Meta Trader 4 Software for Gold - MetaTrader 4 Software
MetaTrader 4 Platforms - MetaTrader 4 Softwares
The following screen-shot below shows the main MT4 platform interface. As a starter trader trying to learn how to execute orders in the online market, the main tool for transacting the market is the MetaTrader 4 software software. This MT4 is the software that you'll connect to your broker with & execute trade transactions & monitor your account balance from the Meta Trader 4 platform.
The MT4 platform is provided for free through the various Gold broker websites. This MetaTrader 4 software resembles the examples below:
Main Areas of this MT4 as displayed above are:
- MT4 Navigation Menus
- ToolBars
- MT4 Chart Window
- MT4 Navigator Window Panel
- MT4 Market Watch Window Panel
- MT4 Terminal
- MetaTrader 4 Connection Bars
For this MetaTrader 4 tutorial we shall look at a brief introduction for each of these learn MetaTrader 4 software:
1. Navigation Menus
The MetaTrader 4 navigation menus are:
- File Menu
- View Tab
- Insert Menu
- Charts Menu
- Tools Menu
- Window Tab
- Help Menu
These are the main MT4 navigation menus that can be used to navigate MT4 platform. As a beginner you can begin by clicking any of these MT4 navigation menus to familiarize yourself with various MetaTrader 4 buttons which are arranged as MT4 sub-menus within these MT4 navigation menus.
These MetaTrader 4 navigation menus will be covered in details in the next MetaTrader 4 lessons about navigation menus.
2. Tool-Bars
The MetaTrader 4 tool bars are used to manipulate MT4 charts, either by placing MetaTrader 4 indicators, MT4 line studies, change MetaTrader 4 time frames and load MetaTrader 4 template from a listing of saved MT4 templates.
These MetaTrader 4 tool bars will be discussed on other MT4 tutorials which will outline each MT4 button on this MT4 tool bar and how to add & customize these MetaTrader 4 toolbars.
3. Chart Window
This Meta Trader 4 chart window is the main area where MT4 charts are highlighted and one can analyze the market trend direction of a Meta Trader 4 chart whether up/down, place MetaTrader 4 chart indicators for analysis & even place orders from these MetaTrader 4 charts.
4. Navigator
Meta Trader 4 Navigator will contain information about MetaTrader 4 accounts, whether demo or real, this MetaTrader 4 window will also have a list of all the MT4 indicators as well as MetaTrader 4 Expert Advisors & scripts.
A trader can select which MT4 account to sign-in by expanding the Accounts menu, select an MT4 indicator by expanding the MT4 indicator menu or select an MT4 Expert Advisor by expanding the Automated Expert Advisor menu.
5. Market Watch
MT4 Market watch is used to show streaming trading quotes for MetaTrader 4 quotes. This can listing as many trading symbols provided by your MetaTrader 4 broker or a few selected by a trader. To save internet band width, right click inside MT4 market watch panel & select 'Hide All', to hide the currencies that you're not transacting on this MT4 & save on internet band width.
6. Terminal
This is the MT4 panel that's like the bank account trade area for your MetaTrader 4 trades, on this MetaTrader 4 window you can view your trading account balance, profit and losses statement, equity, margin used and also generate a copy of all your MT4 trades history.
This MT4 panel also will list all open trade transactions & calculate all the profit and loss in real time as the gold currencies move up/down.
7. Connection Bar
Meta Trader 4 connection bars - Red bars are for no online connectivity, green bars show that there is connection to the servers & MT4 trade orders can be set. These MT4 connection bars should always be green when one logged into their MetaTrader 4 demo trading account or MT4 live account.
These MetaTrader 4 platform main areas form the MT4 software interface & will be the main areas to be covered in detail in next learn MetaTrader 4 tutorials. For now it's best to download MT4 platform & familiarize yourself with MetaTrader 4 platform interface.
Why Software is Required for Opening Transactions with Brokers
Gold platform is the software which's used to access the market and analyze these market movements using charts and analysis tools. There are various reasons why one requires to use a good platform. A good software can determine if a as a trader you make profit or not.
So why does a trader need a good Software:
To connect to the 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 softwares will connect with ease to the brokers' servers and allow traders to place orders at any time from their desktop PC computer.
To analyze charts & currencies using analysis tools
To open a buy/sell order a trader needs to first interpret the direction of a symbol using charts. This is why all good platforms provide technical analysis tools for example price charts, indicators & various different chart time frames from which one-can analyze price moves using the time frames of their choice.
From the above platform interface, the summary of all information required by a trader is provided on this MetaTrader 4 platform interface
- Connection - connection to the broker servers
- Charts - price graphs that display prices
- ToolBars - tool-bars to add tools & analysis indicators on charts
- Market Watch - for displaying available instruments on MT4
- Data panel - provides MetaTrader 4 account information & other indicator data
- Exchange rates - highlights prevailing market price of a trading symbol
- Menu bar - Shows all menu items on MetaTrader 4 platform
