MetaTrader 4 is a popular platform specifically designed for analyzing the financial markets and trading CFDs of Forex and other instruments. With its advanced trading features, MetaTrader 4 provides traders with a fast, secure, and reliable environment. This is the reason it has gained immense popularity among trading professionals.
If you too are interested in getting started with MT4, you will be glad to know that it’s quite easy. All you need to do is follow some simple steps, like starting the MetaTrader 4 download, setting up your account and beginning trading!
Download and Install MetaTrader 4
To begin trading on MetaTrader 4, the first step is to download and install the platform onto your computer. This process is straightforward and can be completed in a few simple steps. Firstly, head to your broker's website and click on the "Open new account" button. This will redirect you to the MetaTrader 4 website, where you can find the MT4 app download or MT4 download for pc instructions. Select the appropriate MT4 platform download button based on your computer's operating system - Windows, Mac, or Android.
After the metatrader 4 free download is complete, follow the installation instructions displayed on your computer screen. Once the installation is successful, MetaTrader 4 will create a desktop shortcut, allowing you to quickly access your trading account. With MetaTrader 4 installed on your computer, you are now ready to start trading in the world's largest financial markets.
Open a Trading Account on MetaTrader 4
If you're new to trading and want to get started on MT4, you'll need to open a trading account. The terminal offers a demo account and real account. It’s advisable to start with a demo account as it allows you to practise with virtual funds. Though the functionality of demo accounts is the same as real accounts, you can't expect to make any profit as you are not trading with real money.
To open a demo account, simply click on the "File – Open an Account".It will require a few details, such as selecting a server and filling out personal information, including name, email, and phone number. You can choose between a new demo account or a new real account, depending on your preferences. Once the registration process is complete, you can access your account through the "Navigator - Accounts" window and start trading.
Keep in mind that real accounts won’t open from the terminal, so you will have to sign up for the same with the broker. To begin trading in a real account, you'll need to perform authorization. You can also add your existing brokerage account in the MT4 terminal.
Login to MetaTrader 4 platform
Once your account is set up, you can log in to start trading but before that make sure to set up an MT4 password by entering into the admin site with the newly created password with your broker. Once you have completed this step, open the MT4 trading platform by clicking on the desktop shortcut of your corresponding icon, and establish a connection to the broker server.
Then, choose ‘Existing trade account’ to log in, and enter your login ID and password when prompted. After providing these details, you’ll be able to log into your account. You can check this by going to the "Journal" tab and then, looking at the symbol in the bottom status bar. If you need to log in for the second time, launch the platform and look for the account you first logged in within the ‘Navigator’ section, which you can find on the left side of the trading platform. Double-click on the account you want to access and enter your login ID and password. Once you have done this, you will be logged into your account. You can use the keyboard shortcut “ctrl + N” to toggle the navigator window on and off in order to easily access it.
Fund Your Trading Account
Now that you have opened your first live trading account and downloaded MT4, it's time to fund your account and start trading. Most forex brokers offer various methods of funding your account. Take your time to choose a method that is most convenient and suits your preferences. Once you have selected your preferred method, add the necessary funds to your trading account. By funding your account, you can now participate in the forex market and take advantage of its numerous trading opportunities.
Placing a Trade on MetaTrader 4
Finally, it’s time to place a trade!
To enter a trade via market execution, all you gotta do is click the "New Order" button on the standard toolbar. From there, you'll select the currency pair you want to trade and choose "Market Execution" in the order type dropdown. Then, enter the size of the position you want to open and decide whether to buy or sell the currency pair. Boom, you're in the game!
Now, if you want to enter a trade via pending order, it's just as easy. Click the "New Order" button, select the currency pair you want to trade, and choose "Pending Order" in the order type dropdown. Then, select whether you want to buy or sell the pair and choose from four options: Buy Limit, Sell Limit, Buy Stop, or Sell Stop. Punch in the price at which you want to enter the market, enter the size of the position you want to open, and fill in the stop loss and take profit fields. If you're feeling fancy, you can even set an expiry date on your order. Click "Place" and voila!
But what about modifying trades, you ask? Just click on the "Trade" tab and you'll find all your trades listed there. Right-click on the trade you want to modify and select "Modify or Delete Order". Fill in the stop loss and take profit fields with your desired levels, hit "Modify", and, you've just taken control of your trades like a boss.
And if you wanna close an open trade, just right-click on the trade and select "Close Order".
To conclude, getting started on the MetaTrader 4 platform is as easy as pie!