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MetaTrader 4 is one of the most widely used trading platforms globally. Many traders, both new and experienced, prefer using MT4 because it is simple to use, offers numerous technical analysis and automation tools, and boasts a diverse support community.
It supports several trading instruments, including forex, CFDs, stocks, commodities, and indices. The platform also has cross-platform support, with availability on mobile, desktop, and web, making it easier for traders to manage their accounts from anywhere.
In this MT4 trading guide, we take you through all the beginner steps to trade forex on Meta Trader 4, from download to opening a position.
Find a Broker
To understand how to start trading on Meta Trade, you need a broker. A broker is your gateway to the markets, allowing you to access and trade various financial instruments. One thing you must remember is that all brokers aren't the same.
It is up to you to do your research and find the best broker, whether locally or internationally. There are a few things you shouldn't compromise when reviewing brokers. Always ensure the broker is regulated and licensed by a reputable financial body.
Another thing to consider is the broker’s reputation. Read reviews and pay attention to what other customers say about the broker's fees, spreads, and ease of withdrawing and depositing funds.
If the broker ticks all the boxes, proceed and register for an account.
Getting Started with Meta Trade 4
After registering for a trading account, the broker will give you credentials that you will use to open your account. The next step is to download a copy of the MT4 installer and install it on your device.
Ensure you download the installation file from a legitimate broker website, for example, Weltrade. You can also download it from the official MetaTrader 4 website or from the app store if you are using a smartphone.
- Installation and Setting up Your Account
The installation process is simple and takes a few minutes. All that needs to be done is double-click on the installation file, and you are good to go. After installation is done, the next step is to set up your account.
Upon launching the MT4 app, you will be greeted by a login screen. Use the details provided by your broker to access your account. Now, you are ready to learn how to trade with Meta Trader 4.
Beginner Steps to Trade Forex on Meta Trader 4
If this is your first time trading forex, we recommend using your demo account to practice first. This will give you the freedom to trade without the risk of losing your money should you make mistakes.
In the "market watch" window, select a currency pair you are interested in trading. Next, press F9 or tap on the "new order" button. Set the trade volume, take-profit and stop-loss levels, and the order type. Then click "buy" or "sell" to open the position.
The order type, market or pending, determines whether the trade will be executed immediately or will remain pending until certain conditions in the market are met.
Part of learning how to trade with Meta Trader 4 involves monitoring open positions from the terminal window. You can right-click on a specific trade to modify the stop-loss and take-profit levels or close the position manually.
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