Can I Trade with Software?

Gold MT5 Platform - MetaTrader 5 Software

The following screen-shot below shows the main MetaTrader 4 inter-face. As a beginner trader trying to learn how to execute trading orders in the online trading market, the main tool for trading the market is the MetaTrader 4 platform software. This MetaTrader 4 platform is the trading 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 free through the different Gold broker web sites. This MetaTrader 4 platform looks like the example below:

Main Areas of this MT4 software as illustrated above are:

1. MT4 Navigation Menus
2. Tool Bars
3. MetaTrader 4 Chart Window
4. MT4 Navigator Window
5. MetaTrader 4 MarketWatch Window
6. MT4 Terminal
7. 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 navigating menus are:

1. File Menu
2. View Menu
3. Insert Menu
4. Charts Menu
5. Tools Menu
6. Window Menu
7. 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 navigating menus to familiarize yourself with different MT4 buttons which are arranged as MT4 submenus within these MT4 navigating menus.

These MetaTrader 4 navigation menus will be discussed and covered in details in the next MetaTrader 4 guides about navigating menus.

2. Tool Bars

The MT4 tool bars are used to manipulate MetaTrader 4 charts, either by placing MetaTrader 4 technical indicators, MT4 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 xauusd trader can analyze the trend direction of a MT4 chart whether up/down, place MT4 chart technical indicators for trading 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 trading indicators as well as MetaTrader 4 EAs and scripts.

A trader can select which MetaTrader 4 trading account to sign in by expanding the Trading 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 MetaTrader 4 online broker or a few chosen by a gold trader. To save internet band-width, right-click inside MetaTrader 4 market watch 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 that's like the bank trading account trade area for your MetaTrader 4 trade transactions, on this MT4 panel window you can view your trading account balance, profit and losses statement, equity, margin used & also generate a copy of all your MetaTrader 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 levels to be covered in detail in next learn MT4 tutorials. For now it is best to download MT4 platform software and accustom yourself with MetaTrader 4 inter-face.

Why Platform Software is Required for Opening Transactions with Online Brokers

Gold platform is the software which's used to access the market & analyze these market movements using charts and trading analysis tools. There are different reasons why one requires to use a good platform. A good software can determine if a as a gold trader you earn profit or not.

So why does a xauusd trader need a good Platform:

To connect to the Online 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 & trading analysis technical indicators on the charts
• Market Watch - for displaying available financial instruments in MT4
• Data window - provides MT4 account data & other technical indicator data
• Exchange rates - displays ruling market price of a trading symbol
• Menu bar - Shows all menu items in the MT4

Get More Lessons:

• Bollinger Band & Gold Volatility, Analyzing High Low Volatility XAU USD Markets using Bollinger Band
• Transforming Your XAU/USD Psychology & Mindset When Trading
• MetaTrader 4 Draw XAU USD Trend-line Trading Tools
• How to Analyze XAUUSD Patterns Tutorial Guide for Beginner Traders
• What's GBPSGD Spreads?
• How to Find NETH 25 on MT5 PC
• Economic Reports Market Movers in Gold
• How to Learn XAUUSD Platforms for PC
• Dow Jones 30 MetaTrader 4 Dow Jones Name on MT4 Platform
• Trade Gold MetaTrader 5 Trading Software