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