How Gold Market Platform Works?
Advanced Platform - How to Analyze The Market with Gold Software
The following screenshot below shows the main MetaTrader 4 platform interface. As a starter trader trying to learn how to execute orders in the online market, the main tool for trading the market is the MetaTrader 4 software software. This MT4 is the software that you will connect to your broker with & execute gold trades & monitor your account balance from the Meta Trader 4 platform.
The MetaTrader 4 platform is provided for free through the various Gold broker websites. This Meta Trader 4 platform looks like the examples below:
Main Areas of this MetaTrader 4 as displayed above are:
- MT4 Navigation Menus
- ToolBars
- MetaTrader 4 Chart Window
- MetaTrader 4 Navigator Window Panel
- MetaTrader 4 Market Watch Window Panel
- MetaTrader 4 Terminal
- MT4 Connection Bars
For this MetaTrader 4 tutorial we shall look at a brief introduction for each of these learn MT4 software:
1. Navigation Menus
The MetaTrader 4 navigation menus are:
- File Tab
- View Tab
- Insert Tab
- Charts Menu
- Tools Menu
- Window Tab
- Help Tab
These are the main MetaTrader 4 navigation menus that can be used to navigate MetaTrader 4 platform. As a beginner trader you can begin by clicking any of these MetaTrader 4 navigation menus to familiarize yourself with various MetaTrader 4 buttons which are arranged as MT4 sub-menus within these MetaTrader 4 navigation menus.
These MT4 navigation menus will be covered in details in the next MT4 lessons about navigation menus.
2. ToolBars
The MetaTrader 4 toolbars are used to manipulate MT4 charts, either by placing MetaTrader 4 indicators, MT4 line studies, change MT4 timeframes and load MT4 template from a list of saved MetaTrader 4 templates.
These MT4 tool bars will be discussed on other MetaTrader 4 tutorials which will outline each MetaTrader 4 button on this MT4 tool bar & how to add and customize these MT4 toolbars.
3. Chart Panel
This Meta Trader 4 chart panel is the main area where MetaTrader 4 charts are highlighted & one can analyze the market trend direction of a Meta Trader 4 chart whether up or down, place MT4 chart indicators for analysis and even place orders from these MT4 charts.
4. Navigator
Meta Trader 4 Navigator will contain information about MetaTrader 4 accounts, whether practice or real, this MT4 window also will have a listing of all the MetaTrader 4 indicators as well as MT4 Expert Advisors and scripts.
A trader can select which MT4 account to sign-in by expanding the Accounts menu, select an MetaTrader 4 indicator by expanding the MetaTrader 4 indicator menu or choose an MetaTrader 4 Expert Advisor by expanding the Automated EA menu.
5. Market-Watch
MT4 Market watch is used to show streaming trading quotes for MT4 quotes. This can list as many quotes provided by your MetaTrader 4 broker or a few chosen by a trader. To save internet band width, right click inside MetaTrader 4 market watch panel and choose 'Hide All', to hide the currencies that you are not transacting on this MT4 and save on internet band width.
6. Terminal
This is the MetaTrader 4 panel that is like the bank account trade area for your MT4 trades, on this MetaTrader 4 window you can view your account balance, profit & losses statement, equity, margin used and also to retrieve a copy of all your MT4 trade transactions history.
This MT4 panel will also list all open trades & calculate all the profit & loss in real time as the gold currencies move upward or downward.
7. Connectivity Bar
Meta Trader 4 connection bars - Red bars are for no online connectivity, green bars show that there is connection to the servers & MT4 trading orders can be set. These MetaTrader 4 connection bars should always be green when one logged into their MetaTrader 4 demo trading account or MT4 real account.
These MT4 platform main areas form the MT4 software interface and will be the main areas to be covered in detail in next learn MT4 tutorials. For now it is best to download MT4 software and familiarize yourself with MetaTrader 4 platform interface.
Why Gold Software is Required for Placing Transactions with Brokers
Gold platform is the software which is used to access the market & analyze these market movements using charts and gold analysis tools. There are various reasons why one requires to use a good trading platform. A good gold software can determine if a as a trader you make profit or not.
So why does a trader need a good Software:
To connect to the Broker Server:
To place a trade order a trader needs to use a gold software that will connect to the trading servers of their broker & this will allow them to open & close trade orders. Good trading softwares will connect with ease to the online brokers' servers and allow gold traders to place orders at any time from their desktop PC computer.
To analyze charts and currencies using analysis trading tools
To place a buy or sell order a trader needs to first interpret the direction of a symbol using charts. This is why all good platforms provide trading technical tools such as price charts, indicators & various different chart time frames from which one-can analyze price moves using the chart timeframes of their choice.
From the above platform interface, the summary of all information required by a trader is provided on this MetaTrader 4 platform interface
- Connection - connection to the broker servers
- Charts - price graphs that display gold prices
- ToolBars - tool-bars to add tools & analysis indicators on charts
- Market Watch - for displaying available instruments on MetaTrader 4
- Data window - provides MT4 account information and other indicator data
- Exchange rates - highlights prevailing market price of a trading symbol
- Menu bar - Shows all menu items on MT4 platform
