Can I Trade with Platform?
Forex MT5 Platform - Forex MT5 Platform
The following image below shows the main MT4 inter-face. As a beginner trader trying to learn how to execute orders in the online forex currency market, the main tool for transacting the market is the MetaTrader 4 software software. This MetaTrader 4 software is the software which you will connect to your broker with & execute trades & monitor your account balance from the MT4 platform.
The MetaTrader 4 software is provided for free through the various broker websites. This MT4 software resembles the examples below:
Main Areas of this MT4 software as illustrated above are:
- MetaTrader 4 Navigation Menus
- Tool Bars
- MetaTrader 4 Chart Window Panel
- MT4 Navigator Window
- MT4 Market Watch Window
- MetaTrader 4 Terminal
- MT4 Connection Bars
For this MetaTrader 4 guide we shall look at a brief introduction for each of these learn MT4 platform:
1. Navigation Menus
The MetaTrader 4 navigation menus are:
- File Menu
- View Tab
- Insert Tab
- Charts Tab
- Tools Tab
- Window Tab
- Help Tab
These are the main MT4 navigation menus which can be used to navigate the MT4. As a beginner trader you can start by just clicking any of these MT4 navigation menus to familiarize yourself with various MetaTrader 4 buttons that are arranged as MT4 submenus within these MT4 navigation menus.
These MT4 navigation menus will be discussed & covered in details in the next MT4 tutorials about navigation menus.
2. Tool-Bars
The MT4 tool-bars are used to manipulate MT4 charts, either by placing Meta Trader 4 indicators, MetaTrader 4 line studies, change MT4 chart timeframes & load MT4 template from a listing of saved MT4 templates.
These MetaTrader 4 tool bars will be discussed on other MT4 guides which will outline each MetaTrader 4 button on this MetaTrader 4 tool bar & how to add and customize these MetaTrader 4 tool bars.
3. Chart Window
This MT4 chart window is the main area where MT4 currency charts are displayed and a trader can interpret the trend direction of a MetaTrader 4 chart whether up or down, place MT4 chart indicators for technical analysis and even place orders from these MetaTrader 4 charts.
4. Navigator
MT4 Navigator will contain data about MetaTrader 4 accounts, whether practice demo 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 choose which MT4 account to sign in by expanding the Accounts menu, choose an Meta Trader 4 indicator by expanding the MT4 indicator menu or choose an Meta Trader 4 Expert Advisor by expanding the Expert Advisor menu.
5. Market-Watch
MetaTrader 4 Market watch is used to show streaming currency quotes for MT4 currency pairs. This can listing as many trade quotes that are provided by your MetaTrader 4 broker or few chosen by a trader. To save inter net band-width, right click inside the MT4 market watch window and choose 'Hide All', to hide the currencies that you're not transacting on this MT4 software & save on inter-net bandwidth.
6. Terminal
This is MT4 window that is like the bank account trade area for your MetaTrader 4 currency trades, on this MetaTrader 4 window you can view your trading account balance, profit and losses statement, equity, margin used and also to retrieve a copy of all your Meta Trader 4 trades history.
This MetaTrader 4 window will also list all open trade transactions & calculate all the profit & loss in realtime as a forex currencies move up/down.
7. Connectivity Bar
MetaTrader 4 connection bars - Red bars are for no connection, green bars show that there's connectivity to the servers & MT4 trading orders can be placed. These MT4 connection bars should always be green when one logged into their MT4 practice trade account or Meta Trader 4 live account.
These MT4 software main areas form the MetaTrader 4 platform interface and will be the main areas to be covered in detail in the next learn MetaTrader 4 guides. For now it is best to download MetaTrader 4 platform and familiarize yourself with the MT4 software interface.
Why Platform is Required for Placing Currency Transactions with Brokers
Platform is the software which is used to access the currency market & interpret these currencies using charts and technical 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 a profit or not.
So why does a Trading trader need a good Platform:
To connect to the Broker Server:
To place a trade order one needs to use a trading software which will connect to the trading servers of their broker and this will allow them to open and close trade orders. Good trading softwares will connect with ease to the online brokers' servers & allow traders to place orders at any time from desktop computer.
To analyze charts & currencies using trading technical analysis tools
To place a buy or sell order one needs to first interpret direction of a currency pair using charts. This is why all good trading softwares provide trade tools such as price charts, indicators & various different chart timeframes from which trader can analyze price moves using the chart timeframes of their choice.
From the above platform inter-face, summary of all information required by a trader is provided on this MT4 software interface
- Connection - connection to the online broker servers
- Charts - price graphs that illustrate prices
- Tool Bars - tool-bars to add tools & technical analysis indicators on trading charts
- Market Watch - for displaying available financial instruments on MetaTrader 4
- Data panel - provides MT4 account data & other indicator data
- Exchange rates - shows current market price of a currency pair
- Menu bar - Shows all menu items in MT4
