How to Trade Crude Oil Trading in MetaTrader 4
The following MT4 Oil Trading Platform screen shot below shows Metaquotes MetaTrader 4 Oil Trading Platform. As a beginner trader trying to learn how to trade the crude oil market - the first you will need to learn is How to Use MetaTrader 4 Oil Platform - How to Trade Crude Oil Trading in MetaTrader 4 Platform - How to Trade Crude Oil Trading on MetaTrader 4 Platform - How to Use MT4 Oil Trading Platform Lesson PDF: Oil Trading MT4 Download. MT4 Oil Trading Platform is the oil trading platform software that you will use to connect to your online oil broker with and execute oil trade transactions & monitor your oil trading account balance.
The MT4 is provided for free byMT4 oil brokers. Oil Trading Tutorial MT4 - This MetaTrader 4 crude oil trading platform platform looks like the crude oil trading example explained below:
Main Areas of this MT4 Oil Platform as described above are:
- Navigation Menus
- Toolbars
- Chart Window
- Navigator
- Market Watch
- Terminal
- Connection Bars
Oil Trading Tutorial MT4 - How to Use MT4 Oil Trading Platform Lesson PDF:
1. Navigation Menus
The navigation menus are:
- File
- View
- Insert
- Charts
- Tools
- Window
- Help
These are the main MetaTrader 4 navigation menus that can be used to navigate the MT4 crude oil trading platform.
These navigation menus will be discussed in details in the next How to Use MT4 Oil Platform Lesson about navigation menus.
2. Toolbars
The MT4 tool bars are used to place oil trading tools on oil charts, crude oil traders can place indicators on MT4 oil charts, place line studies on MT4 oil charts, change oil chart timeframes and load a saved MetaTrader 4 template from a list of saved templates.
These MetaTrader 4 tool bars will be discussed on other How to Use MT4 Oil Trading Platform Tutorials which will outline each button on each MetaTrader 4 tool bar and explain how to add and customize these tool bars on the MT4 platform.
3. Chart Panel
This is the main MetaTrader 4 crude oil trading platform area where crude oil charts are displayed & a trader can analyze the oil trend direction of a oil chart whether up or down, place oil indicators for technical analysis & even place orders from these oil charts.
4. Navigator
Navigator panel will contain information about crude oil accounts, whether practice oil trading account or real account, this window will also have list of all the MetaTrader 4 indicators as well as Expert Advisors & scripts.
A trader can select which crude oil account to log in by expanding the Accounts menu, choose an technical indicator by expanding the indicator menu or chose an EA by expanding the EA menu.
5. Market Watch
Market watch is used to show streaming crude oil quotes for oil. This Market Watch window can list as many crude oil quotes provided by your oil broker or a few selected by a oil trader.
6. Terminal
This is the panel that's like the oil trading account transaction area for your oil trade transactions, on this panel you can view your balance, profit and losses statement, equity, margin used also retrieve a copy of all your oil trade transactions history.
This will also list all open oil trading transactions and calculate all the profit and loss in real-time as the oil prices move upwards or downward.
7. Connection Bar
Red bars are for no connectivity, green bars show that there is connection to the servers & oil trade orders can be set. These connection bars should always be green when a trader is logged into their practice oil trading account or live crude oil trading account.
These main areas form the MT4 interface and will be the main areas to be covered in detail in the next How to Use MT4 Oil Trading Platform Tutorial. For now it is best to download MT4 crude oil trading platform and familiarize yourself with the MT4 crude oil software interface.
Why Oil Trading Software Platform is Required for Placing Oil Trade Transactions with Brokers
Oil platform is the software that's used to access the crude oil market & interpret these crude oil price movements using technical analysis oil indicators & tools. There are various reasons why one requires to use a good oil trading platform. A good oil platform can determine if a as a trader you make a profit or not.
So why does a trader need a good platform:
To connect to the Trading Server:
To place a oil order one needs to use a oil trading platform which will connect to the trading servers of their crude oil broker and allow them to open & close orders. Good oil trading softwares will connect with ease to the brokers' servers & allow crude oil traders to place oil orders at any time from computer.
To analyze oil charts using technical analysis technical indicators
To place buy or sell order a trader needs to first analyze the direction of oil. This is why all good oil softwares provide crude oil trading analysis tools such as crude oil price charts, oil technical indicators and various different chart time-frames from which one-can analyze crude oil price moves using the crude oil chart timeframes of their choice.
From the above MT4 Oil Platform interface, the summary of all information required by a trader is provided on this MT4 Oil Trading Platform interface
- Connection - connection to the broker servers
- Charts - price graphs which display oil prices
- Tool-bars - tool-bars to add oil tools & crude oil trading analysis indicators
- Market Watch - for displaying available financial instruments
- Data window panel - provides oil account information and other indicator data
- Exchange rates - shows current market oil price
- Menu bar - Shows all menu items on the MT4 Platform
