MetaTrader 4 is the most widely used Forex trading platform, operating since 2005. It’s incredibly popular due to its user-friendliness and simplicity. By the end of this article, you will learn how to install and set up the MetaTrader 4, how to open and close a trade as well as trade a currency pair.
Setting Up The MetaTrader 4 Platform
First things first, you have to download the MetaTrader 4 and once you’ve done that, just run the downloaded.exe file and follow the installation instructions. MetaTrader 4 is also available on Mac, Android and iPhone.
After you’ve installed the platform, you’ll need to enter your account credentials. If the login screen doesn’t show automatically, just navigate to the ‘File” tab at the top left corner and click “Login to Trade Account”.
Trading a Currency Pair in MetaTrader 4 Platform
Placing a trade in MT4 is really easy. All you need to do is select the currency pair you wish to trade in the ‘Window’ tab and click on ‘New Window’. Then, click on the ‘New Order’ button located on the toolbar or press F9.
In the screenshot below, you can see the ‘Order’ window for trading the EUR/USD pair. As you can see from the screenshot, trading a currency pair on MT4 is quite easy as you only need to enter the trade size details in the ‘Volume’ box and click Sell or Buy. Make sure your order type is ‘Market Execution’.
Choosing the ‘Market Execution’ order type will let you place an instant order within the MT4 platform.
Alternatively, you can place a trade using a limit or a stop order by changing your order type. This will allow you to place a trade at specific levels, compared to the ‘Market Execution’ which will trade the asset instantly at its current price.
How to Exit a Trade On MetaTrader 4?
If you want to close a trade on MetaTrader 4, simply navigate to the ‘Trade’ tab from the ‘Terminal’ window (pressing CTRL+T will pop up/close the ‘Terminal window’).
Under the trade tab, you can see all of the trades that are currently open. To close them, right-click on the desired trade and click ‘Close Order’ and click the yellow “Close” button to close an order.
Setting a Stop-Loss in MetaTrader 4
When placing a trade in the ‘Order’ window, you can enter a Stop Loss and Take Profit level in their respective fields. Clicking on one of the arrows in the Stop Loss field will show you the current market price of the desired asset. Keep in mind that the platform uses the offering price. If you look at the tick chart on the left, you’ll be able to see the relation between your desired stop-loss level and the prevailing bid prices.
In conclusion, While this article has covered some of the basics of trading with MetaTrader 4, the best way to learn the platform is to spend as much time as you can with it. If you’re new to trading and MT4, I suggest you start learning the platform on a Demo Account as you will not be risking any real capital.
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