Setting up Practice Account and MT4
Setting up Demo Practice Account and MetaTrader 4 Platform
To start xauusd trading a beginner will need to set up a practice account which they can practice trading with before opening a real account. A demo practice trading account commonly referred to as a demo trade account is a xauusd account provided by a broker so that a beginner trader can learn to execute trades risk free and at the same time learn the trading platform of the broker.
learn XAUUSD for Beginner Traders
Before you learn the 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 demo practice account that you registered with your broker. Register a demo account. Once you log into your demo xauusd account the MetaTrader 4 platform will look like the screen shot example illustrated below.
Explanation
Tool-Bars - MT4 toolbars are used to setup the tools within the MetaTrader 4 software
Market watch - Show price quotes, quotes of xauusd
Data Window - Shows Account Data
Charts panel - Shows charts
Charts Tabs - Shows open xauusd charts in tabs
Terminal - Shows Summary of account balance & open trades
Connection - Shows if the trading platform software is connected to the broker or not
Exchange Rates - Shows chart prices in the form of a graph and also the current price on a chart.
Now that as a beginner trader you know what each window of the platform represents, let’s look at the charts toolbar that is mostly used when trading with the MT4 software.
On the charts Navigation Menu there are various Tabs
Menu Bar
File - Open an account, Log into account
View - choose tool-bars to view
Insert - Insert xauusd tools such as 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 - Topics which explain the documentation of the MetaTrader 4 software
Tool-Bars
Toolbars are used for quick access to MetaTrader 4 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 platform from the learn Gold for Beginners
