Introduction to MetaTrader 4 Interface
The following screen-shot below shows the main MetaTrader 4 platform interface. As a beginner trying to learn how to execute orders in the online currency market, the main tool for trading the market is the MT4 platform software. This MT4 is the software that you'll connect to your broker with & execute trade transactions & monitor your account balance from the MT4 platform.
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 MT4 as displayed above are:
- MetaTrader 4 Navigation Menus
- Toolbars
- MT4 Chart Window
- MT4 Navigator Window
- MetaTrader 4 Market Watch Window
- MT4 Terminal
- MT4 Connection Bars
For this MT4 lesson we shall take look at a brief intro for each of these learn MT4 software:
1. Navigation Menus
The MetaTrader 4 navigation menus are:
- File Menu
- View Menu
- Insert Tab
- Charts Menu
- Tools Menu
- Window Menu
- Help Menu
These are the main MT4 navigation menus that can be used to navigate the MT4 platform. As a beginner you can begin by clicking any of these MetaTrader 4 navigation menus to familiarize yourself with the various MetaTrader 4 buttons that are arranged as MT4 sub-menus within these MetaTrader 4 navigation menus.
The MT4 navigation menus will be covered in details in the next Meta Trader 4 lessons about navigation menus.
2. Toolbars
The MT4 tool-bars are used to manipulate MetaTrader 4 charts, either by placing MT4 technical indicators, Meta Trader 4 line studies, change MetaTrader 4 chart timeframes & load MetaTrader 4 template from a list of saved MT4 templates.
The MT4 tool-bars will be discussed on other MT4 tutorials which will outline each MetaTrader 4 button key on this MetaTrader 4 toolbar & how to add and customize these MetaTrader 4 toolbars.
3. Chart Window
This MetaTrader 4 chart window is the main area where MT4 currency charts are highlighted and one can analyze the trend direction of a MetaTrader 4 chart whether upward or downward, place MT4 chart indicators for technical analysis & even place orders from these MetaTrader 4 charts.
4. Navigator
Meta Trader 4 Navigator will contain information about Meta Trader 4 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 and scripts.
One can select which MT4 account to sign in by expanding the Accounts menu, select an MT4 indicator by expanding the MT4 indicator menu or select an MT4 Expert-Advisor by expanding the Automated Expert-Advisor menu.
5. Market Watch
Meta Trader 4 Market watch panel is used to show streaming currency quotes for MT4 currency pairs. This can list as many trading quotes provided by your MT4 broker or a few selected by a trader. To save inter net bandwidth, right-click inside the MT4 market watch panel and choose "Hide All", to hide the currencies that you're not transacting on this MT4 software and save on internet band width.
6. Terminal
This is MT4 panel that's like the bank account trade area for your MT4 currency trades, on this MetaTrader 4 window you can view your account balance, profit & losses statement, equity, margin used and also generate a copy of all your Meta Trader 4 trades history.
This MetaTrader 4 window panel will also list all open trade transactions & calculate all the profit & loss in real time as the currencies move up/down.
7. Connection Bar
Meta Trader 4 connection bars - Red bars are for no online connectivity, green bars show that there's connectivity to the servers and MetaTrader 4 trade orders can be opened. These MT4 connection bars should always be green when one logged into their MetaTrader 4 demo account or MT4 real account.
The MetaTrader 4 platform 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 & familiarize yourself with the MetaTrader 4 platform interface.
Why Software is Required for Placing Currency Transactions with Brokers
Platform is the software that is used to access the currency market and interpret these currencies using charts and 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 Trading trader need a good Platform:
To connect to the Broker Trading Server:
To place a trade order one needs to use a software that will connect to the servers of their broker and this will allow them to open and 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 analysis tools
To open a buy/sell order one needs to first interpret direction of currency pair using charts. This is why all good softwares provide technical trading tools such as charts, indicators & various different time frames from which one-can analyze price moves using the time frames of their choice.
From the above platform inter-face, summary of all data required by a trader is provided on this MT4 interface
- Connection - connection to the broker servers
- Charts - price graphs that show prices
- Toolbars - tool bars to add tools and technical analysis indicators on charts
- Market Watch - for displaying available financial instruments in MT4
- Data window - provides MT4 account data and other indicator data
- Exchange rates - shows current market price of a currency pair
- Menu bar - Shows all menu items in MT4 platform
