MetaTrader 4 is a popular trading platform and a lot of aspiring traders are curious as to how it really works. This platform is just like any other software that we have out there. If you don’t know how to manipulate it, you can’t maximize its capability.
How To Install MetaTrader 4
Installing the software for the first time will require you to login with your personal details that were sent to you via email. You may pick the MT4 demo account or the live account if you already have one. Click Next. The login details sent to you by email will have to be put in. After that, you can now start trading as your trading platform has finally been set up.
Don’t get too confused with all the things you see in the Chart Window. From here, you will see different indicators and the window will be green and black colored. But you can change the color of this window by right-clicking the ‘chart’ then ‘properties’ and choosing the ‘Black on White’ from the color scheme located at the drop-down menu. After that, you can change the color of your Grid to ‘None’.
Using the Main User Interface of MT4
The next important thing that you should know about the trading platform is the Main User Interface. In this window, you will see these five things – Charts window, Terminal, Navigator, Market Watch, and Toolbar.
The Toolbars Window
You can locate it at the top and it consists of four toolbars that can help you in almost everything in trading.
The Market Watch
This window is located at the upper left side of the screen. This window consists of available instruments as well as the real-time ask and bid price. Also, from this window, you can open new charts.
This window is located just below the Market Watch. From here, you will find a couple of things – indicators, a list of MT4 open accounts, expert advisors or robots, and scripts.
This window is situated at the bottom part of the screen. This window offers different functions including the viewing of trades, alerts, news, internal mail, account history, codes, and logs of an expert advisor. At the Trade tab, you will be able to view your open position available in the market and the pending orders as well. The Account History tab is where you will find the list of all the trades you performed including the deposits and the withdrawals. If you want, you can also run a thorough report from your ‘Account History’ tab.
This window takes up almost all the space of your screen because it shows all your open charts.
Tip: When trading, you must not risk more than 1-2% of your capital in every trade you make. The MetaTrader 4 platform is surely easy to access and manipulate. But, it is important to remember to check on guides on how to properly use it so you will know the right action to take for the specific situation you are in.