Introduction to MetaTrader 4 Interface
The following screen shot below shows the main MetaTrader 4 platform interface. As a beginner forex trader trying to learn how to execute forex orders in the online forex currency market, the main tool for trading the forex market is the MetaTrader 4 platform software. This MT4 platform is the software that you will connect to your forex trading broker with and execute forex trade transactions and monitor your forex account balance from this MT4 platform.
The Forex MetaTrader 4 platform software is provided for free through the various Forex broker websites. This MetaTrader 4 software looks like the example below:
The Main Areas of this MT4 platform as shown above are:
- MT4 Navigation Menus
- MT4 Chart Window
- MT4 Navigator Window
- MT4 Market Watch Window
- MT4 Terminal
- MT4 Connection Bars
For this MT4 tutorial we shall look at a brief introduction for each of these learn forex MetaTrader 4 platform:
1. Navigation Menus
The MT4 navigation menus are:
These are the main MT4 navigation menus that can be used to navigate the MetaTrader 4 software. As a beginner forex trader you can start by just clicking any of these MT4 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 MT4 tutorials about navigation menus.
2. Tool Bars
The MT4 tool bars are used to manipulate MT4 charts, either by placing MT4 indicators, MT4 line studies, change MT4 chart time frames and load MT4 template from a list of saved MT4 templates.
These MT4 tool bars will be discussed on other MT4 tutorials that will outline each MT4 button on this MT4 tool bar and how to add and customize these MT4 tool bars.
3. Chart Window
This MT4 chart window is the main area where MT4 currency charts are displayed and a forex trader can analyze the trend direction of a MT4 chart whether up or down, place MT4 chart indicators for technical analysis and even place orders from these MT4 charts.
MT4 Navigator will contain information about MT4 trading accounts, whether demo or real, this MT4 window will also have a list of all the MT4 forex indicators as well as MT4 Expert Advisors and scripts.
A forex 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
MT4 Market watch is used to show streaming currency quotes for MT4 currency pairs. This can list as many quotes provided by your MT4 Forex broker or a few selected by a trader. To save internet bandwidth, right click inside the MT4 market watch window and select "Hide All", so as to hide the currencies that you are not transacting on this MT4 platform and save on internet bandwidth.
This is the MT4 window that is like the bank account transaction area for your MT4 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 MT4 window will also list all open forex trade transactions and calculate all the profit and loss in real time as the forex currencies move up or down.
7. Connection Bar
MT4 connection bars - Red bars are for no connection, green bars show that there is connection to the servers and MT4 forex trade transaction orders can be placed. These MT4 connection bars should always be green when one logged into their MT4 demo account or MT4 live account.
These MT4 platform main areas form the MT4 platform interface and will be the main areas to be covered in detail in the next learn MT4 tutorials. For now it is best to download MT4 platform software and familiarize yourself with the MT4 software interface.
Why Forex Software is Required for Placing Currency Transactions with Forex Brokers
Forex platform is the software that is used to access the currency market and analyze these currencies using forex charts and forex technical analysis tools. There are various reasons why a forex trader requires to use a good forex trading platform. A good forex trading platform can determine if a as a trader you make a profit or not.
So why does a forex trader need a good forex trading platform:
To connect to the Forex Broker Trading Server:
To place a forex trade order one needs to use a forex trading platform that will connect to the trading servers of their forex broker and this will allow them to open and close forex trade orders. Good forex trading platforms will connect with ease to the forex brokers' servers and allow forex traders to place forex orders at any time from their computer.
To analyze forex charts and currencies using forex technical analysis tools
To place a buy or sell forex order one needs to first analyze the direction of a currency pair using forex charts. This is why all good forex trading platforms provide forex trading technical tools such as forex price charts, forex technical indicators and various different forex chart time frames from which one can analyze forex price moves using the forex chart time frames of their choice.
From the above forex trading platform interface, the summary of all information required by a forex trader is provided on this MT4 platform interface
- Connection - connection to the forex broker servers
- Charts - price graphs that display forex prices
- Toolbars - tool bars to add tools and technical analysis indicators on forex charts
- Market Watch - for displaying available financial instruments on MT4
- Data window - provides MT4 account information and other indicator data
- Exchange rates - shows current market price of a currency pair
- Menu bar - Shows all menu items on the MT4 platform