Traders can open and close deals through trusted brokers, but many prefer to work independently. For it, they tend to use the MT4 trading platform. It’s a simple tool for managing investments. Let’s dive a little into the basics of working with this terminal.
How MT4 Works
This program’s main purpose is to provide an investor with the opportunity to trade a specific instrument (-s) in real-time using a single window. There are control buttons here to purchase a particular asset and charts of picked tools. A trader should simply indicate the basic parameters, such as the underlying asset, the trade direction, and the investment amount.
MT4 Pros and Cons
MetaTrader 4 was released back in 2005. After that, developers launched an updated fifth version, but many traders continue to use the fourth edition, and here’s why:
- MT4 is easy to use;
- There are tools to help novice traders in their work;
- It works without glitches and bugs;
- You can create your own currency indicators.
Perhaps the only drawback is the lack of comprehensive historical data for analyzing the strategy based on previous years.
How to Use It
The MT4 platform has intuitive design, so you don’t have to figure out what’s what for long.
Step 1: Create a new account
Open your broker’s website and create a new account. Enter your personal data in the registration window and confirm it with a verification code.
Step 2: Make a deposit
After registration, go to the Finance tab and choose the most suitable deposit method. How long it takes to accrue a deposit depends on the payment system.
Step 3: Download MT4
Download MetaTrader on the device you need. It is available for platforms such as Mac, Windows, iOS, and Android. It’s convenient to have an app on multiple devices to track positions anywhere you go. After installation, sign in to the account you created.
Step 4: Pick an asset
Open Market Watch from the menu, and you will see a list of symbols. If you want to add a limited number of financial instruments to Market Watch, do it through the Symbols menu. To upload a specific asset on a price chart, pick it with the left mouse button and drag it onto the chart.
Step 5: Open a deal
Select New Order from the main menu to open a window with your orders. Here you can close and change your positions. Fill in the Take Profit and Stop Loss fields.
Step 6: Close a deal
There are two options for closing a trade: automatic and manual. It can happen without your participation when a position reaches your Take Profit level. You can also complete the trade manually by exiting it.
Customize MT4 Platform to Your Needs
You can customize not only the app interface but also set the indicators and price alerts you need. If you regularly close the same deals, you will find it handy to use the templates feature to speed up work. Use advisors to shift some of the tasks onto them as an additional tool.
Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.