Seven Basic Steps in Using MT4
MetaTrader 4 (MT4) is a trading platform that was introduced in 2005 by MetaQuotes. MetaTrader 4 can be used to trade a variety of markets, including forex, cryptocurrencies, commodities, and indices, using CFDs, but it is more widely associated with forex trading.
The fact that it is highly customized to your particular trading tastes makes MT4 incredibly common. It can also be used to manage your trading, using algorithms which, according to a list of defined parameters, open and close trades on your behalf.
1. Create an account
You’ll first need to build a live account to use IG’s MT4 offering. You will configure a live MT4 account from the dashboard once you have done that. On our MT4 download page, there are further details on how to do this.
2. Download MT4
You can download MT4 to your preferred computer after establishing an account. You will log in with your credentials once you have MT4 downloaded.
3. Open a Position
When you are ready to position a trade, go to ‘Tools’ and press ‘New Order’ to use the order pane. It would open up the window of ‘peace.’ Alternatively, on your computer, you should click F9.
You will be provided with the order window after you’ve completed so.
Although the order window can at first appear overwhelming, below is a fast reference to all the elements:
Symbol – this drop-down menu helps you to pick which sector to exchange in.
Take profit – If you wish to use a cap to lock in earnings, enter the necessary level.
Stop-loss – insert your preferred level here if you wish to use a stop to close the exchange if it goes against you. MT4 stop-loss is similar to simple platform stops.
Volume – This is the number of contracts you choose to exchange with a CFD account.
Comment – a short room for reporting on a single exchange; or for more sophisticated purposes of trade management
Type-choose ‘instant execution’ if you choose to position your trade when either ‘purchase’ or ‘sale’ is selected. Alternatively, if you wish to choose the stage at which your exchange opens, click ‘pending order.’
You will then be presented with the following choices based on what form of exchange you are doing:
Enable maximal variance from the quoted price-if rates to change when you put them abruptly; trades will often be refused. Check the box and fill out the ‘full deviation’ in pips (from the actual amount) that you will be able to consider if you do wish to put the trade within a specific price limit.
Buy or sell-click ‘buy’ when you’re ready to position your trade, whether you think the price would rise in value or ‘sell’ if you think it would decline. It will put your trade on the pending order.
Type – Choose the order from ‘buy limit,” sell limit,” buy stop’ and ‘sell stop’ that you decide to position. Find out the distinction between halt and restrict orders.
At price – Pick the pricing standard at the price at which you choose to cause your order.
Expiry – To identify a time and date for your order expiration, check this box if the demand does not meet your price.
Place – When you are ready to put your order, press this button
4. Track your positions and pending instructions and close them
Open the ‘terminal’ window to track open positions and pending instructions by pressing Ctrl + T or tapping ‘view’ in the toolbar and choosing ‘terminal.’ First, navigate to the tab for ‘trade.’ By pressing the tiny ‘x’ on the far right of the benefit column, you can close a location or remove a pending request.
5. On open positions, change stops and limits.
Open the ‘terminal’ window (Ctrl + T) to change stops or restrictions on open positions and pending requests, and navigate the ‘trade’ page. To access the order pane, right-click on the location or pending order you wish to update, then pick ‘Modify or remove the order.’
You would then have the ability to change or apply to your role stops and limits. Click the red ‘modify’ button when you are done to validate the adjustments.
6. Customize charts from MT4
MT4 provides a selection of software that you can use to customize charts. How to: Here’s how:
Draw on graphs
A variety of ‘items’ that you may use to draw on charts are included in MT4. From left to right, in the illustration below:
Draw horizontal line
Draw Vertical Line
Draw Fibonacci retracement
Draw equidistant channel
Draw text label
To draw, click on the map and pick the item you want from the toolbar. Some objects’ width and orientation are changed by rotating the mouse while you click on the map, while others open a new customization window.
To modify or erase an object, right-click the map, then pick ‘List of Items’ from the menu. It opens a window containing a list of all the active objects displayed in the table. Pick the selected item from the list and then press ‘Edit’ to customize the indicator’s configuration or ‘Delete’ to uninstall it.
You may apply indicators including RSI, stochastic oscillator, and Bollinger bands to the graphs. Drag and drop your desired indicator on top of a map from the ‘navigator’ pane. Typically, this would open a window where you can configure how the indicator is seen.
Alternatively, utilizing the menu bar, you can apply indicators to a chosen price list. Click ‘insert’ then ‘indicators’ and select from the drop-down menu your preferred predictor.
To modify or erase a flag shown on a map, right-click in the chart window and pick ‘List of Flags’ from the menu. It opens a window that provides a list of all the successful metrics listed in the table. From the chart, pick your selected indicator, then press ‘Edit’ to configure the indicator settings or ‘Delete’ to delete.To modify or erase a flag shown on a map, right-click