MetaTrader 4 or MT4 is a popular trading platform used by traders worldwide. It allows users to trade in the foreign exchange market or Forex. This platform has an easy to use interface and comes loaded with features that help traders make the best trading decisions. However, for those new to this platform, it can be overwhelming to navigate through its many features. In this blog post, we will delve deeper into the basics of metatrader 4, and guide you step by step, through its features and capabilities.
Understanding the Navigation and Interface of the Platform
The first step to navigating MT4 is to familiarize yourself with its interface. Upon opening the platform, you will find four main windows; the market watch window, the navigator window, the chart window, and the terminal window. The market watch window displays all the currency pairs that you can trade. The navigator window contains all the indicators, expert advisors, scripts, and custom indicators that are installed in the platform. The chart window displays the chart of the currency pair you have selected, and the terminal window displays trade information, account history, alerts, and mailbox.
Adding and Removing Currency Pairs
MetaTrader 4 offers traders the option of customizing their platform by adding or removing currency pairs from the market watch window. To add or remove a currency pair, you need to right-click on the market watch window, select symbols, and a window will pop up showing all the currency pairs available. To add a currency pair, click on it, and select ‘show.’ To remove a currency pair, click on it and select ‘hide.’
Placing Orders
To place an order in MT4, select the currency pair you wish to trade, go to the chart window, and right-click on it. A menu will pop up, giving you options to sell or buy. Select the corresponding button to open the order window. You can also place orders from the ‘market watch window’ by right-clicking on a currency pair and selecting ‘new order.’
Using Indicators and Expert Advisors
Indicators and expert advisors are essential tools used in MT4 for making informed trading decisions. Indicators are used to analyze market trends and help traders determine the best trades to enter or exit. Expert advisors, on the other hand, are automated trading systems that follow specific trading rules. To install any of these tools, go to the navigator window and right-click. A menu will pop up, and you can select the tool you want to install or use.
Backup and Restore Your Customized Settings
It can be frustrating to lose all your customized settings when you switch your MetaTrader platform. To avoid losing all your settings, MT4 offers the option of making a backup of your platform settings. Go to the File tab, select ‘open data folder’ and a new window will appear. Look for the ‘profiles’ folder, right-click on it, and select ‘copy.’ Then paste the folder in the location you want as a backup. To restore your settings, go back to the File tab, open the data folder, and paste the copied profiles folder in the new folder.
Conclusion:
Navigating the basics of MetaTrader 4 does not have to be complicated. Knowing the necessary features, where to find them, and how to use them can help you trade more efficiently and effectively. In this blog, we have covered essential features such as navigation, adding and removing currency pairs, placing orders, installing indicators and expert advisors, and backing up your settings. Familiarizing yourself with these key features can make a lot of difference in your trading journey. With practice and patience, you can master these features and use them to make best-informed trading decisions that can lead to more significant gains. Happy trading!
