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