MetaTrader 4 is one of the leading software programs for foreign exchange trading — and it is an excellent solution for any trader. Forex signals beginners should get to know the basics before they get started. No matter what level of trader you are, you should take a bit of time to learn the platform on an MT4 practice account.
Metatrader 4 is available on multiple platforms, making it extremely easy for traders on-the-go. Metatrader 4 also includes a variety of tools for learning and technical analysis. It is the most recommended solution for those who want a comprehensive platform for trading with forex signals.
Requirements for Metatrader 4
Traders will need a fast and reliable Internet connection in order to execute trades and receive data with as little latency and interruption as possible. Other than this, it’s really a matter of just choosing a reliable forex broker when you want to take your trading skills onto a live account.
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Metatrader 4 is available on computers as well as mobile devices such as tablets and phones. It’s always in a FX trader’s best interest to use multiple platforms so that they can keep connected throughout the day. When you receive your forex signals you will need to be ready and able to place the trades your provider sends you with minimal delay.
Installing and Reading the Interface
Metatrader 4 can be downloaded directly from the developer and then installed on a computer, phone or other device. You can also use the MetaTrader 4 Web Platform.
Once installed and launched, you will need create a demo account. At this point you can search and find any broker you wish to open a demo account with. After you create your demo account you will get to take your first glimpse of the trading platform.
By default, Metatrader 4 shows the current performance of four currency pairs on your chart windows, which can be selected by the trader. Windows can be added or removed so that the trader can decide what to focus on. When receiving forex signals, ensure that you bring the signaled currency pairs into your chart windows. You can drag any currency pairs from the Market Watch panel in the top left corner onto one of your four available windows to change which currencies you want to monitor.
Base structure of the interface:
- Toolbars: your control panel for quick access to different functions, views, charts etc.
- Market Watch: this is a list of live currency pairs from the market
- Navigator: for navigation of your trading accounts, indicators, expert advisors, and scripts
- Terminal: this is your central point for notifications, messages and where your orders are displayed
Customizing the Appearance of Metatrader 4
Metatrader 4’s appearance and functionality can be easily customized. Traders can begin by selecting the timeframe that the currency pairs update in. Some traders may want five minute updates while others may only want hourly updates. In addition to the time frame, traders can select which indicators they want to view. The indicators included in Metatrader 4 span a variety of popular technical analysis styles. If you’re following forex signals, you usually won’t need to concern yourself with these.
There are also cosmetic changes that can be made, which include changing the size and color of the charts as desired. Right click on one of your chart windows and click Properties to customise.
Once the trader has customized their charts, they are ready to actually start making their trades. It’s always advisable for a trader to begin with a practice account and don’t get overly experimental at first when working with a new platform.
Initiating a Trade from Forex Signals in Metatrader 4
Initiating a trade is extremely simple. It all begins with receiving a trade from your forex signal provider. You should carefully review the signal: the currency pair, the price, the take profit, and the stop loss. The only thing that the trading signal will not give you is the volume of your trade — how much money you want to invest. That is something you will need to decide on your own.
Example of how forex signals look
You can initiate a trade from the toolbar area by selecting “Tools” then “Trade” and then clicking on “New Order”. You can also right click on any pair from the Market Watch panel to open a “New Order”. From there you will be able select a currency pair.
Placing a trade
In addition to currency, this page will let you set the volume (amount) of the trade and both a take profit and stop loss amount. If the take profit and stop loss is not available, it’s most likely because the market you’re on does not support it. Metatrader 4 can also create trades with a trailing stop loss. The trade can either be executed immediately or it can be scheduled for a specific price point.
You can also place a trade using the quick “One Click Trading” BUY and SELL buttons that are visible on your selected chart windows.
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Once the trade has been initiated, drag it onto one of your charts from the Market Window so you can monitor (if it is not already active). The take profit amounts and stop loss amounts will appear as lines on the chart so that the trader can see when the trade will close. The trade can also be closed at any time by the trader; the fastest and easiest way to close a trade is to either right click on it or double click on it. However, it’s in the trader’s best interest to maintain the stop loss and take profit amounts set by the signaling service, and go only close the trade when told to do so.
Changing Trades on Metatrader 4
You can change any trade while it is still active on Metatrader 4. This should rarely occur when you are following a signal service, but there are times when the trading signal company could update their trades based on new analysis. When this occurs you can double click on any active trade and change either the take profit or the stop loss. You cannot change the volume of trade in this way; you’ll have to buy or sell the same currency pair of you want to change the volume of the trade.
You may also need to change a trade in this way if you have accidentally made a mistake in the stop loss or the take profit. Making changes is not harmful at all as long as they follow your forex signals, though the changes will need a moment of time to propagate to your trading account. You shouldn’t be charged any fees for changing your stop loss and take profit.
Using Metatrader 4 on Mobile Devices
One of the biggest advantages to using Metatrader 4 is the ability to download an app for iOS or Android.
Trades can come in at any time; Metatrader 4 empowers a trader to initiate those trades wherever they are. Traders who are following a forex signaling service can set their signaling service to alert their phone when a new trade comes in. From there they can quickly be initiated on the mobile or tablet device without the need for switching to a computer. The only concern is security: traders who work with their mobile device should always make sure that their device is password-protected, so that someone else can’t gain access to their account. Metatrader 4 will require a login itself, however.
Start using Forex Signals on the MT4
Mt4 isn’t the most widely used platform around for a very good reason: it’s a very easy to use system that is versatile and fast. By using Metatrader 4, you can stay on board with any of your forex signals even if you’re on the go. You can track your trades easily to grow your account. Likewise, forex signals are a fantastic way to leverage the power of Metatrader 4 even for investors who have just begun their trading career. Thousands of traders have committed the future of their trading accounts to Metatrader 4 due to its stability and reliability.