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