Trade Forex Trading

Forex for Beginners - Setting up Trading Practice Account and MT4

Setting up Demo Trading Account & MetaTrader 4 Software Platform

To start Forex trading a beginner trader will need to set up a practice forex account which they can practice trading currencies with before opening a real account. A practice account commonly known as a practice trade account is a forex account provided by a currency broker so that a beginner trader can learn to execute forex trades risk free and at the same time learn the trading platform of the broker.

Platform - learn Forex for Beginners

Before you learn the forex MT4 platform software, you'll need to download & install the MT4 platform software on your computer.

After downloading MT4 software, you'll need to log into your forex practice account that you registered with your forex broker. Register a forex practice account. Once you as a trader log into your forex demo account the MetaTrader 4 software will look like the screen shot illustration presented below.

Explanation

Toolbars - MT4 toolbars are used to setup the forex tools within the MetaTrader 4 platform/software

Market watch - Show currency quotes, quotes of currency pairs

Data Window Panel - Shows Trade Account Data

Charts panel - Shows forex currency charts

Charts Tabs - Shows open currency charts in tabs

Terminal - Shows Summary of account balance and open trades

Connection - Shows if the software platform is connected to the broker or not

Exchange Rates - Shows forex chart prices in the form of a graph and also the current price of a currency pair.

Now that as a beginner trader you know what each window of the forex platform represents, let’s look at the charts tool bar that is mostly used when trading with MT4 platform software.

On the Navigation Menu there are various Tabs

Menu Bar

File - Open an account, Log in account

View - choose tool bars to view

Insert - Insert forex tools like trend lines & other forex chart indicators

Chart - Change Chart settings

Tools - Change MT4 platform software settings

Window - View a chart window for any currency pair or for a different chart time frame

Help - Topics which explain the documentation of MT4 software

Tool-Bars

Tool Bars are used for quick access to MT4 tools. Each tool bar has a name that represents the types of tools for that tool-bar. As a trader you will have to explore by clicking these buttons to learn what each forex tool is used for. Generally, hovering the mouse pointer over a button will name and outline what the button does.

You can also learn how to customize each toolbar on the forex platform from the learn Forex for Beginners

MT4 Platform Lesson.

Study More Tutorials & Courses:

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Forex Thailand Seminar

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