MetaTrader4, also known as MT4, is a trading platform. It has been leading the market for almost the last two decades. In this article, we will discuss MetaTrader4, how to use MT4 or how to trade from MT4 and how you can earn money by using MT4. So let’s dive right into it.
What is MetaTrader4:
MetaTrader4 or MT4 was founded in 2005. Metaquotes developed the software. There were many versions of this software before, but this version became popular in a short time. Brokers have a license to this software, and they offer this software to their clients. Clients can manage their accounts and watch the prices of assets live. In addition, you can trade in numerous markets like forex, indices, commodities through CFD or spread betting.
MT4 is for a few reasons like- simple interface which makes it easy to use, and clients can customise the platform according to their needs and automate trade in which stop loss and take profit is set by the algorithm with pre-set parameters.
How to use MetaTrader4:
There are few simple steps to trade with MetaTrader4. So let’s dive into it and discuss each step in detail.
Open live account:
The first step, open an account with your broker. There are few simple things:- Visit their website, click on the open account button, fill in personal and financial details, submit documents for verification and then make payment.
Choose your device and then download Metatrader4. Then log in to MT4 with the credential of your account.
Use order window to open a trade:
Click on tools and then click on a new order after you make up your mind to trade. You will enter the order window. The shortcut to entering the order window is F9. Here are few things you will find in the order window.:-
Symbol:- it is a drop menu from which you can select the market you want to trade.
Volume:- In CFD, it is the number of contracts you want to trade; for spread betting, it is the amount of bet per unit of price movement.
Stop loss:- You can exit a position if the trade is moving against you. You can enter the level you want to exit. The stop loss in MT4 is similar to the basic stop loss of other platforms.
Take profit:- You can limit the level of position you want to exit. The take profit is similar to taking profit in other trading platforms. All you have to do is enter the desired level.
Comment:- A small place where you can comment about the trade. Comments can also be used for advanced trade management purposes.
Type: Type can be used to select the trade execution methods. If you want to trade at that moment, then click on instant execute or buy or sell. Then click on a pending order to select the level at a trade that opens.
If you want to monitor trade, then you can click on terminal or ctrl+t or view on the toolbar and then click on the terminal. You can navigate to the trade tab. You can exit a position or delete a pending position by clicking x on the far right corner of the tab. find a small x near the profit column.
Add stop loss and take profit:
There are simple steps to modify the stops: Open the terminal window or click on ctrl+t.
Open the trade tab, Click on the pending position or position, click on modify or delete to remove the order to open the order window. You will be able to add stops, modify a position or limit position. Finally, click on the modify button to confirm changes.
There are numerous tools to customise charts. Here are five steps to draw on charts, change timeframes and add indicators:-
Draw on charts:
It is straightforward to draw; you need to click the objects and then click on the charts. You can adjust some objects by moving the mouse or by entering a different window. To edit an object or remove an object, you can right-click on the chart then click on the object list from the menu. Then you will enter a window with a bunch of objects. Click on your selected object and then click on edit to customise it or the delete button to remove the object.
You can add indicators to charts by using the menu bar. Click on insert, click on the indicator, and click on your preferred indicator from the drop-down menu. To edit/ remove indicators, right-click on the chart, then click on the indicator; this will open a window with a list of indicators, then click on the indicator you want to edit or remove and then click on edit to customise and delete to remove the indicator.
Change time frame:
To change the time frame, click on the chart, click on the timeframe, and choose your preferred time frame from the drop-down menu. You can change the time frame of a particular price chart by using the toolbar button.
Time Frame ranges from one minute to monthly. Here are different timeframes:-
Price alert set up:
Steps to set up a price alert:
- open the terminal window,
- Open the alert tab.
- Right-click on window
- Select Create from the menu
- You will be directed to the alert window
- Then set up a price alert
Steps of view trade history:
- Open trade history window
- Open account history tab
- Clicking right in the window
- Select your time range.
Here is the date range in trade history:
- All history,
- last 3 month
- last month
- Custom period.
You can download trade reports by :
- Open the terminal window
- Open history tab
- Click on the window
- Select on save the report or detailed save repor
MetaTrader4 is the most popular trading platform developed by Meta Quotes in 2003. The reason for its popularity is a simple interface, customisable platform and automatic trade. Steps to use Metaquotes are simple: open an account with your broker, Install MT4, enter a position, modify stops or limit position, monitor position, customise, set up a price alert and read trade history and trade reports. There are numerous brokers, but the recommended broker is ROInvesṭing, with 350+ assets on CFD, which allows trading in a different market at a low cost.