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