MetaTrader 4 Installing Tips and How To’s
If you are new to Forex trading, you surely came across suggestions on which Forex trading platform to use. If so, there is no doubt on the reliability of MetaTrader 4. In this article, we are going to discuss important points to consider when using this trading platform.
How To Set Up The MetaTrader 4 Trading Platform
Step 1: Download the MT4 trading platform from their official website. Otherwise, your broker will send you a link that downloads the platform.
Step 2: Run the downloaded.exe file and go further with the instructions. MT4 can be downloaded on iOS, Android, and Mac devices.
Step 3: After the installation, you will be prompted to enter your account details given to you by your Forex broker. You can start trading readily after that.
How To Trade Currency Pair in MetaTrader 4
Since MT4 boasts its user-friendly interface, placing an order here is without a doubt, very easy. First, you have to select the currency pair that you want to trade from the ‘Window’ tab. After that, you should tap the ‘New Window’ tab and the ‘New Order’ button situated at the toolbar. You can also tap F9 for easy access.
Trading in MT4 is preferred by most newbies because it is very easy to enter a trade size. You just have to enter the volume that you prefer and tap buy or sell. Be sure that you are on the ‘Market Execution’ page when doing this step.
You can also use a limit or stop order when placing a trade. This can be done by changing your order type. By doing so, you can place a trade according to your preferred level.
How To Exit A Trade-in MetaTrader 4
Once you meet your trading expectations, you will now have to close a trade. The same as when opening a trade, the process of closing it is also simple. Go to the ‘Trade’ tab located at the ‘Terminal’ window. You can also press CTRL+T for easier access to the ‘Terminal window’.
When you reach the trade tab, you can view all the trades that you have opened. If you want to close one of them, you can just right-click the one that you want, tap ‘Close Order’ then ‘Close’ to close the order.
How To Set The Stop Loss Order in MetaTrader 4
Navigate to the ‘Order’ window. From there, you can enter the Take Profit and Stop Loss right into their respective fields. If you click the arrow on the Stop Loss, you will see the current market price of the asset. Just a reminder, the platform shows the offering price. Looking at the tick chart located at the left side of the window, you will see the relationship between your stop-loss level and your bid prices.
MetaTrader 4 has a lot of good things to offer to every trader. Moreover, there is also MetaTrader 5 which offers more diverse options allowing fast and efficient trading. You can try its features for free through its demo accounts.