Learn How To Use MetaTrader 4 in this MT4 Tutorial Series.
Did you know that MetaTrader 4 is the most popular Forex Trading Software in the world?
If you didn’t know, now you do, but MetaTrader 4 (MT4) is extremely popular and powerful. MT4 software is download only for both mobile and desktop platforms. In a Software as a Service world that we live in, it’s a bit unusual that the top downloadable charting package must be downloaded. MetaTrader 4 has spawned solutions that link to MT4 related accounts.
MT4 may be intimidating to newbie traders, which is why we have this MT4 Tutorial Series. You will be up and running in short order and will be MT4 savvy. In fact, it probably took us much longer to actually create this lessons than it will take for you to master MT4.
So…. are you ready to learn how to use MT4? Great! Let’s get started.
Downloading MT4 and Getting Started with MetaTrader 4
Download MT4 and install it, it is rather simple to do. After installation, open up MT4 and let’s get you logged into your account.
Who will provide you with a MetaTrader 4 download link? Your Forex Broker will provide you with their branded version of MetaTrader 4.
Logging into MT4 for the first time:
Below is the first screen you see upon entering MT4. There is the chart area, the Terminal, the Navigator, Market Watch and the Toolbar.
So how do you login to your account?
Check out the Navigator area and under the MetaTrader 4 there is the ‘Accounts’ drop down, just right click on it and you will see ‘Open An Account’ – click on it. You choose the account associated with the Demo or Live account that you have. Since you are just learning how to use MT4, it is suggested you start with a Demo account with your desired broker.
Now select the ‘Existing trade account’ radio button and enter in your Login and Password that was either sent to you or that you created upon signup. Leave the checkbox for saving your password should you wish to login with ease upon re-entry after closing MT4 out when your trading session is finished. Click ‘Finish’ when you are done!
Now you are ready to start learning all the components of MetaTrader 4! In this article, we will include an introduction to the Terminal Window.
MT4 Tutorial: Learn how to use MT4 Terminal Window
The MT4 Terminal Window consists of twelve tabs and contains some important information for you to know about your trading account.
The trade tab showcases your open positions, how much of a current balance you have and how much more you can trade from your balance.
It will show you whether you are profitable or if you are losing money. Your entry, stop loss and take profit prices are visible as well.
New “Exposure” tab added in the “Terminal” window to show the summary information about the state of trader’s assets for all open positions.
- Assets: Are the name of a currency pair.
- Volume: Your position volume (in units) for the currency pair.
- Rate – Currency pair rate in relation to the deposit currency.
- Deposit currency (‘USD’) – this column shows the amount of deposit currency (excluding leverage) actually used to buy/sell the currency.
See your past trades and all the details behind each transaction with the Account History in MT4. Use it to help you go through your past trades and examine what you did right and wrong so that you can become a better trader and develop better trading habits.
Get the latest economic news headlines into your News Inbox. Just check for a number next to the News Tab as you can see to see the latest news stories to hit the wire. The number means the number of news stories for a particular day that have not been read, this will reset at Midnight.
Your custom indicator may include custom alerts that trigger to let you know to take action with the entry of a particular trade that fits the particular indicator strategy. They can all be found in this tab.
Check your MT4 Mailbox for any important notes from your broker as it pertains to logging into MT4 or your account in general. Usually, you will receive important e-mails in your actual e-mail inbox, but there are some notifications that come into your mailbox in MT4.
These are publications, applications and downloads that are for sale in the MetaTrader marketplace.
Trading Signals are MT4’s response to Social Trading. These Trading Signals enable you to copy the trades of other individuals. You can learn more about the trading signals by clicking on the each of the links under Signal/Equity.
Take the time to read up on each one of them. Read the reviews and examine the risks. Social trading is a lot like placing your money into a mutual fund, but the investment objectives of the individuals that are steering the signal may not fit your objectives.
The Code Base includes free custom indicators and Expert Advisors for you to download and apply. Take the time to understand how these indicators actually work before implementation and then test them out in a demo environment. You can feel free to test them out in the game and use as they are intended to be used according to the creator of the indicator, just like the standard indicators that exist currently. It is not suggested that you try out a new indicator for the first time with real money on the line.
That’s all for the Terminal Window as far as what you need to know. Becoming familiar with it will make you aware of what is going on with your account, breaking news and the technical indicator code base. The MetaTrader 4 Tutorial continues with teaching you how to use the MT4 Navigator and Toolbars.