Trade Forex Trading

Setting up Demo Account and MetaTrader 4

Setting up Demo Account and MT4 Software

To start gold 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 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 MT4 platform software, you'll need to download & install the MT4 platform software on your 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 - 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 tool bar that's mostly used when trading with the MT4 platform software.

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 - Topics which explain the documentation of the MT4 platform/software

Tool-Bars

Toolbars are used for quick access to MT4 tools. Each toolbar has got 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 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:

Forex Market Traders Seminar Gala

Forex Market Traders Seminar

XAUUSD Broker