MetaTrader 4 Software for Trading - MetaTrader 4 Platform
MetaTrader 4 Platforms - MT4 Trading Softwares
The following screenshot 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 transacting the market is the MetaTrader 4 software software. This MT4 platform is the software that you will connect to your online broker with and execute trade transactions and monitor your trading account balance from the MetaTrader 4.
The MetaTrader 4 platform is provided for free through the various broker web sites. This MT4 platform resembles the examples below:
Main Areas of this MetaTrader 4 software as displayed above are:
- MT4 Navigation Menus
- Tool-Bars
- MetaTrader 4 Chart Window
- MT4 Navigator Window
- MT4 Market Watch Window
- MT4 Terminal
- MetaTrader 4 Connection Bars
For this MT4 guide we shall look at a brief intro for each of these learn MetaTrader 4:
1. Navigation Menus
The MetaTrader 4 navigation menus are:
- File Menu
- View Menu
- Insert Menu
- Charts Menu
- Tools Menu
- Window Menu
- Help Menu
These are the main MetaTrader 4 navigation menus that can be used to navigate the MT4. As a beginner you can begin by clicking any of these MetaTrader 4 navigation menus to familiarize yourself with the various MT4 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 MetaTrader 4 guides about navigation menus.
2. ToolBars
The MetaTrader 4 tool-bars are used to manipulate MT4 charts, either by placing Meta Trader 4 indicators, MT4 line studies, change MT4 chart timeframes and load MetaTrader 4 template from a listing of saved MT4 templates.
These MetaTrader 4 toolbars will be discussed on other MT4 tutorials which will outline each MetaTrader 4 button key on this MetaTrader 4 toolbar and how to add and customize these MetaTrader 4 toolbars.
3. Chart Panel
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 up/down, 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 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 MetaTrader 4 account to sign in by expanding the Accounts menu, choose an Meta Trader 4 indicator by expanding the MetaTrader 4 indicator menu or choose an Meta Trader 4 Expert Advisor by expanding the EA menu.
5. MarketWatch
MT4 Market watch window is used to show streaming currency quotes for MT4 currency pairs. This can listing as many symbols provided by your MetaTrader 4 broker or a few selected by a trader. To save inter net band-width, right-click inside the MT4 market watch window & select "Hide All", so as to hide the currencies that you're not transacting on this MT4 software and save on internet band width.
6. Terminal
This is MT4 window that's 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 & also retrieve a copy of all your Meta Trader 4 trades history.
This MetaTrader 4 panel also will list all open trades and calculate all the profit & loss in realtime as the currencies move up or down.
7. Connectivity Bar
MT4 connection bars - Red bars are for no connection, green bars show that there's connectivity to the servers & MetaTrader 4 trading orders can be placed. These MT4 connection bars should always be green when one logged into their MT4 demo 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 next learn MT4 tutorials. For now it's best to download MT4 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 & 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 Software:
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 and this will allow them to open & close trade orders. Good softwares will connect with ease to the brokers' servers and allow traders to place orders at any time from desktop computer.
To analyze charts & currencies using technical analysis tools
To open a buy or sell order one needs to first interpret direction of currency pair using charts. This is why all good softwares provide trade tools such as price charts, indicators & various different chart timeframes from which one-can analyze price moves using the timeframes of their choice.
From the above platform inter-face, summary of all data required by a trader is provided on this MT4 platform interface
- Connection - connection to the broker servers
- Charts - price graphs that illustrate prices
- ToolBars - toolbars to add tools & technical analysis indicators on charts
- Market Watch - for displaying available financial instruments in MT4
- Data window - provides MT4 account data & other indicator data
- Exchange rates - shows current market price of a forex pair
- Menu bar - Shows all menu items on MetaTrader 4
