If you’re new to the forex trading community, you must have seen the name MetaTrader 4 everywhere and must have started wondering what it is. You must have signed up to trade forex on some broker’s website, only to be redirected to MT4. 

Well, designed and released into the market by MetaQuotes in 2005, Metatrader 4 is the world’s leading forex trading platform. Even though most other trading brokers, including MTrading, have developed proprietary trading platforms, MT4 continues to be the one platform with a truly global reach and acceptance. With extensive customizability, and a wide range of financial instruments and currency pairs, Metatrader 4 continues to be a market favorite.

In this article, we’ll explore how to trade, open and close positions on Metatrader 4.

How to use MT4

Below, we outline steps for using Metatrader 4.

Create an account with MTrading

The very first thing to do is to open an account with a broker, like MTrading. Simply click through that link and follow the directions to open an account.

Download the Metatrader 4 app

When you’ve opened your account with MTrading, you’ll then be shown a link to download the Metatrader 4 app. Whether you use a Windows or macOS computer, or you use an Android or iOS mobile device, there is a version of the app fit for your device.

After downloading, you then proceed to install the app. And for that, don’t worry, you don’t need expert help. All you need to do is follow the instructions on the screen. And then, when you’re done, click on the “finish” button and the interface will come up automatically.

Log in

When you’ve downloaded and installed the app then, using the credentials you created your MTrading account with earlier, you can then log in to the Metatrader app. Don’t forget to click on “save passwords” so that the app remembers your login details and you won’t have to type them in every time you want to log in. And you’re good to go.

The trading interface is divided into six major sections: the menu, the toolbar, the market watch, the navigator, the trading terminal, and the chart workspace.

How to trade currency pairs

Now that you’re fully set up, you can set about trading your preferred currency pairs on MT4. to pick a currency pair, click on “window” in the top ribbon of the trading interface. You’ll be shown a menu, from which you can select your preferred currency pair. When that is done, you can click on the “order” button, and you’ll be shown the order window.

Specify your lot size (that is how many units you wish to trade).  Then, click on either sell or buy to indicate what you want to do. If you want your trade to be executed instantly, you can then select “market execution” as the “type of trade”.

You can also set stop loss and take profit points. These will automatically end your trade when the selected asset reaches either point.

How to close a trade

When the currency pair reaches your target price, and you feel it’s ripe for profit-taking, you’ll have to close the trade; if the asset hasn’t already crossed your stop loss and take profit points.

To close a trade, switch to the terminal window, where you can then click on the “trade” button to see all of your active trades. Then, find the trade that you want to close, right-click and then select “close order”.

How to trade stocks on Metatrader 4

Metatrader 4 isn’t restricted to just forex trading alone. You can also trade stocks, cryptocurrencies, CFDs, and indices. The process for trading stocks is pretty much the same as the process for trading forex.

Al you have to do is navigate to the “Window” button at the top of the page. Select the “New window” option and then click on “share CFDs”. Then, you’ll be shown a list of stocks that are available to trade. Pick your choice, click on it, customize your order and then place it, just like you would with forex. You can choose whether or not to include stop loss or take profit points.

How to increase or reduce your position

After you’ve opened a trade, you might feel the need to increase your lot size if you think that the asset is going to perform even better than you first predicted. Well, to do that, you’ll have to open an entirely new order, at a new price. But if your analysis is truly solid, it just might be worth it. 

Conversely, you might want to reduce your position if you feel less strongly about the performance of the asset, and want to reduce your exposure to it without necessarily closing out totally. To do that, you’ll have to close your position partly.

How to add further currency pairs

If you prefer to trade the less popular currency pairs, you might find that they are not readily available on the menu alongside the more popular ones. But, that doesn’t mean that you can’t access them.

Using the ctrl + u shortcut, you can open a window showing all of the currency pairs that are supported. Browse to find the ones that you’re interested in, select them, and click “show”. On the other hand, you can simply right-click on “market watch” and click on “show all” in the drop-down menu that shows.

Conclusion

Metatrader 4 rose to prominence and has remained a market favorite, 15 years after it was first launched, despite many competing platforms and an upgraded version,  because it continues to stand out in user-friendliness, customizability, and market access. Any newbie can learn how to use it in just one day, by following the steps in this article, and intuitive directions on the software.

A boutique trading broker incorporated in 2012 to provide access to clients to trade forex and a wide range of other financial instruments, MTrading has grown to become a market leader in the forex community. Faithfully serving more than 250,000 clients, MTrading guarantees up to 20,000 Euros in trader funds. Reliable and trusted everywhere, from Kuala Lumpur to London, MTrading is your best partner for exploring the ecosystem.

Author

Shashank Jain, founder of good-name, a young and energetic entrepreneur has always been fond of technology. His liking for technology made him go for engineering in computers. During his studies, he learned & worked on different computer languages & OS including HBCD, Linux, etc. He also has a keen interest in ethical hacking.

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