How to use forex metatrader 4

How to use forex metatrader 4

To do this, open 4 new charts having the same currency pair. Now, select each chart, and then click on the time frame icon gradually from 1 minute, 5 minutes, 15 minutes, and 1 hour. Now, click on “window”, which is located at the toolbar, and then click “Tile Windows” 22/1/ · MetaTrader 4 is the most popular trading platform for retail traders because of its simplicity and ease of use. Metatrader was launched in by MetaQuotes Software company. It licenses the software to Forex brokers. In return, brokers provide their clients with access to MT4 if they open a Forex account. Traders use the platform to monitor live prices, buy and sell at market or use pending orders, and so on. Using MetaTrader 4 How to Trade Forex Using MetaTrader 4 (MT4) Walkthrough | Beginner Friendly At first the app may be a bit confusing so I did make this beginner friendly. This video I do a quick, easy, detailed walkthrough on how you can use the Metatrader 4 app

How to Trade Forex Using MetaTrader 4 (MT4) Walkthrough | Beginner Friendly | Meta Trader Expert

MetaTrader 4 is the most popular trading platform for retail traders because of its simplicity and ease of use. Metatrader was launched in by MetaQuotes Software company. It licenses the software to Forex brokers. In return, brokers provide their clients with access to MT4 if they open a Forex account.

Traders use the platform to monitor live prices, buy and sell at market or use pending how to use forex metatrader 4, and so on. Using MetaTrader 4 comes down to:. This guide will teach you how to use MetaTrader 4 and you will get unique tips to unleash its power to improve your trading.

First, you will need to find a Forex broker and open an account, how to use forex metatrader 4. After having a demo or live account under your name, you will be able to proceed with the MT4 installation. To pick a Forex broker, you can check several listings or rankings online, just make sure that whatever option you choose complies with the following basic standards:.

Usually, you can open and use a demo account very fast; follow these simple steps:. On the other hand, how to use forex metatrader 4, to open a live account in MT4 takes some extra steps, your broker will request more information.

Some brokers have restrictions on accepting clients from specific countries, as they are under strict regulation to keep their operating license. Once your forex account is open, you should receive the following details via email from your broker:. In addition, the email should contain links to download the MetaTrader 4 installer like the following:. Similarly, you can go to the MetaTrader 4 site and download the version that suits your needs better.

Note: this guide focuses on MetaTrader 4 for windows. However, If you would like to learn more about the mobile versions iPhone and Androidfeel free to check the MetaTrader 4 site. Firstly, you should save the installer on your PC. After clicking the installation file link, the following will be displayed:. Click save, then go to the location where you have saved the file and double click this icon:. You will get the following message, click yes to proceed with the installation:.

Then, you will need to accept the Terms and Conditions from your broker:. Then, MT4 files will get downloaded and when you see the green bar completed, click finish:. MetaTrader 4 will be displayed with a window to select the server:. Make sure to look and choose the server name that you got from your broker. Then, you can start using your MetaTrader 4 account!

To open a new chart, go to the Navigator window, right-click in a currency pair, then click in chart window :. You can maximize the Chart window if you would like to focus on a single currency pair. Moreover, you can switch between different instruments windows using the tabs below:. Also, it can be handy to focus your analysis in some specific regions or candles in a chart. You can use the zoom in and out buttons that you will find in the Charts Toolbar:.

In addition, you can switch between different types of charts by clicking one of the following buttons:. If you would like to get the price or volume information for a specific period, hover the mouse over the chart:. Depending on your trading analysis, you can use the auto-scroll feature to keep to chart updated with the last tick.

Click the Autoscroll button and you will get the following:. Additionally, you can use the shift button if you prefer to have some space to the right of the period. For example, how to use forex metatrader 4, here is a chart with the chart swift feature enabled:. To visualize or change the timeframe of any chart you can use the period buttons on the timeframe toolbar:. Also, you can use the submenu button in the standard toolbar.

Whatever period you choose, this will reflect as an individual bar or candle in the chart. For example, if you choose H1, how to use forex metatrader 4, this means that each bar or candle corresponds to one hour of price action, with its specific Open, High, Low and Close prices, how to use forex metatrader 4.

Using two charts with different timeframes for a specific currency how to use forex metatrader 4 might help to assist your trading decisions. For example, if you check H1 and you spot a selling opportunity, having a parallel daily chart might help you confirm a trading signal:.

The crosshair is convenient to become agile with your trading analysis and get information in a faster way. To enable the crosshair, click in the line studies toolbar.

Then, move the mouse cursor towards a chart bar or candle, you should see the crosshair, which highlights a specific price and time. Similarly, you can use the crosshair to measure time, bar and pips distances in a chart, this is useful for doing your analysis or determining potential Stop Loss and take profit levels.

Left-click the chart while the crosshair is enabled and move your mouse while keeping it clicked:. MetaTrader 4 templates allow you to save time by storing a determined chart setup configuration. After that, you will get the following window where you can name and save your template:. Furthermore, how to use forex metatrader 4, you can upload your favorite template into a new chart, by right-clicking and selecting load template as follows:.

Then, you will need to select the template file and click the open button:. To place a trade in MetaTrader how to use forex metatrader 4, select a chart of a currency pair, then click the new order button that is located in the standard toolbar. Then, you will need to click the Sell or Buy button. Please consider that if you are placing a Buy order, this will be done at the Ask or higher price. In contrast, if you would like to sell the currency pair, the order will be placed at the Bid or lower price.

After you place an order, you should get a confirmation message like the following:. The Stop Loss feature allows you to maximize the likelihood of limiting your potential losses. Therefore, you can follow the same process above to create an order, in addition, you will need to input the stop loss value that you have previously defined.

If you would like to learn more about how to determine and place Stop Loss levels, check this article.

Similarly, to place a Take Profit, you can follow the same process and input the value or price target level at which you would like to lock a profit for your trade. Check our article on how to set take profit levels if you would like to learn more about this topic.

Once you have placed an order, there might be situations in which you would like to change it. For instance, you realized that your Take Profit was incorrectly placed or you would like to modify your Stop Loss. Therefore, how to use forex metatrader 4, learning to modify open orders becomes very handy to have flexibility in your trading and adapt to new market conditions or unexpected scenarios.

Then, click the Modify button to make the change effective. As a result, how to use forex metatrader 4, you should get how to use forex metatrader 4 confirmation message. Once the order is closed, you can go to your account history in the terminal section and you will find the details about the recently closed order:. For instance, you are planning to place a buy order in a bullish market scenario, but you would like the order to be placed after a certain price level is surpassed, confirming a possible breakout, how to use forex metatrader 4.

In this case, you would need to place a Buy Stop Pending Order. Alternatively, you can use the Sell Stop Pending Order if you expect the price drop and you would like to add a price level condition that triggers the order. Buy Limit orders can be placed if you would like to take advantage of a bullish market under the condition of placing the order at a lower price level that could be hit on an expected price pullback, before continuing with an upward trend.

On the other side, Sell Limit orders could be useful when you would like to take advantage of a resistance level that precedes a downward trend. To set up a pending order in MetaTrader 4, follow the same steps to open a new order and select the Pending Order type, then you can choose the type of Pending Order with the price level that will act as a condition to trigger the order. In addition, you can add an expiration date if you wish that the pending order is canceled after a certain period if the price condition is not fulfilled.

MetaTrader 4 graphical markup tools are features that you can apply to chart in order to enhance your technical analysis; they range from a basic circle or text label, all the way to trendlines, channels and Fibonacci retracements.

In this section, we will take a look at the most popular MetaTrader 4 markup tools. Horizontal lines are used to indicate support and resistance levels, psychological price levels or target for your take profit and Stop Loss levels. In order to draw a horizontal line, go to the line studies toolbox, click the horizontal line button and then press anywhere in the chart where you would like it to appear. Once it is placed you can click it and move it around as you need.

Similarly, you can use vertical lines to mark an important period in your chart. To draw a vertical line, go to the line studies toolbox, click the button and then press anywhere in the chart where you would like it to appear. To add a how to use forex metatrader 4, click in the line studies toolbox and click a bar or candle in the chart that will be the starting point of the trendline.

After that, you can click the trend line and you will see three small boxes that you can click and drag to make your trendline more accurate.

Click the channel button and select a candle or a bar that will be the starting point of the channel. In a similar way to a trendline, you can adjust the channel by clicking it and dragging the squares to change the angle or the width of the how to use forex metatrader 4. To insert Fibonacci retracements in a chart, you can click the Fibonacci button in the line studies toolbox and then extend it in the chart by clicking the starting candle of the trend and dragging the line until the highest or lowest price level of the trend:.

You can click and select those objects that you wish to edit or remove them:. Indicators consolidate data values regarding the Open, High, Low and Close price levels of a determined currency pair in a specific period within a timeframe.

In other words, MT4 indicators process these values to give you a different perspective on the market. Go to the Navigator window and look for the indicator folder, click to expand it and you will how to use forex metatrader 4 the list of the all the MT4 indicators.

You can choose your favorite indicator by left-clicking and dragging it to the chart. After that, how to use forex metatrader 4, you will get a parameter window to select the period and the visualization properties for the indicator. You can modify or remove an indicator by right-clicking it and selecting one of the following options:.

We hope that you have learned how to use MetaTrader 4. You can always re-visit this guide in case you are not sure how to use a specific feature of MT4. No other trading platform offers such flexibility and ease of use. Post your comments below if you would like us to add more features to this guide.

First time trading on MT4?

, time: 4:24

How to use Metatrader 4 [Beginner's guide] - ForexBoat Trading Academy

To do this, open 4 new charts having the same currency pair. Now, select each chart, and then click on the time frame icon gradually from 1 minute, 5 minutes, 15 minutes, and 1 hour. Now, click on “window”, which is located at the toolbar, and then click “Tile Windows” How to Trade Forex Using MetaTrader 4 (MT4) Walkthrough | Beginner Friendly At first the app may be a bit confusing so I did make this beginner friendly. This video I do a quick, easy, detailed walkthrough on how you can use the Metatrader 4 app 3/4/ · At first the app may be a bit confusing so I did make this beginner friendly. This video I do a quick, easy, detailed walkthrough on how you can use the Met