MT4 BTCUSD Trading Software Setup
If you want to learn how to set-up the MT4 platform this bitcoin lesson explains the cryptocurrency trading step by step guide on how to setup MT4 Bitcoin Trading Platform for beginners with examples.
The following screenshot below shows the main MT4 software inter-face. As a beginner bitcoin trader trying to learn how to execute orders in the online cryptocurrency market, the main tool for trading the btcusd trading market is the MT4 software software. This is the bitcoin software that you will connect to your crypto broker with & execute bitcoin transactions & monitor your trading account balance.
The MT4 platform for bitcoin trading is provided for free through the various bitcoin broker web sites. This MT4 software looks like the cryptocurrency trading example illustrated below:
Learn MT4 Crypto Trading Software - MetaTrader 4 Crypto Platform Setup - MT4 Crypto Trading Software Course for Beginner Traders
The Main Areas of this MetaTrader 4 software as shown above are:
- Navigation Menus
- Toolbars
- Chart Window
- Navigator
- Market Watch
- Terminal
- Connection Bars
For this MT4 Bitcoin Platform Setup tutorial we shall look at a brief introduction for each of these:
1. MetaTrader 4 Navigation Menus MT4 Crypto Platform Setup - MT4 Crypto Trading Software Course for Beginner Traders
The MT4 navigation menus are:
- File
- View
- Insert
- Charts
- Tools
- Window
- Help
These MetaTrader 4 menus are the main navigation menus which can be used to navigate the MT4 platform software. As a bitcoin beginner you can start by just clicking any of these MT4 platform navigation menus to familiarize yourself with the various buttons that are arranged as sub menus within these navigation menus.
These MetaTrader 4 platform navigation menus will be discussed in details in the next MT4 software setup tutorials about navigation menus.
2. MT4 Tool Bars MT4 Bitcoin Platform Setup - MetaTrader 4 Bitcoin Trading Software Course for Beginner Traders
The MT4 tool bars are used to manipulate charts, either by placing technical indicators, line studies, change time frames and load a template from a list of saved templates on the MT4 software.
These MetaTrader 4 tool bars will be discussed on other MT4 software setup tutorials that will outline each button on this tool bar and how to add and customize these MT4 tool bars.
3. MT4 Bitcoin Chart Window MT4 Crypto Platform Setup - MT4 Crypto Trading Software Course for Beginner Traders
MT4 Bitcoin Chart Window Panel is the main area where crypto charts are displayed & trader can analyze the bitcoin trend direction of a crypto instrument whether up or down, place cryptocurrency indicators for technical analysis and even place trading orders from these bitcoin charts.
4. MT4 Navigator MT4 Crypto Platform Setup - MT4 Crypto Trading Software Course for Beginner Traders
MT4 Navigator will contain information about cryptocurrency accounts, whether practice bitcoin trading account or real account, this window panel will also have a list of all MT4 crypto technical indicators as well as EAs and scripts.
A trader can select which trading account to login by expanding the Accounts menu, choose an technical indicator by expanding the indicator menu or choose an EA by expanding the EA menu.
4. MT4 Market Watch MT4 Crypto Platform Setup - MT4 Crypto Trading Software Course for Beginner Traders
MT4 Market watch is used to show streaming quotes for bitcoin crypto. This can list as many quotes provided by your crypto broker or a few chosen by a bitcoin trader. To save inter-net band width, right click inside the btcusd trading market watch window & select "Hide All", so that to hide the MT4 symbols that you are not transacting and save on inter-net band width.
6. MT4 Terminal MT4 Crypto Platform Setup - MT4 Crypto Trading Software Course for Beginner Traders
This is window panel that is like the bank account trade area for your bitcoin trades, on this panel you can view your balance, profit and losses statement, equity, margin used also retrieve a copy of all your cryptocurrency trades transactions history.
This will also list all open trades & calculate all the profit & loss in real-time as the bitcoin prices move upwards or downwards.
7. MT4 Connection Bar MT4 Crypto Platform Setup - MT4 Crypto Trading Software Course for Beginner Traders
Red bars are for no connection, green bars show that there is connection to the servers and trade orders can be placed. These MT4 connection bars should always be green when one logged into their demo bitcoin trading account or live account.
These main areas form the MT4 Platform Setup tutorial and will be the main areas to be covered in detail in next learn MT4 platform tutorials. For now it is best to download MetaTrader 4 platform & familiarize yourself with MT4 platform interface.
Why MT4 Bitcoin Software is Required for Placing Bitcoin Trade Transactions with Brokers
MT4 platform is the software that's used to access the btcusd market & interpret these bitcoin price movements using technical analysis. There are various reasons why a trader requires to use a good bitcoin trading platform. A good bitcoin software can determine if a as a trader you make profit or not.
So why does a trader need a good platform:
To connect to the Trading Server:
To place an order when trading online a trader needs to use a platform which will connect to the trading servers of their cryptocurrency broker and allow them to open and close trading orders. Good bitcoin platforms will connect with ease to the brokers' servers and allow traders to place trading orders at any time from their desktop computer PC.
To analyze crypto charts using technical analysis
To place buy or sell order a trader needs to first analyze the direction of bitcoin crypto. This is why all good bitcoin platforms provide technical tools such as bitcoin price charts, technical indicators & various different time frames from which trader can analyze bitcoin price moves using the chart time-frames of their choice.
MT4 Crypto Platform Setup - MT4 Crypto Trading Software Course for Beginner Traders
From above MT4 cryptocurrency platform inter-face, the summary of all data required by a trader is provided on this MT4 interface
- Connection - connection to the broker servers
- Charts - price charts which display bitcoin prices
- Tool bars - tool bars to add tools and technical analysis technical indicators
- Market Watch - for displaying available financial instruments
- Data window panel - provides account information and other technical indicator data
- Exchange rates - shows current market bitcoin price on a bitcoin chart
- Menu bar - Shows all menu items on the MT4 software
MT4 Crypto Platform Setup - MT4 Crypto Trading Software Course for Beginner Traders
