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Thanks to Forex brokers, currency exchange is now easily accessible to any individual in the UK and other countries. Platforms are indispensable elements of trading, as all operations are conducted through the software. Read on for a brief comparison of Metatrader 4 vs Metatrader 5 and key aspects of working with the older system.
Table of Contents
Why Choose MT4
Despite being relatively old, this platform remains the top pick for many traders around the world. MT4 has a modern interface allowing easy navigation, and it may be installed for free from the FXTM website. A broker conducting legal business in the UK, the company provides clients with comprehensive guidance and support at every step of the way.
Main Features of the Platform
The program comes with a range of visual aids that facilitate trading decisions. These include:
- customizable indicators;
- quotes in the live mode;
- range of time frames, and
- unlimited charts.
Naturally, since Forex trading takes place on different continents, the software has been adapted to different languages and currencies. You may trade major currency pairs, cross pairs, or exotic combinations, and get support in the language you speak. Overall, MT4 arms you with all key tools necessary for a currency trader. If you are willing to diversify your portfolio with CFDs, stocks or commodities, you should switch to MetaTrader 5.
How to Install
Neither Windows nor Mac users should experience any difficulties. Download the package from your broker’s website and run the wizard. In case of Mac, you may have to follow the standard procedures for any software from outside the App Store.
The mobile version allows tracking of finance trends and management of trades wherever you are. Software for portable devices may be easily found in the Google Play Store and App Store. There are also thousands of user reviews.
Sign In and Log Out
Signing in is the first step after the initial run. If you are not prompted to do it automatically, head to the ‘File’ tab and use the ‘Login to Trade Account’ button. Here, the details you enter may relate to a demo or a live account. The former serves training purposes, and it should be used by every rookie at the beginning of their Forex journey.
Do not look for the logout button, as it does not exist. If you wish to prevent the program from saving your login details, this is achieved through setting adjustment. Make sure the ‘Save Account Information’ box is left unchecked.
Trading Procedures: The Basics
The platform operates using an order-based system language (MQ4). Hence, opening a trade requires you to place an order. This is done via the ‘Order’ window, which allows instant placement. Just choose the desired currency pair on the top ‘Window’ tab, activate ‘New Window’ and ‘New Order’ on the toolbar.
This window specifies all the required data: the pair, the volume (in lots), the Stop Loss and Take Profit values, and type of trade. There are also graphs with the latest shifts of Bid and Ask prices. The second way to open a trade is with the ‘Order’ window summoned by F9.
How soon do you want the trade to be executed? For an immediate result, choose the ‘Market Execution’ type. Otherwise, select the so-called “limit” or “stop” order. This way, execution is programmed to take place at a certain predefined level different from the current market price. Short positions (when you sell currency to buy more of it back once the price falls), the procedure is particularly simple — you just place a sell trade to open.
How to Exit
Find the ‘Trade’ tab in the ‘Terminal’ window (activated via CTRL+T). All the current open trades are in the ‘Trade’ section. Right-click on any order to finalize it via ‘Close Order’. This manual approach is best when there are several trades open simultaneously.
Stop or Limit Orders
Use the ‘Take Profit’ option in the ‘Order” window and enter the target price level. Choose ‘Pending Order’ as position type and choose ‘Buy Limit’ or ‘Sell Limit’ from the drop-down menu.
MT: Key features and advantages of trading with MetaTrader 4
MD: MetaTrader 4 is a popular platform tailored to currency trading. Discover the functions and benefits making it a top choice.