The most popular trading platform in the world is the MetaTrader 4. It appears complicated to a user who is accessing it for the first time. Numbers, charts and buttons are everywhere at the same time. This guide is known to divide the platform into relatively easy to understand bits. It can be used by total newcomers who are confused by the interface.
Learning MetaTrader 4 the basics of beginners trading
What is meta trader 4 and its significance to traders?
MetaTrader is a trading platform for currencies and additional assets and is based on software. It links the traders to financial markets via their broker. The platform offers analysis, trade and automatic strategy execution tools. The reasons why traders take the metatrader 4 for beginners are very clear. It is not volatile, trustworthy, and a million people around the globe trust it. The interface has not changed dramatically over the years, and thus tutorials are still up to date. This enables one to trade anywhere, at any time.
Understanding the main screen layout
The MT4 screen is separated into a number of sections. Every section has its purpose. It is better to learn these areas first, so that one cannot get confused.
Key interface components explained:
- Market watch window displays live prices of tradable instruments – This vertical list will have currency pairs and their latest bid and ask prices; a right-click will give options to open a chart or trade.
- Navigator window shows account details and indicators – This section includes installed expert advisors, custom indicators and related trading accounts, among others, which are conveniently listed here.
- Terminal window at the bottom shows trade history and account status – The trade history and account status shows on the bottom in the collapsible type of terminal can include open positions, pending orders, account balance, and journal messages.
- Chart window is the large central area for price analysis – The structure of price movements is represented either as candlesticks or lines; timeframes and indicators can be directly applied to this area.
- Toolbar provides one-click access to common functions – They are new charts, open order, timeframe selection and saving a template without the need to go through the menu.
How to place a first trade
The simplest activity of this platform is placing a trade. The steps used are invariably similar. Learning this forms confidence in further study.
Procedures to perform a market order:
- Right click on any currency pair in the market watch window – A context menu will appear that has features such as a chart window and a new order.
- Click new order or press F9 on the keyboard – The order window is opened displaying current bid and ask prices of the selected instrument.
- Enter trade volume in lots – This is in standard lots of 100,000 units; mini lots of 10,000; micro lots of 1,000; the beginners will usually commence with micro lots.
- Set stop loss and take profit levels if desired – These automatically close in the trade at defined price levels to control risk and get a profit.
- Click sell or buy to execute the trade immediately – The order is automatically displayed in the terminal window with the trade tab.
Conclusion
MetaTrader 4 is an effective but easy to use trading programme. Newcomers will have to master four major aspects, such as interface navigation, use of trades, chart reading and use of indicators. Trading on simulated accounts is a familiarization that is not associated with financial exposure. The platform rewards patient learning and systematic learning. Understanding of the rules of the game in MT4 is the key to regular trading. All professional traders began in the same position as new traders do nowadays.
