CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.00% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
MetaTrader is by far the most popular trading platform around the world. Its simple design, intuitive interface, and easy navigation make MT4 the preferred platform among beginners and seasoned traders alike. This all-in-one platform gives you tools for trading forex, indices, and commodities. The ability to drag and drop inbuilt indicators onto the trading chart makes technical analysis accessible and trading highly efficient. Here’s a step-by-step MT4 training guide that makes it even easier for you to get started.
Here are the steps to download MT4 on your computer or phone.
Step 1: Register for a trading account with us. This could be a demo account or live account.
Step 2: You can download MT4 for free. To download MT4 on your PC, click here. If you wish to use your smartphone for trading, click here if you have an Android phone. If yours is an iPhone, click here.
Step 3: Run the downloaded file. For Mac, you will need to install PlayOnMac to run the file.
Step 4: Our user-friendly install wizard will take you through the MT4 set-up process.
Step 5: Login to MT4 with your registered email address or phone number.
The main screen of your MT4 trading platform has 4 main sections:
This appears on the left of your Chart Area and displays all the instruments that can be traded, like forex pairs, indices, precious metals, and commodities. It also mentions the and ask prices of each.
Simply drag and drop the chosen instrument into the Chart Area to view its chart. Right click on the instrument to access options like New Order (to open a trade) and Specifications (to know details like spread and contract size).
This appears just below Market Watch and allows you to log into any of your trading accounts. Use your demo account to test trading strategies before opening positions in the live market.
The Indicators folder has several free indicators for technical analysis that you can simply drag and drop on the chart. Screen down to access a host of features, including Expert Advisors and VPN.
This shows the chart (price movements) of the chosen instrument. From the top navigation, you can open a new order, choose the chart type (bar, candlestick, or line chart), magnify, or view up to 4 charts on this screen.
The chart is where all the action of trading takes place. Right clicking on the chart will open several options, including Depth of Market (shows the number of open buy and sell orders at various prices), One Click Trading (opens the bid and ask panel), and Timeframes (from 1 minute to 1 month).
This gives you quick access to different features that you can access by switching between the tabs at the bottom. Some of the important tabs are:
This section of the MT4 tutorial gives a step-by-step training guide on how to customise charts.
Step 1: Right click on the chart you wish to customise.
Step 2: From the list of options that open, select click on Properties.
Step 3: On the popup that opens, the Colors tab allows you to choose your preferred colors for various elements of the chart, like background, foreground, grid, bull candle, bear candle and stop loss levels.
Step 4: Click on the Common tab to customise various features of the chart.
This tab has some interesting options:
Once you have selected your preferred instrument from the Market Watch window, you can simply click on New Order in the top navigation. A popup will appear.
Here you can choose between Instant Execution and Pending Order.
Instant Execution: Select the volume, stop loss, take profit, and your acceptable deviation. Then click on Buy or Sell.
Pending Order: Select the order limit, volume, stop loss, take profit, and expiration date. Then click on Buy or Sell.
MetaTrader is very user-friendly, although the sheer number of features and options makes it a little confusing for first time traders. The good news is that you can check out all the trading tools on the demo account for free. This helps you become familiar with the trading platform before entering live trading.
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