Can I Trade with Platform?
Gold MT5 Platform - MetaTrader 5 Software
The following screen-shot below shows the main MetaTrader 4 inter-face. As a beginner trying to learn how to execute orders in the online market, the main tool for transacting the market is the MetaTrader 4 platform software. This MetaTrader 4 platform is the software that you'll connect to your broker with & execute trade transactions and monitor your account balance from the MetaTrader 4.
The XAUUSD Meta Trader 4 platform software is provided for free through the various Gold broker websites. This MetaTrader 4 platform looks like the example below:
Main Areas of this MT4 software as illustrated above are:
- MT4 Navigation Menus
- Tool Bars
- MetaTrader 4 Chart Window
- MT4 Navigator Window
- MetaTrader 4 Market Watch Window
- MT4 Terminal
- MetaTrader 4 Connection Bars
For this MT4 lesson we shall look at a brief intro for each of these learn gold Meta Trader 4:
1. Navigation Menus
The MetaTrader 4 navigation menus are:
- File Menu
- View Menu
- Insert Menu
- Charts Menu
- Tools Menu
- Window Menu
- Help Menu
These are the main MetaTrader 4 navigation menus that can be used to navigate MT4. As a beginner you can start by clicking any of these MT4 navigation menus to familiarize yourself with the various MT4 buttons which are arranged as MT4 sub-menus within these MT4 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 MetaTrader 4 technical indicators, Meta Trader 4 line studies, change MT4 chart time frames & load MT4 template from a listing of saved MetaTrader 4 templates.
These MT4 tool bars will be discussed on other MT4 tutorials which will outline each MetaTrader 4 button key on this MetaTrader 4 tool-bar and how to add and customize these MT4 tool bars.
3. Chart Window
This MetaTrader 4 chart window is the main area where MetaTrader 4 charts are displayed & a trader can analyze the trend direction of a MT4 chart whether up/down, place MT4 chart indicators for technical analysis and even place orders from these MetaTrader 4 charts.
4. Navigator
MetaTrader 4 Navigator will contain data about MetaTrader 4 accounts, whether demo or real, this MT4 panel also will have a list of all the MetaTrader 4 indicators as well as MetaTrader 4 Expert-Advisors and scripts.
A trader can select which MetaTrader 4 account to sign-in by expanding the Accounts menu, choose an MT4 technical indicator by expanding the MT4 technical indicator menu or select an MT4 Expert-Advisor by expanding the Expert-Advisor menu.
5. MarketWatch
MetaTrader 4 Market watch is used to show streaming trading quotes for MetaTrader 4 quotes. This can list as many symbols provided by your Meta Trader 4 broker or a few selected by a trader. To save inter net bandwidth, 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 software and save on internet band width.
6. Terminal
This is MT4 window panel that's like the bank account trade area for your MetaTrader 4 trade transactions, on this MT4 window you can view your trading account balance, profit and losses statement, equity, margin used & also generate a copy of all your Meta Trader 4 trades history.
This MetaTrader 4 window will also list all open trade transactions & calculate all the profit & loss in real time as the gold currencies move up/down.
7. Connectivity Bar
Meta Trader 4 connection bars - Red bars are for no online connection, green bars show that there's connectivity to the servers & MetaTrader 4 trading orders can be opened. These MetaTrader 4 connection bars should always be green when one logged into their MT4 demo account or MetaTrader 4 live account.
These Meta Trader 4 software main sections form the MT4 software interface and will be the main areas to be covered in detail in next learn MT4 tutorials. For now it's best to download MT4 platform software and familiarize yourself with MetaTrader 4 inter-face.
Why Platform is Required for Opening Transactions with Brokers
Gold platform is the software which's used to access the market & analyze these market movements using charts and technical analysis tools. There are various reasons why one requires to use a good platform. A good 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 software that will connect to the servers of their broker and this will allow them to open and close trade orders. Good platforms will connect with ease to the brokers' servers & allow traders to place orders at any time from their desktop PC computer.
To analyze charts & currencies using trading analysis tools
To open a buy or sell gold order one needs to first analyze the direction of a trading symbol using charts. This is why all good softwares provide trade tools such as price charts, indicators & various different time frames from which one-can analyze price moves using the time frames of their choice.
From the above platform inter-face, the summary of all the info required by a trader is provided in this MetaTrader 4 software interface
- Connection - connection to the broker servers
- Charts - price graphs that show prices
- Tool-Bars - tool bars to add tools & technical analysis indicators on charts
- Market Watch - for displaying available financial instruments in MT4
- Data window - provides MT4 account data & other indicator data
- Exchange rates - shows current market price of a trading symbol
- Menu bar - Shows all menu items in the MT4
