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