It is now possible for any person to gain access to currency exchange mainly because of Forex brokers. Platforms have turned out to be indispensable elements for trading given that every single operation is conducted using the software known as Metatrader. In the following paragraphs, we will talk about how to make use of Metatrader 4 right now.
WHY SELECT METATRADER 4
In spite of being comparatively old, this popular software for Forex trading continues to be the top choice for lots of traders across the globe. It comes with a contemporary interface which allows easy navigation, and it is also possible to install the software for free. Moreover, the company will be offering comprehensive support and guidance to the clients at each and every step.
HOW TO INSTALL
The installation process is quite easy, and Mac or Windows users should not face any difficulties while doing so. Run the wizard after downloading the package from the website of your broker. When it comes to Mac, it might be imperative for you to stick to the standard procedures for any application from outside the App Store.
The software’s mobile version will allow you to track the finance trends and also manage trades irrespective of your location. You will easily come across software for portable gadgets in the App Store and the Google Play Store. There are likewise lots of reviews from the users.
SIGNING IN AND LOGGING OUT
Signing in is going to be the initial step following the first run. In case you aren’t prompted to perform it automatically, go to the “File” tab and make use of the button named “Login to Trade Account”. The details entered by you right here might relate to a live account or a demo. However, a demo is going to serve training purposes, and it is essential for every beginner to make use of it while starting their Forex quest.
Unfortunately, there is no logout button. In case you’d not like the program to save your login particulars, you can achieve this by setting an adjustment. Make certain to leave the box named “Save Account Information” unchecked.
THE TRADING PROCESS
The platform will be operating employing an order-based system language. Therefore, it is important for you to place an order while opening a trade. You can do this by means of the “Order” window. Simply select the preferred currency pair on the “Window” tab. Following this, activate “New Order” and “New Window” on the toolbar.
All the required data will be specified by this window including the volume, the pair, type of trade, and so on. You will likewise come across graphs with the most recent shifts of Ask and Bid prices. Another way of opening trade will be using the “Order” window.
How quickly do you like the trade to become executed? Select the “Market Execution” type for getting an instantaneous result. Or else, select the “stop” or “limit” order. This will help the execution to take place at a particular predefined level which is different from the present market price. The process is quite simple and a sell trade has to be simply placed by you for opening.
HOW TO EXIT
Make sure to locate the “Trade” tab. All the present open trades are in this particular section. Right-click any order for finalizing it through “Close Order”. This approach will be the most effective when several trades are open at the same time.