How to use MetaTrader 4: Complete Guide for Traders
When starting forex trading, you need to open a MetaTrader account. Most novice traders are confused about MetaTrader ands its usage. They do not realize how easy it is to learn how to use MetaTrader 4, the most popular forex platform.
Learning how to use this software is just like learning any other platform. Once a trader becomes familiar with how the interface works and how MetaTrader 4 works, they can quickly start experimenting with the different settings and charts.
After a while, traders will find more options when trading. They may even branch out into trading futures and options on the platform. So in this blog, we will have an overview of MetaTrader 4, its working, and how to use it.
What is Metatrader 4?
MetaTrader 4 is one of the most popular platforms for investors and traders. On this platform, novice and advanced traders can invest their money in Forex, commodities, indices, and the stock market. Many 4 traders prefer MT4 as their first choice before moving to mt5ive or platform 5 trading.
The platform also provides the trader with analytical and trading tools to put their money in the Forex and other financial markets such as commodities, indices, and stocks. Many brokers with MetaTrader offer these services globally.
The best part about this platform is that it provides traders with Expert Advisors and algorithmic trading programs. A trader can use it to facilitate trade effectively and increase the chances of success. Some best MT4 brokers also include access to trading robots and plugins.
A quick glance
Both MT4 and MT5 are good platforms. If you are a forex trader, MT4 is good, and if you trade in diverse assets, then MT5 is good.
IG, Pepperstone, Avatrade, Beirman Capital and Tickmills are some of the best MT4 brokers.
MetaTrader 4 is a platform for novice and advanced traders to invest their money in Forex, commodities, indices, and the stock market.
- Open a Demo Account
- Analyze charts and tools
- Analyze the type of software
- Study the educational material
- Develop a Forex strategy
- Start Trading
MetaTrader 4 has 9 time frames, multiple drawing tools, 30+ built-in technical analysis indicators, and 2000+ custom indicators on the platform.
Top 5 features of MetaTrader 4
Wondering why it is necessary to have a MetaTrader account? Well, every trader thinks so in the initial stage. But Metatrader is actually quite important for your trading journey. Here are the key features that make it essential for forex traders:
Buy or Sell Assets
The main feature of MT4 is that it provides access to live market data. Traders can access real-time pricing, buy or sell currencies with just one click on the digital platform. This makes it easy for 4 trade execution.
Advanced Charting Tools and Indicators
Traders can get access to multiple charting tools of up to 9 time frames, drawing tools, 30+ built-in technical analysis indicators, and 2000+ custom indicators on the platform.
Automated Trading Tools
Now, with the arrival of artificial intelligence-based tools and robots, the entire trading process has been automated. Traders can get access to diverse expert advisors, trading robots, backtesting software, Metatester 5 utilities, and advanced tools to automate their journey.
Customization
Every trader is different with different trading strategies, time frames, and risk-to-reward criteria. MetaTrader 4 offers customization features. Traders can use the platform as per their strategies and needs, and even use filters to customize it accordingly.
Security & Alerts
When trading in the forex market, going for a secure platform is a must. MetaTrader is a highly secure platform with proper transaction records, login access, and security protocols. Also, traders get timely and proper notifications. Webmeters integration tools further add to security analysis.
How to use Metatrader 4
Traders get confused when they first open an account with MetaTrader. However, worry not. Here is a step-by-step process on how to use MetaTrader 4:
Open a Demo Account
The first thing a trader needs to do is figure out how to use a MetaTrader 4 demo account. A demo account allows them to use the platform without risking any real money. Some brokers with MetaTrader make it simple to get started.
When using a demo account, it is essential to make sure that you understand how to use the interface and what features are available. You should also determine if a community can ask questions or get tips from other brokers and developers.
Some merchants tend to be a little further advanced than others. These brokers have access to more tools and features that can be used when trading. You can also go for Metatrader 5, meta4, or platform 5 trading.
Most beginners want to use a demo account with a basic platform built in. Many brokers provide a platform that is very easy to use. It does not have all the bells and whistles that more advanced platforms have.
Analyze charts and tools
Besides using the platform with a few clicks, it is also essential to find out how much information brokers can pull from their systems. Some brokers will pull stock quotes, graphs, and historical data from their servers.
These are useful for finding out how your portfolio is doing. However, if you need to pull information from your computer, it may take some time. There may also be a limit on the number of computers connecting to the demo account.
Analyze the type of software
The final consideration is what kind of software support is provided. The best broker for MT4 will give a download platform allowing users to access their demo accounts remotely.
Others will offer a separate download site to enable clients to download and install the software on their computers. It makes it easier to use the platform from a remote location. However, these programs will still have to be updated manually to use the most recent information.
Study the education material
MetaTrader is a popular forex trading platform. It is easy to learn, with clear instructions that even new traders can easily follow. Also, it provides valuable educational resources like courses, webinars, workshops, and expert interviews.
New traders often have trouble understanding and applying the trading platform’s concepts. These are the reasons why a lot of companies offer free MetaTrader 4 education. It is a powerful, efficient, quick-moving Forex trading platform with several tools for charting, trend analysis, and technical support.
Develop a Forex strategy
Learning how to use Metatrader 4 to help create a profitable Forex strategy is essential. The software is free to download, and there are many brokers to choose from that support downloading the software. Whether you are a beginner or an experienced Forex trader, a platform exists for you!
Beginners can quickly master this platform’s basics by using free MT4 tutorials. The tutorials introduce traders to the software’s essential features and teach them how to develop their trading strategies. You can learn about trading signals and indicators and the importance of trading discipline.
Start Trading
You have learned the basics of forex trading and developed your strategy. Now, traders are ready to make a profit from trading in the Forex market.
Forex’s basic idea is buying and selling currencies to increase or decrease the value of money. Because of its global market, it offers opportunities for long-term and short-term investments.
Trading is very liquid and can be done anywhere, making it one of the ideal places for making money. But you must learn the strategies and skills required to succeed in trading. Based on these strategies, you can place a trade now. Continuous monitoring and analysis of active trades are important.
How to learn from Metatrader 4 Courses
The platform has several Forex training courses that offer various learning materials. Some of these courses include video tutorials meant for beginners’ convenience.
Some of these tutorials are recorded for prospective students who can conveniently watch them at their own pace. Other courses include manuals and written materials. These materials are intended for more experienced traders.
All these different courses offer something different. Some of these courses are targeted towards complete novices, while others are meant for more experienced traders who are already running their businesses but need refresher courses.
There are also those made specifically for traders who want to expand their business but lack the time to study at a university or college. Such people can benefit significantly from these courses because they can learn everything they need conveniently and in an environment more conducive to learning. Traders can select any of the courses as per their needs and start learning.
What are the benefits of using Metatrader 4?
MetaTrader has several instructional courses designed especially for new traders. Learning how to use Metatrader 4 for beginner’s forex trading is crucial for investors.
One of the first things they need to do is download the demo version of MetaTrader and familiarize themselves with the interface and functions of its trading platform. Many 4 traders prefer using a Metatrader demo account first.
Aside from the different technical analysis indicators, there are also tools and resources available for learning. These resources are organized on several levels, each focusing on a specific trading aspect, such as indicators, trading systems, and strategies.
Aside from learning the various aspects of MetaTrader, beginners also need to understand the MetaTrader indicator concept. It is very important because this tool will determine your trade direction.
Knowing what these indicators mean can help decide whether or not it is the right time to purchase or sell. Once you know the meaning of these indicators, you can quickly identify the right move based on their functionality and compatibility with the trading system you have chosen.
Some reviews even highlight issues such as MetaTrader 4 avis and warnings against MetaTrader 4 scams, reminding traders to always select best MT4 brokers or brokers with MetaTrader who are reliable and regulated.
Limitations of MetaTrader 4
MetaTrader 4 is undoubtedly a great platform with some of the best features. However, it even has some limitations. Being the oldest version, the features are comparatively fewer than MT5ive.
Also, MetaTrader 4 is basically for forex trading. The platform provides limited options for other trading instruments. The indicators, tools, and resources available are also fewer on MT4.
MT4 vs MT5: Key Differences
MT4 vs MT5 is the most common query of traders. MetaTrader 4 vs MT5 is often debated, so the confusion is genuine. Here are the key differences between MT4 and MT5:
Basis of Difference | MetaTrader 4 | MetaTrader 5 |
Launch Year | MetaTrader is a traditional trading platform launched in 2005. | MetaTrader is a modern and advanced trading platform launched in 2010. |
Focus | MetaTrader 4 is primarily for forex trading. | MetaTrader 5 is for forex, stock, futures, and commodity trading. |
Order types | MetaTrader 4 offers four order types to buy or sell assets. | MetaTrader 5 offers six order types to buy or sell assets. |
Hedging | Hedging is restricted on MetaTrader 4. | Hedging is supported on MetaTrader 5. |
Indicators and Tools | MetaTrader 4 has 30 built-in indicators and 31 graphical objects. | MetaTrader 5 has 38 built-in indicators and 44 graphical objects. |
Economic Calendar and Advanced Resources | MT4 does not have a built-in calendar, and even the advanced features are limited. | MT5 platform trading has a built-in calendar, and even the advanced features are limited. |
Final Words
Learning how to use MetaTrader 4 is not an easy task. It requires lots of practice and training before being confident enough to trade in live accounts.
Enrolling in one of the many training courses available online is the best way for you to become more knowledgeable and skilled in this program. Take your time and choose the course that best suits your needs. You can always try using the trial version first to see if it will work.
Having doubts? Attend Market Investopedia’s educational webinar on how to use trading software and tools. Reach out today to join our exclusive webinars.
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