If you are new to forex trading and looking for a quick rundown on how to start trading on MT4, then you are at the right place. In this article, we will guide you with everything you need to know about using the MT4 trading platform.
Table of Contents
Setting Up MetaTrader 4
Let’s start with the process of setting up the MT4 trading platform. Whether you’re a Windows, Mac, or Linux user, we will go through the MT4 setup for different operating systems to get you started easily.
Windows: Installing MT4 on Windows is a breeze, and it’s available for both 32-bit and 64-bit operating systems. Just download the MT4 platform, launch the.exe file, and adhere to the installation wizard’s directions.
Linux: If you’re a Linux user, don’t worry, MT4 has not forgotten about your requirements. In order to run MT4 on Linux, you’ll need to install Wine, a free programme that enables you to run Windows programmes on Linux PCs. Remember that Wine isn’t always completely stable, so some MT4 features might not operate as intended. Use the command line to install Wine and obtain the most recent version.
Mac: For Mac users, things are a little more complicated due to the recent removal of 32-bit application support on Mac OS Catalina. But do not worry, you can still use MT4 on your Mac by running either Windows 10 or Mac OS Mojave in a virtual environment. This will make it possible for you to install and operate MT4 on your Mac successfully. Just keep in mind to read and abide by the applicable OS terms and conditions.
Trading with MT4
MetaTrader 4 is the leading choice for Forex traders of all levels due to its outstanding functionality and sophisticated technical analysis capabilities. This adaptable platform provides algorithmic trading, trading signals, a market for trading bots, and mobile trading, literally everything you need to be successful in the forex market. Moreover, you can use a trading calculator with MT4 as well, which means finding right values for your trades is anything but difficult.
How to Trade a Currency Pair Using MT4?
It is very easy to start trading in MT4, as you to just need to go to ‘Order’ window to place an immediate order on the market. Now, click on the ‘Window’ tab to select the currency pair of your choice and then, create a new window. Once the new window has appeared, you may select “New Order” or hit F9 to bring up the “Order” window.
To demonstrate how simple it is to buy and sell using MT4. Simply input the trade size (in lots) in the “Volume” box, click ‘Buy’ or ‘Sell’ and choose ‘Market Exection’ as the order type to trade at the market bid/offer.
Besides Market execution, you can also set limit or stop orders. This allows you to trade at certain desired levels, which are different from the current market price rather than executing the trade at the prevailing price. So, market execution or limit/stop orders, whichever way you prefer, MT4 gives you the flexibility to make trades that work best for you.
How to Set Notifications on MT4?
Setting notifications on MetaTrader 4 can help you remain on top of the markets as a trader. This is how you do it: Open the ‘Terminal’ window using the CTRL+T keyboard shortcut, then click the ‘Alerts’ tab. After that, you may select ‘Create’ by right-clicking anywhere in the window. From there, you may choose the criteria for the alert, such as the market, the price, and the prerequisites you wish to use. Even the alert’s expiration time may be specified. This tool may be especially useful for traders who wish to be informed when a market reaches a specific price or when a technical indicator flags a potential buying or selling opportunity.
How to Enable Email Alerts in MT4
MT4 offers a range of alerts to help you stay on top of your trades, and email alerts are a popular choice for many traders. To set them up, simply press ‘CTRL+O’ to open the Options window, then navigate to the Email tab. From there, you may input your email address, server information, and the email address at which you want to receive notifications. For instance, setting up MT4 email notifications for Gmail is simple.
Click ‘Enable’ to activate the alerts after providing all the essential data. It’s important to note that setting up the SMTP settings may be a bit simpler if you create a second Gmail account just for these notifications. Make sure to select “Test” when you’ve completed configuring everything to check that the alerts are functioning properly. By making sure that email notifications are set, you may remain up to date on your trades from anywhere.
How to Update MT4?
Beginners mostly underestimate the power of using an updated version, but it is, in reality, very important to ensure the smooth operation of your trades. Luckily, updating your MT4 app on Android is relatively easy and can be done within a few minutes, given that the internet connection is strong.
First, you may obtain the most recent version of the programme either from the MetaTrader website or the Play Store for Android. If you don’t already have the app, downloading and installing it on your smartphone can be done by clicking the “Install” button on the Play Store. If you already have the app installed, you may update to the most recent version by clicking the “Update” button that appears on Play Store.
But in case you prefer to download the APK file from MetaTrader’s website, simply navigate to the Settings app on your phone, select Security, then scroll down and hit the “Unknown Sources” option. You only need to touch “OK” and select “Trust” on the message prompt that appears. You may now return and install the most recent MT4 version from a different source. So, keep an outdated app from ruining your trading experience. Keep your MT4 app updated if you want to enjoy seamless trades anytime, anywhere.
Now that you’ve learned the tips and techniques, it’s time to put them into practice, and the best way to do that is by using a MetaTrader 4 demo account setup. It lets you test out trading on the top forex platform without risking any money. You can also get familiar with the MT4 interface just like that. Additionally, you can investigate several indicators and tools to determine which ones suit you the best.
You can create a live trading account if you feel confident enough to start trading for real. But take your time. Spend some time learning the ins and outs of MT4 and hone your trading techniques with the demo account. With enough practice, you’ll be equipped to approach the markets with assurance and begin making money.