Trade Bitcoin Trading

Bitcoin for Beginner Traders

Setting up Demo Trading Account and MetaTrader 4 Bitcoin Software

If someone new wants to trade bitcoin, they should first create a practice account, which will let them try out trading before they use a real cryptocurrency account. A practice trading account, sometimes called a demo account, is a bitcoin account given by a broker so that someone new to cryptocurrency trading can learn how to make trades without risk and also learn how the broker's bitcoin platform works.

Learn Bitcoin for New Traders

Install MetaTrader 4 on your PC first. Then you can start learning the crypto platform.

After downloading MetaTrader 4 software, you'll need to log into your trading practice demo account that you registered with your broker. Register a practice cryptocurrency account. Once you as a trader log into your demo account the MetaTrader 4 software will look like the screen-shot example illustrated below.

Explanation

Tool Bars - MT4 toolbars are used to setup the bitcoin trading tools within the MetaTrader 4 software

Market watch - Show bitcoin price quotes, quotes of instruments

Data Panel - Shows Bitcoin Account Data

Charts panel - Shows bitcoin charts

Charts Tabs - Shows open charts in tabs

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

Connection - Shows if the software platform is linked to the online broker or not

Exchange Rates - Shows prices for cryptocurrency chart bitcoin in the form of a chart & also shows the current bitcoin price on a bitcoin chart.

Now that as a beginner btcusd trader you know what each window of the bitcoin platform represents, let’s look at the charts tool-bar that is mostly used when trading with the MetaTrader 4 software.

On the Navigation Menu there are various different Tabs

Menu Bar

File - Open an account, Log in account

View - select toolbars to view

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

BTC/USD Crypto Chart - Change Bitcoin Chart settings

Tools - Change MetaTrader 4 software settings

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

Help - Tutorials which explain the documentation of MT4 software

Tool-Bars

Toolbars give you fast access to MT4 bitcoin trading tools. Each toolbar has a name that tells you what kind of bitcoin trading tools are in that toolbar. As a trader, you should try clicking these buttons to learn what each bitcoin tool does. Usually, if you hover your mouse over a button, it will tell you what that button does.

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

MT4 Bitcoin Software Tutorial.

Learn More Tutorials & Lessons:

Bitcoin Broker