MetaTrader 4 is a popular online trading platform developed by MetaQuotes in 2005. However, it is most commonly used for forex trading. MetaTrader 4 can be used to trade a wide range of markets which include complex instruments like forex, indices, cryptocurrencies, and commodities through CFds.
MT 4 platform is extremely famous due to its advanced trading operations. It is highly customisable to your individual trading preferences. You can also use it to automate your trading, with the help of algorithms that open and close trades on your behalf on the basis of a list of set parameters.
The Platform is available for download on MAC, Windows, and mobile applications. It is offered by almost every broker of 2021. In this article, we will explain to you how to trade on the MetaTrader 4 system and other features such as technical analysis, live trading account, demo account, tutorials, and support. But before that, we will discuss the history of MetaQuotes Software. How to trade with MetaTrader4
History of MetaQuotes Software
MetaQuotes Software is a software development company that introduced MetaTrader 4 trading platform in 2020. After that, it has undergone various repetitions, with the 2005 version it rises into the online trading community. But now it is a popular one, brokers provide the MT 4 platform in place of their previous software.
Today the MetaTrader 4 platform may also be popular in other fields except only among forex traders. It is used for trading futures, CFDs, Commodities, stocks, and cryptocurrencies which include Bitcoin (BTC), and Ripple (XRP).
MetaTrader 4 Setup
MetaTrader 4 begins with the very first step, the MT 4 setup is available in both 32 and 64 bits. When you try to run the MT 4 platform on a Personal computer, and MAC, the platform offers you similar features. You can also get access to MetaTrader 4 Linux setup. Before downloading the MT 4 trading platform we will answer some questions such as Many traders think MT 4 platform is costly. If you are thinking the same.
I will clear your doubt that MetaTrader is totally free to download. We will also clear to you that it is the safest trading source but it depends upon how you use it. Because trading always consists of a high risk of losing money. Now check here MT 4 setup details according to your operating system.
Setting up MT 4 on Window
It is very easy to install MetaTrader 4 and it’s easily accessible on a variety of operating systems. First, download the MT 4 platform and run the .exe file and follow the on-screen instructions in the installation wizard.
Setting up on Linux
It is not too tough to install MetaTrader on Linux. For Linux based systems, I’m going to cover the Ubuntu Distribution Kit.
To set up and run MT 4 on Ubuntu, you required Wine. Wine is totally free for installation and it permits users of Linux systems to operate an application that is intended for Windows systems. For Ubuntu users, you will require access to the version of Wine meant for Ubuntu.
Must consider given below points
- Must note that Wine isn’t fully stable. As such, various features on any applications that you run on Wine may cash and not work at all.
- Users must download the most current version of both Ubuntu and Wine. Updating both of these systems offer a high degree of stability for the MT 4 platform.
To download Wine type, this command on the command line ” sudo apt-get install wine-stable. By entering this command you can access the most current, stable version of Wine. Users must check either this is the latest command or a new version is updated. Because developers continuously update the version of Ubuntu and the common always changes. Next, download the MetaTrader 4 and install it via Wine.
Setting up on Mac
With the latest version of the Mac operating system, Catalina. Currently Apple does not have the ability to use 32-bit applications. Due to this many applications are affected which includes the MetaTrader trading platforms, which is recently not working on the Catalina operating system. Along with this Desktop is an application that permits you to run a virtual machine on your Mac.
A virtual machine emulates the computer and permits you to run another operating system like Window, which necessarily acts as another computer on the host machine. Using Windows means that you can install a MetaTrader 4 setup for Windows 10 and also can set up other Windows applications and programs right now on your Mac. Therefore a Mac user must be required to purchase a license to run with the Windows License Terms.
Open an account with these brokers which provide MetaTrader 4 platform are: TradeATF, ROinvesting, The question which arises in the customer’s mind is How Did I add a broker to MT 4? First, you require to open an account with any one of the above-mentioned brokers. These brokerage services consist of different accounts as per traders requirements. These brokers may also offer a demo account for practising their skills and trading strategies. You may need to submit a minimum deposit to get active your live trading account.
How to trade with MetaTrader4 account?
In the above paragraph, we have looked at how can we open an account with MT 4 platform. But it is only enough, you need to learn how can you use the platform to trade? Investment or brokerage services is a bridge between financial markets and investors. They offer the MetaTrader 4 platform to their clients which consists of various tools, technical analysis, trading strategies, automated trading features and so on.
To make an efficient trade, select “tools” and after that “new order”. Then you move to the order window (shortcut:F9). The order window can be shown as intimidating, but the components are straightforward.
- Symbol: Here, you can select between various complex instruments, For example, forex, gold, stocks, indices, like the S&P 500.
- Volume: Decide you trade size – how many lots or CFDs do you want to trade? Note, 1 lot is alike to 100,000 units of the base currency.
- Type: Select ‘instant execution’ to run a trade as fast as you hit the buy button or sell button. Alternatively, pick for ‘pending order’ to opt the point at which a trade is opened.
- Stop-Loss: The risk management tool will decrease or limit the width of losses, automatically tracking pips and turn off the trade when they touch a set level.
- Take-profit: This process is also followed by for-profits, meaning traders are automatically leaving when profits reached a certain point.
- Comment: Here we can write trade commentary which you may want to add to your trading journal.
- Slippage: You can operate limit slippage via the ‘deviation’ setting.
To create charts, pick the tool which you like from the toolbar and click on the chart. To modify the timeframe on a price chart, now press right-click on the chart and press “timeframe’. Now you can select from the drop-down menu:
- M15 (15 minute)
- M30 (30 minute)
- H1 (1 hour)
- H4 (4 hour)
- D1 (1 day)
- MN (1 month)
- M1 (1 minute)
- M5 (5 minute)
- M10 (10 minute)
Investors must note that there is no limit on the 9 standard interframes and customer interface. For example 2 minutes and 8 hr, can be included.
MT 4 platform various objects which you can use to draw on charts such as:
- Draw vertical line
- Draw horizontal line
- Draw trendline
- Draw equidistant channel
- Draw Fibonacci retracement
- Draw text
- Draw text label
Monitoring and Closing Positions
Open the MetaTrader 4 terminal by pressing ” view” and the ‘terminal’. Now select “trade”. From here, with the help of ‘x’ from the right of the profit column, you can easily exit a position. You can also optimize stop and bounds by right-clicking on the position or pending order which you did like to convert and opting ‘modify’.
Custom Indicators & Add-ons
On top of the 30 built-in technical indicators, there are thousands of additional chart indicators that can be installed from MetaTrader’s Markets and CodeBase. Some examples are The Elliot Wave indicators, Bollinger Bands, and pivot points.
Traders can begin programming with the help of third-party add-ons at the MetaTrader 4 platforms to optimize their trading style. The two popular examples are Stealth Orders and Alarm Manager. You can also use Java API to create extensions on the MT 4 platform. Stealth Orders unsigned traders while Alarm Manager offers a window to manage alerts and notifications.
To begin trade with MetaTrader 4 platform you may need to study trading guidelines, which include trading strategies. If you are thinking that you can trade with the help of Trick only, it is not possible. You need to learn the complete procedure of MetaTrader 4.
Automated trading functionality is one of the main features of the MetaTrader 4 platform. Trading Robots are well known as Expert Advisors (EAs), analyse Forex market price quotes, and opt positions dependent on pre-determined algorithms.
Algorithmic trading bots can be downloaded for free from Code Base. Tech-savvy traders can also design trading robots on the MetaTrader 4 platform with integration via Raspberry Pi 3 and Python. Virtual hosting via MT 4 VPS may also allow you to run trading bots 24/7. You can download MetaTrader 4 platform from the google play store. Investors lose money when trading CFDs on the foreign exchange market because they consist of high risk.
Investors must note that a brokerage that offers high leverage consists of high risks of losing money due to leverage. As per records around 74% of retail investor accounts are losing money rapidly.
Set up a price alert
To set up a price alert, click on the “terminal” window then search for the ‘alert’ tab. Now press “right-click” within this widow and pick “create” from the menu option. This will jump to the “alert editor” window where you can optimize your price alert.
View your Trade History
To check your trading history, open the “terminal” window and search for the”account history” tab. You can also change the date range with the help of right-clicking within the window and pick one of the given options.
- All history
- Last three months
- Last month
- Custom period (you can select this if you want date range in the new window)
Download Trade Reports
To generate a trade report, open the ‘terminal’ window and search for the ‘account history”tab once again. Press right-click within the window then select one of the given options:
- Save as report
- Save as detailed report
Both options will generate a report detailing individual trades along with an account summary. These detailed reports consist of additional metrics like drawdown and profit factor.
The MT 4 application able you to maintain all over trading control from your mobile phone, without compromising on functionality. In a mobile app, traders will get three types of charts, 9 timeframes, 30 technical indicators, market news, along with a chat box by which you can interact with other traders.
For Android users, the MetaTrader 4 APK file is provided to install from the Google Play Store. The MT 4 mobile app is also accessible with iPhones, iPads, and Some window devices which includes Window Phone 8.1.
The MetaTrader 4 demo account is an efficient way to experience trading the XAU/USD pair as an example, before investing your real money. The Demo account functionality is an exact copy of the live account, except you use virtual money. You will get the same login process, access historical data, and indicators along with copy trading are provided via signals. You can also use Expert Advisor on a demo account. If you are curious about how to create a MT 4 demo account, it’s very simple. Just click on a demo from the new account option.
Customer support is always there for your help if you face any problem using MetaTrader 4 platform. The help section is the best option to collect the basic details which may also include keyboard shortcuts. You can also check the FAQ (Frequently Asked Questions) option for resolving your general questions. For specific questions or if you talk to your manager just face towards the Contact Us page.
You can also take help from online PDFs and training courses that are provided by users. In fact, You can take help from the MetaTrader 4 online community which is very extensive. You will get help on everything such as trailing stops, negative balance protection and tips on how to generate money on your trading account during weekend trading hours. You can also take advice from the extensive MT 4 community about the plugins which you may consists.
You can take help from customer support with any of the following problems:
- The platform keeps showing ” invalid account”.
- Enable to place new orders and no trade will take place.
- The platform keeps stopping and crashing such as not working, loading, responding, or updating.
Must note that rising problems with the platform going down can be resultant of outdated software. Must update your platform on time and keep checking either any update is waiting to be installed. On the other hand, if your laptop get a freezer, a trusted old restart is a common solution to issues.
MetaTrader 4 platform is used for forex trading due to its advanced technical analysis and inbuilt advanced tools features. It may also contain various other features such as technical analysis tools, market execution. It may also offer one-click trading In this article, you will get complete details about how to trade with MetaTrader4 platform.
How should I install MetaTrader 4 on Mac?
You can download MT 4 files from your broker’s website or through the MetaQuotes website which is a developer of this platform. After the downloading, open the XM.dmg file and drag the app to applications. Now press right-clicks the MT 4 application and press the “open” button. After this, you will jump to the login page.
How should I use the MetaTrader 4 application?
To use MT 4 on a mobile device, install the app from the respective app store. After this register or login into the application. Now search for the order window to enter and exit positions. Through the main terminal page, you can access charts and tools to conduct technical analysis. Deposit and withdrawal will take place via the account area.
Is MetaTrader 4 a legitimate trading platform?
Yes, MetaTrader 4 is a legitimate online trading platform. It is one of the famous and well regarded retail platforms globally available for forex trading.
Is MT 4 free?
Yes, MetaTrader 4 is totally free to download and use. Therefore, you will also get access to this platform when you open an account with the brokerage.
Is MetaTrader 4 safe?
MT 4 is considered relatively safer and secure in comparison to other platforms. Trading forex and complex instruments consist of high risks. Sometimes Investor accounts lose money rapidly due to the high leverage.