trade on MetaTrader 4
The best way to learn how to trade on MT4 is to try. By opening a free demo account with JFX.com, you can explore all the features of the trading platform, with live pricing, free for 20 days.
MT4 Menus and Tools
The top menu within MetaTrader 4 consists of the following tabs:
File | View | Insert | Charts | Tools | Window | Help
All functions that can be performed on MT4 are available through this menu.
MT4 comes with 4 tools which are fully customizable. You may select the widgets most useful to you and adjust how they are displayed. The four available toolbars are: Standard, Charts, Line Studies and Periodicity.
Features a list of tradable instruments offered by JFX.com. From this window, you can select a symbol to open a chart or trade that instrument.
The data window shows pertinent information regarding pricing, as well as indicators and expert advisors. No actions can be performed from this window, it is strictly for informational purposes.
The Navigator window allows for the prompt opening of different accounts, expert advisors and indicators for MT4.
The terminal allows a trader to work with their open trading positions and orders. Manage your positions and pending orders from the terminal window.
The tester window allows users to test their expert advisors. Parameters can be optimized using this window as well.
Tick charts refer to the charting tool of MT4. There are various functions one can perform using charts – including drawing trend lines, adding text and applying technical analysis.
The status bar on MT4 details basic user-related information. It details the strength of your connection, the name of the current template and profile, and pricing information.
Trading Forex on MT4
To open a position, first you must enter the market by executing a market order or through the triggering of a pending order.
To place a market order, select Tools > New Order. You will then open a window in which you can specify the details of the trade you would like to make.
To place a pending order, you place these orders using the same methodology as a market order. The only difference is where you specify the “type” of order being placed.
Once a position is open, you may modify the order at any time via the open position menu or the terminal window.
Closing a position can be accomplished manually or automatically. If you have pending orders attached to an existing position, say a stop loss or OCO order, then the triggering of this order will automatically remove you from the market under the conditions you specified. To manually close a position, you can execute this via the terminal by clicking on “close order.”
Automatic Trading and Expert Advisors (EA)
One of the leading reasons why MT4 is so popular among Forex traders is the ability to configure your own automatic trading strategies. Upon creating an EA, the system further allows you to test, back test, debug and launch your own trading strategy.
The programming language used in the system is called MetaQuotes Language 4, similar to the programming language C – which is what you will need to use in order to create your own EAs, program custom indicators and write scripts.
To create your own EA, you must use the “MetaEditor” within MT4, which can be found in the client terminal.
Within the EA setup, you must set the working parameters for your strategy.
For more information or assistance with your MT4 platform, please contact us.