Setting up CFD Practice Account and MetaTrader 4
Setting up Demo Practice Account and MT4 CFD Platform
To start cfds trading a beginner will need to set up a practice cfd account which they can practice trading cfd with before opening a real cfd account. A demo practice account commonly referred to as a demo cfd trading account is a cfd account provided by a broker so that a beginner trader can learn to execute cfds trades risk free and at the same time learn the cfds trading platform of the broker.
Learn CFD for Beginners
Before you learn the MT4 platform, you will need to download and install the MT4 cfds platform on your computer.
After downloading MT4 platform, you will need to log into your cfd demo practice account that you registered with your cfd broker. Register a practice cfd trading account. Once you log into your demo cfd account the MT4 cfds platform will look like the screen shot examples explained and illustrated below.
Explanation
Toolbars - MT4 toolbars are used to setup the cfd tools within the MT4 software
Market watch – Show cfd price quotes, cfd quotes of cfd trading instruments
Data Window Panel - Shows CFD Account Data
Charts panel - Shows cfd trading charts
Charts Tabs - Shows open cfd charts in tabs
Terminal - Shows Summary of cfd account balance and open trades
Connection - Shows if the trading platform software is connected to the broker or not
Exchange Rates - Shows chart cfd prices in the form of a graph and also the current cfd price on a cfd trading chart.
Now that as a beginner trader you know what each window of the cfd 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 – choose toolbars to view
Insert - Insert cfd tools such as cfd trend lines & other cfd chart indicators
Chart – Change CFDs Chart settings
Tools - Change MT4 cfds platform settings
Window - View a cfd chart window for any cfd instrument or for a different chart time frame
Help - Topics which explain the documentation of MetaTrader 4 software
Tool Bars
Toolbars are used for quick access to MT4 cfd tools. Each toolbar has a name that represents the types of cfd tools for that toolbar. As a trader you'll have to explore by clicking these buttons to learn what each cfd tool is used for. Generally, hovering the mouse pointer over a button will name what the button does.
You can also learn how to customize each toolbar on the cfd platform from the Learn CFD for Beginners
