Trade Forex Trading

Setting up Demo Account and MetaTrader 4

Setting up Demo Account and MT4 Software

New traders should open a demo account for gold before going live. They can practice trades there with no risk. Brokers offer this XAUUSD demo to teach platform use. It lets beginners learn how to place orders safely.

learn XAUUSD for Beginner Traders

Prior to commencing your study of the MT4 software platform, the initial requirement is to download and install the MT4 platform onto your personal computer.

After downloading the MT4 software, you will need to log into your practice demo account that you registered with your broker. Register a demo account. Once you log into your demo gold account the MT4 platform software will look like the screen shot example shown below.

Explanation

Tool Bars - MetaTrader 4 toolbars are used to setup the tools within the MT4 software

Market watch - Show price quotes, quotes of xauusd

Data Panel - Shows Trade Account Data

Charts panel - Shows charts

Charts Tabs - Shows open xauusd charts in tabs

Terminal - Shows Summary of account balance and open trades

Connection - Shows if the trading platform is linked to the broker or not

Exchange Rates: This displays chart prices graphically, along with the present price depicted on the chart itself.

Now that you know what each window on the platform does, let's check out the chart toolbar - honestly, you'll use it a lot if you're trading with MT4.

On the charts Navigation Menu there are different Tabs

Menu Bar

File - Open an account, Log in account

View - select toolbars to view

Insert - Insert xauusd tools like xauusd trend lines & other chart indicators

Gold Chart - Change Chart settings

Tools - Change MT4 settings

Window - View a xauusd chart window for any xauusd instrument or for a different chart time frame

Help - Tutorials which describe the documentation of the MT4 platform/software

Tool-Bars

Toolbars provide quick access to MT4 tools, each named to indicate the types of XAUUSD tools associated with it. As a trader, you'll need to click on these buttons to discover the functionality of each XAUUSD tool. Typically, if you hover your mouse over a button, it will display the action that the button performs.

You also can learn how to customize each toolbar on the platform from the learn Gold for Beginner Traders

MT4 Platform Lesson Guide.

Study More Guides and Courses:

XAUUSD Broker