Metatrader 4

What is Metatrader 4 (MT4)?

MT4 is simply a trading platform used by tons of traders to execute trades, set orders and view real time currency prices. What’s good about the MT4 platform is that it offers a broad range of currency pairs and indicators that you can choose from.

Below we will show you how to place a trade, close a position, execute an order and also add more currency pairs to your quote list.

Step 1: Finding the pair

When you are finding your pair, take into account that you can see two different prices for each pair. This is the BID price (left) and ASK price (right). The BID price is the price you will enter a trade at if you were to enter as a 'Sell' and a ASK price is simply the opposite, if you were to enter a position as a 'Buy'.

BID Price: A BID price is simply the broker telling you they are willing to sell this currency to you for this price.

ASK Price: A ASK price is the price the trader will buy a currency pair at. You may notice a slight different in both, the spread is the different between both. We covered this in the previous section 'Forex Terminology', please refer back to this section.

Step 2: Select 'Trade'

Step 3- Enter your lot size, stop loss and take profit levels

Step 4- Active trade and closing the trade

Step 5- Closing the Trade

Step 6- Executing the close

Step 7- Checking your trade history

Step 8- Viewing your trade history for the 'Day, Week, Month & Custom Timeframe'

Setting an Order

In forex, you may wish to place an order for when the price gets to a certain level (a level of support, for example), you can do this on MT4 which is another bonus as you do not miss your entry if you cannot monitor the price action closely.

Step 1- Setting the order

Step 2- Entering your price, stop loss and take profit level

On MT4, you can also add things such as objects and indicators onto the 'Chart' option. This is a very useful tool to utilise when out and above if you still wish to monitor a position. Below I will show you how to add an indicator, add and object and check a chart and select a timeframe.

Checking the chart and selecting a timeframe

Step 1- Finding the chart

Step 2- Selecting the timeframe you with to view

To view a different timeframe on MT4, you need to click on the current timeframe and this will bring in a drop down list of timeframes. This is shown below. Select the timeframe you wish to see.

Adding an indicator to your chart

Step 1- Adding an indicator

Step 2- Finding and Selecting the Indicator

Find and select the indicator you wish to add, this may help you with your directional bias if you're in a position and have to go out and monitor it on MT4.

How to add an object

You may wish to add an object such as a trend line, a horizontal line or a rectangle to highlight a level of support and resistance, this can be done by following the steps below:

Step 1- Adding an object

Step 2- Find and select the object you wish to utilise

Now you can add the object you wish to add, this may be a horizontal line for a level of support, for example.