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Practice Trading - Set of Platform Tutorials for Beginner
The following image below shows the main MetaTrader 4 software inter-face. As a beginner trader trying to learn how to execute orders in the online fx currency market, the main tool for transacting the market is the MT4 software software. This MetaTrader 4 software is the software which you will connect to your broker with and execute trades and monitor your account balance from the MetaTrader 4.
The FX MetaTrader 4 trading software is provided for free through the various broker websites. This MetaTrader 4 trading software resembles the examples below:
Main Areas of this MetaTrader 4 as shown above are:
- MT4 Navigation Menus
- Tool-Bars
- MT4 Chart Window Panel
- MetaTrader 4 Navigator Window
- MetaTrader 4 Market Watch Window
- MT4 Terminal
- MetaTrader 4 Connection Bars
For this MT4 guide we shall look at a brief introduction for each of these learn forex 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 MetaTrader 4 navigation menus which can be used to navigate the MetaTrader 4. As a beginner trader you can begin by just clicking any of these MetaTrader 4 navigation menus to familiarize yourself with various MetaTrader 4 buttons that are arranged as MT4 submenus within these MT4 navigation menus.
The MetaTrader 4 navigation menus will be discussed & covered in details in the next MetaTrader 4 tutorials about navigation menus.
2. Tool-Bars
The MT4 tool bars are used to manipulate MetaTrader 4 charts, either by placing MT4 technical indicators, Meta Trader 4 line studies, change MT4 chart timeframes & load MetaTrader 4 template from a list of saved MetaTrader 4 templates.
The MetaTrader 4 toolbars will be discussed on other MT4 guides which will outline each MT4 button on this MetaTrader 4 tool-bar & how to add & customize these MetaTrader 4 tool-bars.
3. Chart Window
This MetaTrader 4 chart panel is the main area where MetaTrader 4 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 & even place orders from these MetaTrader 4 charts.
4. Navigator
MT4 Navigator will contain data about MetaTrader 4 trading accounts, whether practice 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.
One can select which MT4 account to login by expanding the Accounts menu, choose an MetaTrader 4 technical indicator by expanding the MetaTrader 4 technical indicator menu or choose an MetaTrader 4 Expert-Advisor by expanding the Automated 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 bandwidth, 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 MT4 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 MT4 panel will also list all open trade transactions and 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.
The MetaTrader 4 software main areas form the MT4 software interface & will be the main areas to be covered in detail in the next learn MT4 guides. For now it is best to download MetaTrader 4 platform and familiarize yourself with the MT4 software interface.
Why Software is Required for Opening Currency Transactions with Brokers
Platform is the software which is used to access the currency market & interpret these currencies 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 a profit or not.
So why does a Forex trader need a good Platform:
To connect to the FX Broker Server:
To place a trade order one needs to use a software that will connect to the trading servers of their broker and this will allow them to open and close trade orders. Good softwares will connect with ease to the online brokers' servers & allow traders to place trading orders at any time from desktop computer.
To analyze charts and currencies using forex analysis tools
To place a buy or sell order one needs to first interpret direction of a forex pair using charts. This is why all good softwares provide trading technical tools such as price charts, indicators and various different chart time-frames 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 interface
- Connection - connection to the online broker servers
- Charts - price graphs that show prices
- Toolbars - toolbars to add tools and technical analysis indicators on charts
- Market Watch - for displaying available financial instruments on MetaTrader 4
- Data panel - provides MetaTrader 4 account data and other indicator data
- Exchange rates - shows current market price of a forex pair
- Menu bar - Shows all menu items on MetaTrader 4
