Crude Oil Trading for Beginner Traders
Setting up Demo Account and MT4 Oil Trading Platform
To start oil trading a beginner trader will need to set up a practice oil trading account which they can practice oil trading with before opening a real crude oil trading account. A demo practice account commonly referred to as a demo crude oil trading account is a oil trading account provided by a broker so that a beginner trader can learn to execute crude oil trades risk free and at the same time learn the oil trading platform of the broker.
Learn Oil Trading for Beginner Traders
Before you learn the MT4 crude oil trading platform, you will need to download and install the MT4 crude oil platform on your PC computer.
After downloading the MT4 crude oil trading platform, you will need to log into your crude oil trading practice account that you registered with your crude oil broker. Register a demo crude oil trading account. Once you log into your demo crude oil trading account the MT4 crude oil trading platform will look like the screen shot example explained below.
Explanation
Toolbars - MetaTrader 4 toolbars are used to setup the oil trading tools within the MT4 crude oil trading platform
Market watch – Show crude oil price quotes, crude oil quotes of oil trading instruments
Data Window - Shows Oil Trading Account Data
Charts panel - Shows oil charts
Charts Tabs - Shows open oil charts in tabs
Terminal - Shows Summary of oil trading account balance & open trades
Connection - Shows if the platform software is connected to the broker or not
Exchange Rates - Shows oil chart oil prices in the form of a graph and also the current crude oil price on a crude oil chart.
Now that as a beginner trader you know what each window of the oil trading platform represents, let’s look at the charts tool-bar that is mostly used when trading with the MT4 crude oil trading platform.
On the charts Navigation Menu there are various Tabs
Menu Bar
File - Open an account, Log into account
View – choose toolbars to view
Insert - Insert oil trading tools such as oil trend lines and other oil chart indicators
Chart – Change Oil Trading Chart settings
Tools - Change MetaTrader 4 crude oil trading platform settings
Window Panel - View a oil chart window for any oil instrument or for a different chart time-frame
Help - Topics which explain the documentation of the MT4 crude oil trading platform
Tool Bars
Tool-bars are used for quick access to MetaTrader 4 oil trading tools. Each toolbar has a name that represents the types of oil trading tools for that toolbar. As a trader you will have to explore by clicking these button keys to learn what each oil trading tool is used for. Generally, hovering the mouse pointer over a button will name what the button does.
You can also learn how to customize each tool bar on the oil trading platform from the Learn Oil Trading for Beginner Traders
MT4 Oil Trading Platform Tutorial.
