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