If you want to try your skills in trading, knowing some basics of MT4 might be a good start. The platform offers equal opportunities to both professionals and beginners. However, if you are eager to succeed there, you have not only to download MT4 but learn the most important details about it.

What Is MetaTrader 4?

MetaTrader 4 or MT4 is a platform for traders that appeared back in 2005. It was created by MetaQuotes. Many people mistakenly believe it is Forex, which is not true since it offers a wide range of markets to trade including Forex. The platform offers you multiple tools and is customizable up to the specific needs of each trader. Moreover, you may automate MetaTrader 4 picking the algorithms you need and allowing the platform to work for you. Traders still have to decide when to close or open trades and set the basic parameters.

Manual for MT4

You still have to learn how this platform works. It is not the most challenging one to manage. However, since there are lots of features offered to the traders, you might need to memorize how to use them and where to find them. Let’s start with the simple steps to organize your work.

  1. Account

You have to create an account with your personal information to be able to work there. You can complete this account on the MT4 platform. Enter it once it is ready. There are lots of recommendations you can find on your personal page.

  1. MT4 installation

You have to download MetaTrader 4 on the device you want to use. Keep in mind that you can do it after you create an account. Once you download it, log in to your profile. Use the registered profile information you have.

  1. Check around

This platform is incredibly user-friendly. The buttons are visible and signed. All the tools you will use are collected under the Tools sign. Spend some time to check all the windows and instruments available to you.

  1. Open position

You have to open a trading position once you feel that you are ready. If you need more time, don’t rush with it. Follow the next steps:

  1. Press the “Tools” sign on the panel above;
  2. Pick “New order” in the list of options that will open “Order” windows;
  3. You may use F9 on the keyboard;
  4. Choose the settings you need in the order window.

Therefore, the process is not as complicated as you might have thought. Everything you need is in front of you.

  1. Settings from the Order window

There are several factors you can change. They are all significant for your trading success. Pay attention to each of them:

  • Symbol. This is the first section in the window. You can select the market where you want to trade;
  • Volume. Pick the number of contracts you want to trade;
  • Stop loss. This is your safe haven here. It is optional, but it is strongly advised to do, especially if you are new on the market. Decide when you want to close the trade so that you would not lose everything at once. Enter the numbers you need in this section;
  • Take profit. Similar to stop-loss options. This time, you can lock the profit you’ve gained. Once it is there, you can stop all the activity. Enter the desired number so that MT4 can automatically stop the trading on your behalf;
  • Comment. You can make notes about this trade. It might be helpful in the future and contain precious information you may use for your benefit;
  • Type. Decide whether you want to start instant execution in this section. Choose if you want to buy or sell. However, if you prefer to plan everything in advance, you can pick which level is preferable for opening your trade in the “Pending order.”
  1. Instant execution

If you want to start your trade now, you may pick this option. Still, you have to decide whether you want to buy or sell. This is when you need your analytic skills. Decide whether the market is likely to rise in value and pick “buy.” If you think the market might fall soon, press “sell”.

Another thing you have to do is “Enable the maximum deviation from quoted price.” If you don’t want to see your trade rejected, you have to press the button. Put the tick in the box. You might also want to decide on the amount of the maximum pips from the current cost that you can accept.

  1. Pending order

Pending orders are another way to trade. You can pick this option in the Type section. Once you do it, the new window appears. There, you have to choose:

  1. Type. There is a choice between “sell limit,” “buy limit,” “sell stop,” and “buy stop.” Before you pick something, you should understand the difference between these orders.
  2. At price. You have to choose the level of the price to trigger the order. This price is unique for each trading order.
  3. Expiry. Set up the date and time when your order expires. If the desired price is not met, you can choose when the order expires automatically.
  4. Once you pick everything and believe that the conditions are perfect, you can place the order. There is a big blue “Place” button. It will automatically start the procedure once you click it.

8. Monitor position

Don’t go anywhere for too long. This is the market, the place where everything changes quickly. You have to monitor your positions to make sure you are not losing money. Do it by pressing Ctrl+T or picking “View” in the toolbar.

Be Successful on MT4

It is not simple to become a successful trader, especially if you don’t have a basic education in this area. Yet, after spending some time on the market, you will learn and develop a strategy that will be beneficial for you. Learn how to use the MT4 platform to your advantage. There are lots of useful tools that can help you succeed.