If you don’t know what MetaTrader 4 is, it’s the most popular and accessible platform to trade forex on. As a forex trader, you need a platform that runs smoothly with all the given features such as indicators. Otherwise, this can hold you back from profiting in all your forex trades. When you choose MetaTrader 4 to forex trading, you’ll be impressed by how easy it is to install and how it’s available for various operating systems, whether on your phone or laptop. In this article, we’ll be talking about how to do forex trading through MetaTrader4.
The best thing about it is you can download this in a few minutes and you’re good to go. Whether you’re more comfortable to trade on your phone or laptop, MetaTrader4 can be accessible to both. It also offers admirable features such as technical analysis, algorithmic trading, and a flexible trading system. In fact, MetaTrader 4 was specifically built for forex traders so you can be sure it’s an efficient way to do forex trading.
To open a trade, all you need is to click ‘quotes’ and then press ‘new order.’ The plus sign on the upper right corner of quotes enables you to see all the currencies available to trade forex, whether that’s major currencies, minor currencies, or even gold. The pencil mark right beside the plus sign lets you arrange the currencies you want to see in your quotes list. When you click on any currency, you can either place an order, open the chart, view the symbol properties, or change it to advanced mode.
In charts, you can see the movement of currencies that can help you analyze and make an accurate trade. You can draw on charts and adjust the time frame, from a 1-minute to 1-month time frame. You just have to right-click on the chart to change the time frame you want to see. This is also where you can put any indicators, lines, shapes, or Fibonacci tools for an accurate analysis. Examples of indicators you can place on charts with the MetaTrader4 are RSI, Moving Average, and Stochastic. These are just three of the many indicators you can place on your charts.
Aside from your trades, you can view your balance, equity, free margin, margin level percent, and margin. Your balance is the amount you deposited in your account, your equity is the amount added to your ongoing trades whether profit or loss and your margin determines your safety or your leverage. When you have high leverage with your broker, your margin gives you more than enough to put a huge amount of trades in a given time. When you long-press any of your running trades, you have options to either close the trade, modify it, place another order with the same currency, or view the charts.
In this portion, you can view your past trades and the result, whether have profited or lost from them. This is why your deposit and balance are dictated at the top of the history portion where your deposit is the amount you deposited and your balance is your maintaining after your closed trades.
Another remarkable feature of this app is that you get to see current events to align with your technical analysis. Being updated with news and current events help you make a more accurate analysis of a certain currency and its impact.
If you want to get a feel of how MetaTrader works in forex trading, you can always use a demo account. The moment you install or download it, you can use a demo account to navigate and can the feel of the platform. This is a great way to practice while getting ready for a real account, which you have more to lose. To use a demo account, simply click the demo account among the new account options or you can direct register with MT4 forex brokers.
In conclusion, I hope this article was able to help you gain insight into how to trade forex with MetaTrader 4. Overall, it’s an efficient and remarkable platform to trade forex with. Its features are more than enough to guide you into a more accurate and successful trade, even as a beginner.