Forex Education

How to Use MT4 (MetaTrader 4) Terminal for Forex Trading

how-to-use-meta trader-4

MT4, full name is ‘Metatrader 4’ use for trading in following markets forex, commodities, crypto currencies, indexes and CFDs. Metatrader terminal is developed by ‘Meta Quotes’ in 2005. Metatrader is easy in use and available free for all traders and normally used for forex trading. Metatrader is extremely popular trading platform due to its user flexibility and customizing options. We can install indicators and tools to automate the forex trading, using different parameters that open, close and set limits for our trade as we want to set it.

How to Use MT4

Before using mt4 trading terminal you will need to create trading account by choosing best forex broker and verify your account. After creating account, download metatrader 4 software (.exe file) from your broker’s website and install it on your computer.

Introduction to Metatrader 4 Interface

When you will open your metatrader 4 terminal you will get main section including chart window, menu bar, tool bar, navigator, market watch and terminal section.

Menu Bar

On top of the terminal at left side you will get menu options that area called ‘menu bar’. Here you can enable and disable different options that you like in your trading. You can login to your account from file menu and you can show or hide windows from your screen. In ‘insert’ menu you can select built-in and custom indicators for your trading and from ‘chart’ menu you can customize your chart window screen settings. From ‘tools’ menu you can place new order and other account options.

Tool Bar

In tool bar section you can set different time frames for market analysis, chart types, zoom options and new orders etc. You also can show and hide navigator and market watch sections from screen using relevant icon from tool bar. If you right-click on tool bar you also get an customize option where you can choose options that you want to show in tool bar. You can use tools for trading here like trend line, channel line, fibinacci retracement tool etc.

Market Watch

In this section you can open currency chart that you want to see in ‘chart window’ for analysis and trade. In market watch you see currency pairs and their bid and ask prices. If you right-click in this section and click on ‘show all’ option then you can see all currencies in this section. You also can see your broker’s server time in title of this section.

Navigator

Below the ‘market watch’ section you will get ‘navigator’ section where you can see your trading account number and name. Below account name in next option you will see ‘indicators’ that you can use to apply indicators on your trading chart in chart window (this option you also can use from ‘insert’ menu). You also can apply ‘expret advisor’ (EA) to automate you trading.

Chart Window

Main area of screen and terminal is ‘chart window’ where you can see your currency pair chart and you can analyze market for trading. On top-left corner of ‘chart window’ you have top button option for selling or buying currency and here you also can set your lot size for trade. Sell price and buy price of sell and buy button is changing continuously according to international market. At bottom section you can see other chart windows that you opened form market watch section. On right side of chart window you can see price line of the currency pair.

Terminal Window

On the bottom area of metatrader 4 you can see where all orders will display with full detail is called ‘terminal window’. When you open order, you get all detail of order in this area. You also can see your balance, equity, free margin and floating profit/loss on bottom-right side. On bottom side of this are you can see some menu option that you can use to see your trading account history, news, journals etc.

How to Open Order/Trade

To open new order have two options first is you can place order from sell/buy buttons in chart window and second option is in tool bar area. Click on ‘new order’ option, new dialog box will appear on screen where you can select currency pair, trade volume, stop-loss & take-profit limits, order type like instant order or pending order etc. And below the sell and buy rate you have sell and buy buttons to place orders. You also can place pending order by right-clicking of chart window.

How to monitor, Edit and Close Order

When you open or place any order it will appear in ‘terminal’ section. You can see your order/trade volume, price where you place order, pair symbol, order limits for take profit and stop loss and you running profit or loss. You can close your order in different ways like you can click on cross (x) button under profit column. You can double click on your running profit or loss of that order and dialog box will open, you can click on close order button to close it. You can modify your order if you right-click on order then you can change limits of order and you also can delete pending order.

View and Download Trade History

You can view and download your trading history from bottom menu. You can see you custom history by setting dates or choosing option of today, last 3 days or week etc. You can download your trading history detail of your selected time period.

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