Trading Forex with MetaTrader 4 (MT4): What is it and how does it work?

Trading Forex with MetaTrader 4 (MT4): What is it and how does it work?

Developed by MetaQuotes in 2005, MetaTrader 4 (MT4) is a trading platform. Although MetaTrader 4 is most often linked with forex trading, it may be used to trade a variety of markets via CFDs, including FX, indices, cryptocurrencies, and commodities. Through step-by-step explanations, this article will help traders master the MT4 platform.

What are Trading Forex and MetaTrader 4?

The buying and selling of foreign currencies are known as forex trading. It’s how people, companies, governments, and central banks in other economies pay for goods and services. You are trading forex whenever you purchase in a different currency or exchange money to travel. The great majority of forex deals, though, don’t have a functional purpose. Speculative FX traders bet on whether a currency’s value will increase or decrease relative to another to profit from changes in exchange rates. Since forex is always exchanged in pairs, you will always exchange one currency for another. For instance, while buying EUR/USD, you sell the US dollar and buy the euro. Your stake will gain value if the euro appreciates versus the dollar. The value of the euro will drop if it declines in value relative to the dollar. Currency markets never see an absolute loss because every time one currency increases, another weakens relative to it. No currency can appreciate simultaneously. A winner and a loser are certain in every situation. Therefore, FX traders determine whether a currency appears to be weakening or strengthening versus another and then trade that pair accordingly. Accordingly, A platform for trading forex, researching financial markets, and using expert advisors is called MetaTrader 4. To get successful trades in the forex market, many traders activate some social platforms to gain signals, such as Metatrader 4 to Telegram copier, enabling people to focus on customized signals for their trading success. MetaTrader 4’s essential components, such as mobile trading, trading signals, and the market, improve your forex trading experience. MetaTrader 4 is the trading platform of choice for millions of traders with various demands. The platform provides traders with a wealth of alternatives for trading at all levels, including expert advisors, algorithmic trading, customizable trading systems, advanced technical analysis, and mobile trading applications.

How to trade with MT4?

Traders use the MT4 platform to trade, which comes after the MetaTrader 4 setup. Some people also determine that they require a MetaTrader 4 tutorial to hasten their learning. Using the ‘Order’ window to put an immediate order on the market is the most straightforward approach to starting a trade in MetaTrader 4. By clicking the “Window” option at the top of the MT4 platform, choose “New Window,” and then select your currency pair. The “Order” window will appear if you press F9 or click “New Order” on the MT4 toolbar. The EUR/USD currency pair’s “Order” window is seen in the screenshot below. You should understand from this how simple it is to purchase and sell using MetaTrader 4. You must enter your desired transaction size (in lots) in the “Volume” box and then click “Sell or Buy,” with “Market Execution” chosen as the order type, to trade at the market bid/offer.

Within MetaTrader 4, an immediate order is possible thanks to the ‘Market Execution’ setting. Naturally, dealing at the market is not the only way to execute a trade in MetaTrader 4. By picking your preference from the “Type” dropdown, you may decide whether to purchase or sell using a limit or a stop order.

1. Install MT4 indicator

MT4 has a sizable number of essential trading indicators by default. The ‘Indicators’ folder in the ‘Navigator’ window has a list of these. By adding custom indicators, you can increase the number of indicators offered by your trading platform. Installing MetaTrader Supreme Edition is the most straightforward approach to increasing the number of indicators you have available. MTSE is a specialized plugin for MetaTrader 4 and MetaTrader 5, created by professionals in the field, that enhances the functionality of your MetaTrader trading platform with a hand-picked selection of extra indicators and trading tools. Locate the downloaded MT4 file, then copy it to your clipboard. Then, in MT4, choose “File” > “Open Data Folder” from the menu. Open the ‘MQL4’ folder and then the ‘Indicators’ folder from the resulting window. Insert the indication you just copied into this folder. Restart MT4 next. The list of indicators in your “Navigator” should now include the new custom indicator.

2. Copy a trade on MT4

Here is the solution to your question about how to trade on MetaTrader 4 simultaneously on multiple accounts, repeating trades exactly on each one. We must first examine how to use multiple accounts in MetaTrader 4. To accomplish this, you must install multiple copies of the MT4 platform on your computer, each with a unique destination folder. Then, using a distinct version of MT4 for each account, you can log in to each account. Each account must be set up to permit automated trading and to link to dynamic libraries to duplicate trades. To do this, pick “Options” from the drop-down menu under “Tools” at the platform’s top.

3. Set notifications for update

Get MetaTrader 4 notifications if you want to. Using CTRL+T to open and close the “Terminal” window, select the “Alerts” tab. Create by doing a right-click anywhere in the “Alerts” pane. The criteria for the alert must then be entered, including the market you want to place it on, the “Value” (price), the “Condition” to apply (such as if the Bid is less than a given price if the Ask is less than a specific price, etc.), and the expiration date for the alert. 

Also, Email notifications are one type of MetaTrader alert that some traders prefer. Use the keyboard shortcut “CTRL+O” to bring up the “Options” box. Select the “Email” tab. The next step is to fill out the blanks to specify which email address and the server will be used to relay email alerts to you and the email address where you eventually wish to receive the notifications. You may set up MetaTrader 4 to send emails with Gmail notifications. Fill out all of the fields after clicking “Enable.” You might discover that setting up a Gmail account to forward these messages to your current email account is worthwhile for the “SMTP” (Simple Mail Transfer Protocol) settings fields.