Meta Trader 4 is considered by many to be the gold standard brand of forex trading platforms. Retail traders who have signed up with several brokers are likely to have entered into a trading network powered by Meta Trader.
Most of these trading platforms are customized by MetaQuotes for a broker called the White Label. The newest addition is MT5, but many traders like the tried and tested Meta Trader 4 because it provides all the functionality you need on a forex trading platform.
Getting Started by Meta Trader 4
Meta Trader 4 is intuitive and is relatively easy to use. You can start by opening a demonstration account that allows you to test the system without making a deposit. You simply need to provide a broker that uses Meta Trader Platforms with your personal information, including your email address, and send you a login and password to open a demonstration account.
A demonstration account uses demonstration money and lets you see how the platform works without risking real capital. Don’t be afraid to set up multiple trades so you can understand how to execute and order and see your positions.
You can customize the first page you see when you open Meta Trader 4 as your default page. You might want to see forex quotes as an example along with a chart. There is a quotation sheet on the left. It shows you a list of products that you can trade on the MT4 platform.
You can double-click on any of the items on the quote sheet and the order page will appear. Here you can see a graph of the tick chart along with the asset you’re planning to trade. You can fill in your volume, stop the loss, and take profit orders. This allows you to set up risk management before you even start trading.
In addition, you can have a 1-click trading box in the upper left corner that allows you to instantly place a trade. You can place your trade by market execution or by order pending. You can also determine the volume of your trade. Below is the spread of the bid-offer. As a market taker, you buy on the bid (blue) and sell on the bid (red).
Navigating via Meta Trader 4 is intuitive and designed to give you easy access to all the destinations on the platform. You can customize your home page to see any page you want, including a view of your positions.
The demo account has a tab system on the bottom left that opens to the common tab where you can see the major currency pair charts. You can change that for a daily, weekly, or any intraday period. You can create a number of tabs that provide a view you want to see.
Above the tabs is a browser that allows you to see both technical indicators and expert advisors and scripts. Technical indicators allow you to carry out a technical analysis of the different assets. An expert advisor is a system that can be re-tested to understand the performance of an automated trading signal over time. Scripts let you drive alerts and run automated trading scenarios.
If you double-click the indicators in the browser menu, there are a number of technical indicators that can be customized. In the graph above, the MACD indicator is shown, along with a custom input used to change the standard.
The number of units (days, weeks, months, etc.) can be changed as inputs along with the colors used to generate the MACD indicator. The MACD shows both the MACD lines and the MACD histogram. There are dozens of technical indicators available. You can save your favorite indicators to the Favorites tab and name them.