How Do I Get Started with Forex MT4 Platform? - Forex MT4 Download
To start forex trading with the MetaTrader 4 platform, you need to follow steps listed below:
Download MetaTrader 4 Platform - Forex Trading Account MetaTrader 4 Download
Setup MetaTrader 4 Platform on Your PC. Open a Forex account in MT4 platform. Log in to MT4 Account with your forex account login credentials Open Forex Charts and place Trades using the MT4 Platform.
How to Open a MT4 Account - Forex Trading Account MetaTrader 4 Download
After you Download MT4 Platform from your forex broker you will then need to open a MT4 Account to trade with.
How to Open a Demo Account using MT4 Platform
- Download MT4 Platform - MetaTrader 4 Platform.
- Setup the MT4 Platform.
- Open the MetaTrader 4 Platform.
- Enter the Log in Details: Account Name & Password for the Demo Trade Account
- Open Forex Charts & start practice trading.
- If you do not have a forex demo account you can register for a demo trade account using the File menu, Click New Practice Account Registration and enter your details and sign up for an MT4 account.
How to Open a Real Trading Account on MetaTrader 4
- Download MetaTrader 4 Platform
- Setup MetaTrader 4 Platform on your PC.
- Open the MetaTrader 4 Platform on your PC.
- Click on the File Menu and Select Open an Account.
- Choose The Real Trading Account Option.
- Fill in the real forex account opening form.
- Enter you forex account login details for the Demo practice account.
- Trade Forex Currencies from the free MT4 charts provided.
How Do I Start Trading on MT4? - MT4 Platform Introduction Tutorial
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 market, the main tool for trading the online forex market is the MT4 platform software. This is the software which you will connect to your online forex broker and execute forex trade transactions & monitor your forex trading account balance from this forex MT4 platform software.
The MetaTrader 4 platform is provided for free through the various Forex broker websites. This MetaTrader 4 software looks like the examples below:
How Do I Get Started with Forex MT4 Platform? - Forex Trading Account MetaTrader 4 Download
Main Areas of this MetaTrader 4 platform as illustrated above are:
- Navigation Menus
- Toolbars
- Chart Window
- Navigator Window
- Market Watch Window
- Terminal Window
- Connection Bars
For this MetaTrader 4 tutorial we shall look at a brief introduction for each of these how to use MT4 guides:
1. Navigation Menus
The navigation menus are:
- File
- View
- Insert
- Charts
- Tools
- Window
- Help
These are main navigation menus that can be used to navigate the MT4 platform. As a forex beginner trader you can start by clicking any of these navigation menus to familiarize yourself with various buttons that are arranged as sub-menus within these navigation menus.
These navigation menus will be described in details in the next MT4 tutorial for novice traders about navigation menus.
2. Toolbars
This how to trade in MT4 explains the tool bars are used to manipulate trading charts, either by placing indicators, line studies, change forex chart time frames and load an MT4 template from a list of saved templates.
These tool bars will be discussed on other how to use MetaTrader 4 guides which will outline each button on this tool-bar & how to add and customize these toolbars.
3. Chart Window Panel
This is the main area where forex currency charts are displayed and a trader can interpret the trend direction of a currency chart whether up or down, place indicators on forex charts for technical analysis and even place orders from these forex charts.
4. Navigator
Navigator MT4 tutorial will contain information about forex trading accounts, whether practice MT4 forex account or real MT4 forex account, this window will also have a list of all the MT4 technical indicators as well as Expert Advisors & scripts.
A trader can choose which forex account to login to by expanding the Accounts menu, select an technical indicator by expanding the indicator menu or choose an EA by expanding the Expert Advisor menu.
5. Market Watch
Market watch forex trading MT4 tutorial - Market watch is used to show streaming quotes for forex currency pairs. This panel can list as many quotes provided by your Forex broker or a few that are selected by a trader. To save inter-net bandwidth, right click inside the market watch window and select 'Hide All', so as to hide the currency pairs that you are not trading & save on inter-net bandwidth.
6. Terminal
This is window that is like the bank account trade area for your forex currency trade transactions, on this window you can view your balance, profit and losses statement, equity, margin used also retrieve a copy of all your forex trading transactions history.
This will also list all open forex trade transactions & calculate all the profit & loss in real time as a currencies move up or down.
7. Connection Bar
Red bars are for no connectivity, green bars show that there is connection to the servers & forex trade orders can be placed. These connection bars should always be green when one is logged into their MetaTrader 4 practice account or MetaTrader 4 live trading account.
These main areas form the MT4 Platform interface & will be the main areas to be covered in detail in the next learn forex MT4 platform tutorials. For now it is best to download MT4 software and familiarize yourself with the software interface.
Why Forex Software is Required for Placing Currency Trade trades with Brokers
Forex platform is the software which is used to access the currency market and interpret these currencies using technical analysis forex charts. There are various reasons why a trader requires to use a good forex platform. A good forex platform 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 Trading Server:
To place order a trader needs to use a forex platform that will connect to the trading servers of their broker & allow them to open & close trading orders. Good forex platforms will connect with ease to the brokers' servers & allow traders to place orders at any time from desktop computer.
To analyze forex charts & currencies using technical analysis
To place buy or sell order a trader needs to first analyze the direction of a currency pair. This is why all good forex softwares provide technical forex trading tools such as price charts, trading indicators & various different chart time frames from which a trader can interpret price moves using the chart timeframes of their choice.
How to Use MT4 Tutorial - Forex Trading Account MetaTrader 4 Download
From the above MetaTrader 4 software inter-face, summary of all information required by a trader is provided on this MetaTrader 4 platform interface
- Connection - connectivity to the broker servers
- Charts - price graphs that display prices
- Toolbars - tool bars to add technical analysis tools & technical analysis technical indicators
- Market Watch - for displaying available financial instruments
- Data window - provides account data & other indicator data
- Exchange rates - shows current market price of a currency pair
- Menu bar - Shows all menu items on the platforms
How to Use MT4 Tutorial - Forex Trading Account MetaTrader 4 Download
