How to Trade with MetaTrader4

1. How to Trade withMetaTrader4 MetaTrader4 (MT4), a trading platform launched in 2005 by MetaQuotes. The purpose of designing such software was to help forex and futures traders to analyse the financial market. But with the huge popularity of the trading platform, it is also used for a range of markets such as indices, cryptocurrencyand CFDs etc. Traders can use it for various trading needs and customise it as per the requirements of thetraders. Atradingplatformthatcaterstoallfinancialtradingwithitsuniquefeaturesandfunctions. MT4isaskilledtradingplatformforallthefinancialneedsoftraders.Inaddition,thetrade with this software advances the technical analysis of the market for retail trades and speculations.

2. The software is regulated and licensed for foreign exchange brokers. The brokers can further offer the facility to their clients. Moreover, it is used for server components run by brokers. Both brokers and their clients use it for going live for trade and analysing the price fluctuations with the help of several indicators andtools. • What isMetaTrader4? • MetaQuotesreleasedtheplatformin2002withversionsthatwereenhancedtoreachthe MetaTrader4 version. The best technical and fundamental analysis tool that became famous among the traders and brokers. Thus, from 2007 to 2010, many brokers added MT4 to their list of trading platforms. With so much use of the platform, the InstaForex company offered MetaTrader5 for trade. Still, the popularity of the MT4 didn’t decrease. Traders prefer using MT4 for their forex and other financial instruments. Some brokers provide clients with both tradingplatforms. • MetaTrader4Functions: • ExpertAdvisors • Technicalanalysis • Fundamentalanalysis • Customisable • No installationcharges • Easilydownloadable • Works with all devices • Trading signals • Algorithmtrading • Mobile trading • Easy touse • Proprietary scriptingMQ4/MQ5 • Trading orders • MetaTrader4,withallthefantasticfunctions,alsoprovidestwotypesoftradingorders. • These are pending orders and market orders, the pending orders are executed when the pricereachesapredefinedlevel,andmarketordersareexecutedinfourmodes.The

3. modes are instant execution, exchange execution, request execution and market execution. The modes work differently and help traders to execute the trade in the financial markets. So, we can say that the trading platform has various features and functions to offer its clients, thus making it a reliable and trusted trading platform over other tradesoftware. How to Trade with MetaTrader4? How does MetaTrader4work? Theuseoftheplatformisrelativelystraightforward,withfollowingsomestepsthatprovide access to the trading platform with how to trade with it. Below we have discussed the points of using the trading platform through brokers via creating anaccount: Create an Account The first step of using the trading platform MT4 is by creating an account. Traders can chooseanyreputedbrokerprovidingthefinancialinstrumentrequiredandMT4.Theycan register online on the broker’s website then deposit the minimum fund required to access the trade. With the account, traders can go live and trade using theplatform. We would recommend some of the best brokers for forex trading and using the trading platform —ROinvesting,TraderATF. Downloading MetaTrader4 The second step of the process is to download the trading software. The brokers can easily download the software through the broker’s website. It allows users to choose the device on which they are working so that the downloaded version of the software is as per their needs. It works on all devices such as Windows, Apple, iOS, Androidetc. After download, traders can log in with the account details and access theplatform.

4. 3.Positions A significant part of the trade is holding positions in the market. It could be a long term positionorforashortdurationspendingonthetraders’needs.Throughtheorderwindow available in MetaTrader4, traders can place trades. First, they have to go to the tools option on the platform and choose the new order. After selecting the new order, a new window opens, which displays the orders. Traders can even use the F9 shortcut key to open the order windowdirectly. Theorderwindowmayseemcomplicatedfornovicetraders.However,itincorporatesthe followingoptions: Symbol: The option allows traders to select the market they would trade-in. Volume: As the name specifies, it is the number of contracts that traders would trade in the CFDs. Stop-loss:Themostbeneficialoptionofthetradeistosetstop-lossorder.Itaidstraders by closing the trade when it goes against traders desire and entering the level oftrade. Take-profit: This option of order window helps traders to limit the loss and lockprofits. Comment: Here, traders can leave their comments about the particulartrade. Type:Theoptionprovidestraderstochoosetheordertheywouldbetradingwith.Instant and pending orders help in placing thetrade. As per their choice of type of order, the traders have to further deal with otheroptions. Instant execution option of the order for the movement the trader selects buy and sell whereas pending order is for levels that traders can choose to opentrade. Instant Execution: Here, traders can buy when they feel the market will go up and sell whentheyanalyseitwouldgolow.Thus,placingthetrade.Otherthanthis,ithasanother feature of maximum deviation from the quoted price.

5. Pending Order: Here, traders have to first choose the type of order; it could be the buy limit or sell limit and buy stop or sell stop. It would require knowledge of the difference between the stop and limit orders. Once done with these traders, select price levels at which the trade is to be ordered. Then traders have to set an expiry date with the expiry box option. Lastly, traders can place their orders with the placebutton. Monitoring With the terminal window, traders can monitor the placed trade or use the Ctrl+T keys or click the view button to show the terminal option. In the terminal window, traders can choosethetradeoptiontocloseordeleteanypendingorders.Theordercouldbedeleted with the “x” option on the far right of the profitcolumn. Modifying Traderswithintheterminalwindowhavetheoptionofmodifyingoreditingtheorder.With a right-click on the pending order or position, traders can select the modifying or delete option and open the order window. The traders can then set stops and limits to the positions and modifythem. At last, traders can click on the red modify button to confirm the changes. CustomiseOption Traders of MT4 have the option to customise the trading platform as per their needs.The charts, tools and many more could be changed and customised. For example, the charts could be drawn and set with various line options like draw texts, arrows, draw trendlines etc. In addition to this, indicators could be added to the trade, such as relative strength index, Bollinger bands etc. The chosen indicator could be simply dragged from the navigator anddroppedontopofthechart.Traderscan,afteropeningthewindow,furthercustomise the working and display of the indicator. Also, traders can use the menu bar to insert the indicator. Traders can remove and add indicators that arerequired.

6. Timeframes could be customised; various timeframes could be used in the trade. Timeframes are from one minute to hours andmonths. • PriceAlerts • Price alerts are essential for traders as they can know about the fluctuations of the financialinstrumentsinthemarket.Thus,decidingonthefurthertradeandentryandexit points. Within the terminal window, traders can choose alerts and create their pricealerts for a bettertrade. • TradeHistory • MetaTrader4 allows its users to navigate through the trade history. Traders through the terminal window use the account history option to check on the past traders and analyse them. Thus, it acts as a record keeper for the traders of the forex market and other markets. It has the followingoptions: • All history • Last threemonths • Lastmonth • Customperiod • The custom period is for choosing a daterange. • Reports • Traders can save reports in the MetaTrader4 trading platform. In the account history option, traders can right-click in the window to choosefrom: • Save asreport • Save as detailedreport • Thesereportsfurnishtraderswithreportsofthetradeandevencansavethemasper • requirements. Moreover, both the reports show in detail the trade carried out by the investorwithanaccountsummary.Theadditionalfeatureofadetailedreportisofmetrics that it informs tradersabout. • Continue Reading………………