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