MetaTrader 4 for Beginners: Making the Most of the Platform

The secret of successful trading does not only lie in your knowledge of how the market works. It also encompasses having access to the right tools and instruments that can contribute to your productivity as an investor. MetaTrader 4 (MT4) is a leading trading platform that has made it to the list of must-have tools for investors for several reasons. Among these are the advanced analysis tools and indicators that can help anyone go from a beginner to an expert in the currency market. If your life goal is to be at the top of the pyramid, then this MT4 guide might be all you need. Here is all you need to know about the platform and how to use it.

What Is MetaTrader 4?

MetaTrader 4 is a leading forex trading platform that provides the tools for traders to execute buy and sell offers and carry out their everyday trades. It is an electronic trading platform made for brokers and traders. Traders use the platform to view real-time currency prices, open and close their trades, and get access to technical indicators and fundamental analysis. At the same time, these platforms allow brokers to reach a broader audience and customers.

MT4 was released to the market in 2005 and has gathered over 40 million active users. The platform was designed to support thousands of trade deals and offer the best tools and instruments that have made things easier for retail and institutional investors over time. If you’re interested in getting advanced analytics, in-depth market insights, and charting capabilities, the MT4 trading platform is the option for you.

What Makes MT4 Stand Out Compared to Other Platforms?

There are several forex trading platforms in the market today. For MT4 to have over 40 million individual users, there must be ample qualities that make it stand out significantly. There are loads of advantages to using MetaTrader 4. Some of them are that the site offers a wide array of currency pairs, investment alternatives, and tools. Also, there are customizable charts that newbie or beginner traders can easily navigate. The platform supports candlestick, line, heiken, and Renko chart types — all of which you can customize for better usability. For example, you can right-click on your candlestick chart and select the “property” icon to change the color and appearance to suit your preference.

In addition, MetaTrader 4 has an Expert Advisor feature, which helps traders automate their trades and save time. This particular tool has a lot of use cases that you can make the most of as a trader. It helps you identify market opportunities faster, conduct surveys and analyses, and manage risks. You can view trading history, get historical data and charts, and use them in market research.

How Do You Use It?

MT4 is easy to use; all you need to do is follow the steps below.

Set Up Your Account

You can easily set up your account by downloading and installing the application on your device. Visit the trading platform’s official page for this; you’ll find different download options for each operating system (OS), such as Android, Windows, and iOS. Download the correct version for your OS. You’ll be required to fill in your name, country, city, address, and phone number. Fill in this information and keep a copy of your account information before completing the registration process.

Open a Live or Demo Trading Account

We strongly advise you to begin with a demo account if you’re just starting. If you’re working with a live account, fund it, get verified, and start trading. Choose a licensed and regulated broker and enter the necessary credentials. Most brokers allow you to fund your account using payment methods like PayPal and Skrill.

Choose Your Market

As you might already know, there are several assets to invest in on MT4. Here are the steps for selecting your preferred investment option on the platform:

• Find the “market watch” window to select the available financial instruments.
• Select your market among options like forex, stock, commodities, etc
• Add instruments or currency pairs by choosing the market watch icon.
• Start trading by placing buy or sell orders on your selected instrument.

Setting Up Charts

To find and select your chart, open the platform and select the “File” menu. Then, click “new chart.” Choose your preferred asset from your options, ranging from stocks to futures. You can customize your charts and select several indicators. You’ll find options like moving averages and RSI. Select the parameters and adjust them to fit your style and strategy.

Placing a Trade

To place your trade on MT4, follow these steps:

• Login to your account.
• Select your desired currency pair. Find the “market watch” window and click “currency pair.”
• Set the amount of currency you plan to buy or sell. That is, your trading volume.
• Choose instant execution or pending order. Instant execution means placing the trade immediately, while a pending order allows you to enter the trade at a specific time.
• Select the execute button to complete the process.
• Lastly, you can monitor your trade constantly on the terminal window.

When Using It, What Should You Consider?

The primary thing to consider when using the MetaTrader 4 is to always work with a licensed and regulated broker. The platform is made for every trader and is open to various brokerage firms. It’s best to do some background research on your preferred brokerage account before processing a live trade with them.

Pros and Cons Compared to Other Trading Platforms

Expert traders and users have explored and compared this site with others like it. Here is the conclusion in terms of advantages and disadvantages.

Pros

• Ease of use
• Flexibility
• Lightweight and smooth running platform
• Cross-platform compatibility
• Automated trading through EAs
• Advanced security

Cons

• Execution speed might not be appropriate for high-frequency trading strategies
• Automated trading is limited on the web version
• Limited historical data

Maximizing MT4 Features for Profit

While a few drawbacks exist on the MT4 trading platform, there is no denying that it has been the standard among many investors. The advantages listed above are more than enough proof to justify as well as the growing number of users on the platform. You can also be a part of professional traders maximizing MT4’s offerings for profitability by registering today.