Metratrader4, or MT4, is a free to use trading platform designed for online traders. It is made with a user-friendly interface. With this trading platform, traders gain access to technical trade analysis, expert advice, and chart analysis to make it easy for users to develop customized trade strategies.
Before you download, learning as much as you can on the platform is the best way to make the most of it. In this article, you will find a how-to rundown on everything you need to know about using MetaTrader 4.
How to setup MT4
Installing metatrader4 into windows is an easy and straightforward process. It is available for different operating systems. Once downloaded, you need to run the .exe file and follow the prompts on your screen to install the program.
For Mac users, mt4 can be found in the admiral markets, and they come in OSX native versions. Ensure you read the instructions in the admiral markets to learn more about using mt4 on Max. For iOS, you can download mt4 app from admiral markets. Ensure you choose a version that works on iOS. For iPhone users, the app can be found in the Apple App Store.
For android users, you can find the metatrader4 app for android, where you can download free. You can also check in admiral markets free versions.
How to sign into mt4
Once you download metratrade4, it will prompt you to enter the account details. If this prompt is not available, simply click on the ‘File’ tab on the interface's top right corner. Select ‘login to trade account’ to create an account. You will be given a choice between creating a demo account or a full trading account.
How to log out of mt4
On the mt4 platform, there is no specific logout button. If you do not want to remain logged into the platform, ensure the ‘save your account information’ button remains unchecked when creating an account. When you close the mt4 window, you will be automatically logged off.
How to trade currency pairs on mt4
To open a trade on mt4, use the ‘order’ window to place an instant order in the pairs market. Choose the currency pair you wish to trade by clicking on the ‘window’ and select the ‘new window’ tab located on the top of the user interface.
From this window, you will be able to buy or sell on the mt4 platform. To trade in the bid/offer, enter your desired trade size in the ‘volume’ window and click on the sell or buy option while having selected ‘market execution.’
The market execution setting allows you to start order within the platform. On the platform, you can also choose to buy or selling stop or limit orders. This selection can be found on the ‘type’ drop-down menu.
How to enter a short position on mt4
Short selling or going short on the market refers to selling your assets without sing a long position. For short selling, place a sell trade to open.
How to close a trade on mt4
After opening a trade, you will need to close it at some point. To exit a trade on mt4, go to the trade tab through the terminal window. Here, you will see all the open trades you have. Right-click on the trade you wish to close and select the close order option.
This will open the order window where you need to click on the close option to complete the process. This manual method of closing sales is the best method for people with multiple open trades. You can also close a sale using a limit or stop order.
Setting a stop-loss order on mt4
From the order window, you will be able to find the stop loss and take profit levels. Clicking on the upward or downward arrow on the stop loss window automatically populates the current market prices. There will be a tick chart on the platform's left side, where you can see how your stop-loss order relates to the current bid/offer prices.