How To Trade with MetaTrader4

How to Trade with MetaTrader4

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MetaTrader4 (MT4), a trading platform launched in 2005 by MetaQuotes. The purpose of designing such software was to help forex and futures traders to analyse the financial market. But with the huge popularity of the trading platform, it is also used for a range of markets such as indices, cryptocurrency and CFDs etc. Traders can use it for various trading needs and customise it as per the requirements of the traders.

A trading platform that caters to all financial trading with its unique features and functions. MT4 is a skilled trading platform for all the financial needs of traders. In addition, the trade with this software advances the technical analysis of the market for retail trades and speculations.  

The software is regulated and licensed for foreign exchange brokers. The brokers can further offer the facility to their clients. Moreover, it is used for server components run by brokers. Both brokers and their clients use it for going live for trade and analysing the price fluctuations with the help of several indicators and tools. 

What is MetaTrader4?

MetaQuotes released the platform in 2002 with versions that were enhanced to reach the MetaTrader4 version. The best technical and fundamental analysis tool that became famous among the traders and brokers. Thus, from 2007 to 2010, many brokers added MT4 to their list of trading platforms. With so much use of the platform, the InstaForex company offered MetaTrader5 for trade. Still, the popularity of the MT4 didn’t decrease. Traders prefer using MT4 for their forex and other financial instruments. Some brokers provide clients with both trading platforms. 

MetaTrader4 Functions: 

  • Expert Advisors 
  • Technical analysis 
  • Fundamental analysis 
  • Customisable 
  • No installation charges 
  • Easily downloadable 
  • Works with all devices 
  • Trading signals 
  • Algorithm trading 
  • Mobile trading 
  • Easy to use 
  • Proprietary scripting MQ4/MQ5
  • Trading orders 

MetaTrader4, with all the fantastic functions, also provides two types of trading orders. These are pending orders and market orders, the pending orders are executed when the price reaches a predefined level, and market orders are executed in four modes. The modes are instant execution, exchange execution, request execution and market execution. The modes work differently and help traders to execute the trade in the financial markets. So, we can say that the trading platform has various features and functions to offer its clients, thus making it a reliable and trusted trading platform over other trade software.  

How to Trade with MetaTrader4? How does MetaTrader4 work?

The use of the platform is relatively straightforward, with following some steps that provide access to the trading platform with how to trade with it. Below we have discussed the points of using the trading platform through brokers via creating an account: 

1.Create an Account

The first step of using the trading platform MT4 is by creating an account. Traders can choose any reputed broker providing the financial instrument required and MT4. They can register online on the broker’s website then deposit the minimum fund required to access the trade. With the account, traders can go live and trade using the platform.

 We would recommend some of the best brokers for forex trading and using the trading platform — ROinvesting, TraderATF. 

2. Downloading MetaTrader4

The second step of the process is to download the trading software. The brokers can easily download the software through the broker’s website. It allows users to choose the device on which they are working so that the downloaded version of the software is as per their needs. It works on all devices such as Windows, Apple, iOS, Android etc. 

After download, traders can log in with the account details and access the platform. 

3. Positions

A significant part of the trade is holding positions in the market. It could be a long term position or for a short duration spending on the traders’ needs. Through the order window available in MetaTrader4, traders can place trades. First, they have to go to the tools option on the platform and choose the new order. After selecting the new order, a new window opens, which displays the orders. Traders can even use the F9 shortcut key to open the order window directly. 

The order window may seem complicated for novice traders. However, it incorporates the following options: 

Symbol: The option allows traders to select the market they would trade-in. 

Volume: As the name specifies, it is the number of contracts that traders would trade in the CFDs. 

Stop-loss: The most beneficial option of the trade is to set stop-loss order. It aids traders by closing the trade when it goes against traders desire and entering the level of trade. 

Take-profit: This option of order window helps traders to limit the loss and lock profits. 

Comment: Here, traders can leave their comments about the particular trade. 

Type: The option provides traders to choose the order they would be trading with. Instant and pending orders help in placing the trade. 

As per their choice of type of order, the traders have to further deal with other options. 

Instant execution option of the order for the movement the trader selects buy and sell whereas pending order is for levels that traders can choose to open trade. 

Instant Execution: Here, traders can buy when they feel the market will go up and sell when they analyse it would go low. Thus, placing the trade. Other than this, it has another feature of maximum deviation from the quoted price.

Pending Order: Here, traders have to first choose the type of order; it could be the buy limit or sell limit and buy stop or sell stop. It would require knowledge of the difference between the stop and limit orders. Once done with these traders, select price levels at which the trade is to be ordered. Then traders have to set an expiry date with the expiry box option. Lastly, traders can place their orders with the place button. 

4. Monitoring 

With the terminal window, traders can monitor the placed trade or use the Ctrl+T keys or click the view button to show the terminal option. In the terminal window, traders can choose the trade option to close or delete any pending orders. The order could be deleted with the “x” option on the far right of the profit column. 

5. Modifying

Traders within the terminal window have the option of modifying or editing the order. With a right-click on the pending order or position, traders can select the modifying or delete option and open the order window. The traders can then set stops and limits to the positions and modify them. 

At last, traders can click on the red modify button to confirm the changes. 

6. Customise Option

Traders of MT4 have the option to customise the trading platform as per their needs. The charts, tools and many more could be changed and customised. For example, the charts could be drawn and set with various line options like draw texts, arrows, draw trendlines etc. 

In addition to this, indicators could be added to the trade, such as relative strength index, Bollinger bands etc. The chosen indicator could be simply dragged from the navigator and dropped on top of the chart. Traders can, after opening the window, further customise the working and display of the indicator.  Also, traders can use the menu bar to insert the indicator. Traders can remove and add indicators that are required. 

Timeframes could be customised; various timeframes could be used in the trade. Timeframes are from one minute to hours and months.

7. Price Alerts

Price alerts are essential for traders as they can know about the fluctuations of the financial instruments in the market. Thus, deciding on the further trade and entry and exit points. Within the terminal window, traders can choose alerts and create their price alerts for a better trade.  

8. Trade History

MetaTrader4 allows its users to navigate through the trade history. Traders through the terminal window use the account history option to check on the past traders and analyse them. Thus, it acts as a record keeper for the traders of the forex market and other markets. It has the following options: 

  • All history 
  • Last three months 
  • Last month 
  • Custom period

The custom period is for choosing a date range. 

9. Reports

Traders can save reports in the MetaTrader4 trading platform. In the account history option, traders can right-click in the window to choose from: 

  • Save as report 
  • Save as detailed report 

These reports furnish traders with reports of the trade and even can save them as per requirements. Moreover, both the reports show in detail the trade carried out by the investor with an account summary. The additional feature of a detailed report is of metrics that it informs traders about. 

10. Add ons

MetaTrader4 has several indicators, signals and add-on options for traders. In addition, they can choose indicators and add ons for customising their trade. 

Indicators serve as the technical tools for analysing the financial market. Traders, with the help of these indicators, predict the price changes. On the other hand, add-ons are customising the MT4 platform according to the trading style and goals of the investors. 

Advantages of MetaTrader4

MetaTrader4 is a trading platform with so much to offer; until now, we know what metaTrader4 is? How do we trade with MT4? But let’s quickly understand its advantages for traders of the market: 

Real-Time access

Real-time access to the trade means that a trader uses the data received by the electrical device and immediately access it for trade. Thus, instant information is available with the traders about the market changes. Real-time quotes of the forex market are available with the trader to buy and sell them in the market. With this, traders have other information like spreads, marginal rates and marginal currency etc. 

Traders get a clear view of the market and the liquidity—a helpful tool of the MetaTrader4. 

Technical and Fundamental Analysis

MT4 has numerous technical tools to facilitate its users with all the data that they require to trade. There are thirty inbuilt indicators, timeframes and tools for analysing market trends to trade. In addition, the unlimited chart patterns offer a range of time frames to analyse the market. 

Fundamental analysis refers to the mathematical aid that it has through calculations of the changes in price and other factors with its speedy formulas. 

Multiple Trading Orders

Traders of MT4 can use multiple trading orders simultaneously with different trading order types and modes of execution. This helps in formulating strategies and implementing them in the trade. We have discussed earlier in the article about the kinds of orders and their modes. 

The access and orders provide traders with high flexibility in the trade. 

Security and Stability

MetaTrader4 is a secure and stable trading platform that keeps the data of its users safe. The exchange of information online through trade is encrypted and has RSA digital signatures for executing any transaction order. Thus, safeguarding the traders account against any kind of cybercrimes. 

The execution of the trade is fast and takes only a few minutes for the traders. Providing information and data quickly and easily. Traders can even use the software through their smartphones, laptops or any other electronic device they have—a highly stable, secure and accessible application for the trade. 

Automated Trading

Traders of the financial market can use expert advisors to trade; they help analyse the market, leverage movements are known without any interference and human biases. In addition, traders can use it for strategy building and trading with a plan. 

How to Trade with MetaTrader4: Conclusion

MetaTrader4 has been a choice for millions of traders since its inception. The development of other trading platforms has not been able to overcome the use of the MT4. Being one of the best trading platforms, it has customizable features and even has a past transaction history for reference. The functions give it an upper hand compared to all other platforms. Using the software in forex trade and other markets would be highly beneficial, as it aids in analyzing markets with technical and fundamental tools. Other than this, it is flexible and easy to use for any kind of trade.

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