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