrency trading account the MT4 platform will look like the screen shot example illustrated below.

Explanation

Toolbars - MT4 toolbars are used to setup the bitcoin trading tools within the MT4 platform

Market watch - Show bitcoin price quotes, cryptocurrency quotes of crypto trading instruments

Data Window - Shows Bitcoin Trading Account Data

Charts panel - Shows bitcoin charts

Charts Tabs - Shows open crypto charts in tabs

Terminal - Shows Summary of bitcoin trading account balance & open trades

Connection - Shows if the trading platform software is connected to the crypto broker or not

Exchange Rates - Shows cryptocurrency chart bitcoin prices in the form of a graph and also the current bitcoin price on a bitcoin chart.

Now that as a beginner bitcoin trader you know what each window of the bitcoin platform represents, let’s look at the charts toolbar that is mostly used when trading with the MT4 software.

On the charts Navigation Menu there are various Tabs

Menu Bar

File - Open an account, Log into account

View - select toolbars to view

Insert - Insert bitcoin trading tools such as bitcoin trend lines and other cryptocurrency chart indicators

BTCUSD Trading Chart - Change Bitcoin Chart settings

Tools - Change MT4 platform settings

Window Panel - View a cryptocurrency chart window for any bitcoin instrument or for a different chart timeframe

Help - Topics which explain the documentation of MetaTrader 4 platform

Tool Bars

Toolbars are used for quick access to MT4 bitcoin trading tools. Each toolbar has a name that represents the types of bitcoin trading tools for that toolbar. As a trader you'll have to explore by clicking these button keys to learn what each bitcoin tool is used for. Generally, hovering the mouse pointer over a button will name what the button key does.

You can also learn how to customize each tool bar on the bitcoin trading platform from the Learn Bitcoin Trading for Beginner Traders

MetaTrader 4 Bitcoin Platform Tutorial.