Before getting start trading on the Meta Trader 4 the first question is what is Meta Trader 4? So basically Meta Trader 4 is a platform which provides Forex and CFD services to the user. It also provides the financial analyzing market. It provides a secure, fast and reliable environment to the traders which access the advanced trading options. Due to its advance features in the market of trading application it is become one of the most popular trading platform. Here you can download it, install it and you can simply start your trading on it.
In this blog I will provide you all the basic instructions about what is Meta Trader 4 (MT4) is and how to operate its all features.
Meta Trader 4 set up:
Meta Trader is available in both 32 and 64 bit. Whether it is using on PC or Mac it’s all versions are available. Linux users can also use it. Its android and iOS applications are also available. It is free of cost to download.
Meta Trader 4 is safe to use and it depends on how we use it. It is totally secure but as trading always entails risk, regardless of whether you are using xm metatrader 4 or any other platform.
Setting up on Windows:
It’s easy to install Meta Trader 4 and it’s available for all types of operating system. Once you have downloaded the Meta Trader 4 just you have to simply run the .exe file and follow the instructions which are present on the start of the application on the wizard.
Setting up MT4 on Linux:
If you are using Linux-based systems, there is present a Ubuntu distribution kit. To set up and run MetaTrader 4 on Ubuntu you need Wine. Wine is a version of Ubuntu. Wine is completely free and it allows users of Linux systems to run an application that is intended for the window users.
How to Trade on Meta Trader 4 (MT4):
Let’s look at how to trade Forex using MetaTrader 4 (Meta4). You have to use the ‘order’ window and then place an instant order on the market. Then select the currency pair of your choice by clicking on the ’window’ tab present at the top of the MT4 platform and select the ‘New Window’. Then click on the ‘New Order’ on the MT4 toolbar or you can press the F9 to open an ‘Order’ window.
The figure below shows the display of an ‘order’ window’ for the EUR/USD currency pair. This graph will help you to see the buy or sell trade with Meta Trader 4. For trading at the market bid/offer, you would need to enter your trade size according to your desire which is present in the form of lots. In the ‘volume’ box and then click on the ‘Sell or Buy’ with the ‘Market Execution’ selected as the order type. It is the ‘Market Execution’ setting which allows an instant order in the MT4. You can also choose buy or sell using the limit or a stop order by selecting your choice from the ‘Type’ dropdown. Through this you can buy or sell on the Meta Trader 4 at specific desired levels away from the current market price.
Entering the Short Position on MT4:
Going for Short Selling on a market is simply selling when you don’t have a long position. For this you would simply need to place a sell trade to open.
Closing a Trade in MT4:
Once you’ve open a trade then there will be a time or a point when you want to close the trade. For closing a trade you just have to simply select the ‘Trade’ tab from the ‘Terminal’ window (Press CTRL+ T) to sum on or dismiss the ‘Terminal’ window). You will see any open trades you have displayed in the ‘Trade’ section of the ‘Terminal’ window. Right-click on the order you wish to close and select ‘close order’.
This will open the ‘order’ window and you have to click on the yellow ‘close’ button to close your trade. So if you have selected the two positions or more open in the Meta Trader 4, and wondering how to close one of them, then this is the manual method so to do it, as you are specifying which individual trade you wish to exit. You can also close any trade using a stop loss or limit order.
Setting for Stop loss in MT4:
As you can see from the ‘Order’ window shown in the below figure, there are many fields provided for you to enter the ‘stop loss’ level and a ‘Take Profit’ level. If you click on either the up or down arrow in the ‘Stop Loss’ field, the box will automatically populate with the current market price (the platform uses the bid price).
On the left side of the chart tick on it you can easily see how your proposed stop level relates to the current bid and offer prices.
Placing a limit order in MT4:
To place a limit order for closing a position, you simply enter a target price level in ‘Take Profit’ field shown in the ‘Order’ window. You can also use a limit order to open a position. For this you need to change ‘Type’ field from ‘Market Execution’ to ‘Pending Order’. You can then choose ‘Buy Limit’ or ‘Sell Limit’ from the ‘Pending Order Type’ dropdown menu as required.
Setting orders by Pips as Default:
In Meta trader 4 if you add a stop loss or a take profit order when you open a trade the default functionality is only for the order levels to be expressed in absolute market levels. Once you have added a stop or limit order then you can go to the ‘Trade’ tab in the ‘Terminal’ window for this type CNTR+T to open or close the window and just click right from the mouse on the trade in which you are interesting or just choose the ‘Modify’ or ‘Delete Order’.
This will open in the ‘Order’ windows that will now allow you to amend your order levels in terms of point away from the current market price. For modifying the moods in MT4 which allows you to specify stop and limit the orders as pips as a default do. For this you would need to run a script or an Expert Advisor to modify the platform’s functionality.
