How to Use MT4 Review
The following screen-shot below shows the main MT4 interface showing what is a MT4 platform. As a beginner trader trying to learn how to execute cfd orders in the online cfd market, the main tool for trading the cfd market is the MetaTrader 4 platform software. This How to Use MT4 Review Tutorial for CFD Trading Beginners will explain how you can use this MT4 cfd software to connect to your MT4 cfd broker and execute cfd transactions and monitor your cfd account balance from this MT4 cfds platform that you will download from online MT4 brokers.
The MetaTrader 4 CFD Software is provided for free through the various cfd broker websites. This cfd software looks like the cfd examples explained & illustrated below:
Introduction to MT4 Platform Interface - MT4 Introduction Tutorial
Main Areas of this MT4 cfds platform 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 the MT4 cfd software. As a beginner 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. Tool-Bars
The MetaTrader 4 tool bars are used to manipulate cfd charts, either by placing cfd chart indicators, line studies, change cfd chart timeframes and load a cfd MT4 template from a list of saved chart templates.
These MT4 tool bars will be discussed on other MT4 Introduction Tutorials which will outline each button on this MT4 tool bar and explain how to add MT4 cfd chart tool bars and how to customize MT4 cfd chart tool bars.
3. Chart Panel
This is the main area where cfd charts are displayed & a trader can analyze the cfd trend direction of a cfd chart whether up or down, place cfd chart indicators for technical analysis and even place cfd orders from these cfd price charts.
4. Navigator
Navigator window panel will contain data about cfd accounts, whether demo cfd account or real account, this window will also have a list of all the MT4 technical indicators as well as EAs & scripts.
A trader can select which cfd account to login by expanding the Accounts menu, choose an indicator by expanding the cfd indicator menu or choose an Expert Advisor by expanding the cfd Expert Advisor menu.
5. Market Watch
Market watch is used to show streaming cfd quotes for cfd instruments. This can list as many cfd quotes provided by your cfd broker or a few selected by a trader on the MT4 platform. To save internet bandwidth, right click inside the cfd market watch window and select "Hide All", so as to hide the cfd instruments that you are not trading & save on internet band width.
6. Terminal
This is window that is like the bank account trade area for your cfd trade transactions, on this MT4 window you can view your cfd account balance, profit & losses statement, equity, margin used also retrieve a copy of all your cfd trade transactions history.
This will also list all open cfd trade transactions and calculate all the profit & loss in real-time as the cfd instruments cfd prices move upward or downwards.
7. Connection Bar
MT4 connection bars on MT4 status bar - Red bars are for no connection, green bars show that there is connection to the broker servers & cfd trade orders can be placed. These MT4 connection bars should always be green when one logged into their demo cfd account or live cfd 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 CFD Guides. For now it is best to download MT4 software and familiarize yourself with MT4 software interface.
Why CFD Platform is Required for Placing CFD Trade Transactions with Brokers
Cfds trading platform is software that is used to access the cfd market & analyze these cfd price movements using cfd charts and technical analysis trading tools. 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 when trading using the platform.
So why does a trader need a good CFDs platform:
To connect to the CFD Broker Trading Server:
To place a cfd trade order a trader needs to use a cfd platform that will connect to the trading servers of their cfd broker and allow them to open and close trade orders. Good cfd platforms will connect with ease to the brokers' servers & allow cfds traders to place cfd orders at any time from their desktop computer.
To analyze cfd charts using charts and cfd trading analysis tools
To place a buy or sell cfd order a trader needs to first analyze the direction of a cfd. This is why all good cfd platforms provide cfd price charts and cfd technical analysis tools such as, cfd indicators & various different chart timeframes from which trader can analyze cfd price moves using the cfds chart time frames of their choice.
MT4 CFD Platform Introduction Guide
From above MetaTrader 4 cfds 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 which display cfd prices movements
- Tool bars - chart tool-bars to add tools & technical analysis technical indicators
- Market Watch - for displaying available financial instruments
- Data window - provides cfd account information & 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
