MetaTrader 4 (MT4) is currently the world's most popular platform for online Forex trading, as well as for transactions with precious metals. It provides an opportunity to trade on various timeframes, use various types of orders both with an immediate and a deferred execution. MT4 provides vast opportunities for technical analysis, testing and use of a huge amount of indicators and trading robots, as well as for copying professional traders' signals in a fully automatic mode.
The MT4 platform exists both as a version for computers and mobile devices (iPhone / iPad / iPod and Android), which allows you to make transactions 24 hours a day 5 days a week and control your trading account from anywhere in the world.
If you trade multiple accounts at the same time, you have the MT4 MultiTerminal at your disposal.
In addition to MT4, you also have a chance to use the MetaTrader 5 (MT5) as well, which is the latest version of MetaTrader family and has more advanced features compared to its predecessor.
1. Opening an account and installing the MetaTrader terminal.
To start trading, you need to open a trading account with a broker, and then download a trading platform (terminal) from the broker's website to your computer or mobile device.
Note: Although the MT4 and MT5 platforms have some differences, in this example, we will examine the installation and operation of the MT4 platform, as it is most common and popular among traders.
- get familiar with the trading platform,
- acquire the necessary experience in executing transactions in the Forex market
- and not risk your own funds,
we recommend that you first open a demo account, in which you can trade in a real time surrounding, but using virtual funds. And it is only after you feel confident, you go to a real account, which will allow you to earn real money.
It is easy to install the trading terminal on your computer, it only takes a few minutes and is no different than installing any other software or computer games.
You just have to find the appropriate platform on the broker's website, click "Download", then run the file on your computer or your gadget, and follow the instructions.
After you have installed and started the terminal, in order to start trading, you only have to do one thing - connect to your trading or demo account. To do this, click "Connect to the trading account" in the "File" menu.
After that, enter the data of your account - username, password, server, into the form that opens and click "Finish":
Now your terminal is ready to work.
You can see detailed video instructions on how to launch the MetaTrader platform at the broker NordFX website at https://nordfx.com/forex.html:
Attention! If you have any problems with opening a trading account or installing the terminal, you can always ask for help at your broker's Support Service.
2. The MetaTrader Terminal Functionalities
You can get familiar with how the terminal operates and what opportunities it offers to a trader clicking the "Help" button at the top of your terminal or F1 on your computer keyboard.
Also, you'll find video tutorials that will be of use for you at the NordFX website at https://nordfx.com/forex.html. After reviewing them, you will learn how to open, close or modify trade orders, use a trailing stop, find the history of your transactions, how to use the indicators for technical analysis, as well as a lot of other information vital for successful trading in the financial markets.
Now we will do only the first steps to familiarize with this wonderful assistant of every trader, the MetaTrader terminal.
There is a row of tabs in the lower part of the terminal, the most important of which are:
- “Trade”, which provides access to the trading terminal, with the help of which you can open and close transactions, change their settings, as well as monitor your open positions and your account status;
- “Account History” shows the history of all transactions in your account;
- “News” is useful for those who use fundamental analysis as it informs online about the most important events taking place in the world markets;
- “Market” allows you to buy and sell all kinds of indicators, scripts and trading robots;
- “Signals” allows you to automatically copy transactions of experienced traders.
On the MetaTrader top panel, there are tabs that allow you:
- to open charts of various tools - currency pairs and precious metals;
- to change the timeframes of these charts;
- to install various indicators for technical analysis, which are built in MT4 and MT5, to the charts as well as add new ones;
- to launch robots for automated trading;
- to open new learning and real accounts;
- to adjust the terminal interface to suit your own needs and the trading strategy you use.
It is worth drawing your attention to such an important function, as the strategy tester, which makes it possible to test this or that robot on historical data, to evaluate its efficiency and to optimize its parameters.
It should be noted that, if the MT4 terminal allows you to test only robots, the MT5 can also conduct testing of a wide variety of indicators.
3. Example of transactions with the help of MT4 and MT5
In the MetaTrader terminals, you can open charts of a wide variety of tools/symbols at the same time and apply various indicators to them.
Open, for example, the chart of USD/JPY, apply the Alligator indicator to it and basing on its readings, make decisions on opening a transaction.
Let us open the tab "Trade" at the bottom of the terminal, click on it with the right mouse button, select "New Order" and in the opened window, fix the parameters of the transaction:
- The Symbol (in this case the USD/JPY currency pair),
- The Transaction Volume (depending on the size of your account and the risk you are willing to take. Let us put, for example, 1 lot)
- Stop Loss and Take Profit (these are to limit potential losses and profits. It is desirable to apply them, but not necessary),
- A Type - immediate execution.
If you believe that the price on the chart will grow, click the button «Buy». If you think it will fall, click «Sell». In our case, we have decided that the price will go up and have opened a transaction to buy.
The MT4 and MT5 terminals make it possible to open at least 100 transactions at the same time for various (or the same) tools and close them, depending on your trading strategy.
To close a position, you need to right click the position to be closed in the tab "Trade", choose "Close order" and close the transaction by clicking it.
In our case, the profit is 40 points, which in a transaction of 1 lot has brought us $400.
All the transaction parameters, that is the opening and closing time, the volume, the result, can be seen later when you open the tab "Account History".
As mentioned above, there are numerous features and functions in the MT4 and MT5 terminals. The present article is only intended to give you a chance to start making first transactions.
You can get more details on the terminal by clicking the "Help" on the top panel or F1 on your computer keyboard.