How to Use MetaTrader 4
MetaTrader 4 (MT4) is one of the world’s most popular platforms for trading Forex and Contracts for Difference (CFDs), which comes with a wide array of features and technical analysis tools.
But for beginners, it might be difficult to know where to start. That's why, in this MT4 tutorial, we’ll explain how to use MetaTrader 4 for beginners, from opening an account to placing your first trade.
The information in this article is provided for educational purposes only and does not constitute financial advice. Consult a financial advisor before making investment decisions.
Open an Account and Download MT4
First and foremost, to download and use MetaTrader 4, it is necessary to open a live or demo trading account. For beginners, it’s recommendable to start with a demo account before heading to the live markets.
If you need some guidance on how to open an account, check out our article which explains how to open an MT4 account.
The MetaTrader 4 trading platform can then be downloaded from the Admiral Markets Dashboard, where you can also find instructions to guide you through the installation process. Once downloaded, you can log in using your account details and start using the platform!
Price Charts
In order to open a price chart, navigate to the Market Watch tab on the left of the screen, select a symbol and drag it onto the chart space.
If you can’t find the symbol you’re looking for, right-click in Market Watch, select Symbols, search for the desired instrument and press Show to add it to the Market Watch.
Timeframes
The different timeframe options for price charts can be found just above the chart window, as highlighted below:
The meaning of these different options is outlined in the following table.
Customise Charts
In order to explore the different ways in which price charts can be customised, right-click on the chart window and select Properties.
Here, you will be able to change the colours on your chart, add gridlines, select whether you want the ask line to appear, choose the chart type (bar chart, candlesticks or line chart) and so forth.
Some of these options can also be found along the top of the screen, including chart types, denoted by the symbols below which depict bar chart, candlestick chart and line chart respectively.
Trendlines and Other Objects
In the Insert menu, you will find various options to add trendlines, channels, text, shapes and other objects to your price chart. Icons for some of these objects can also be found above the chart window:
Select the object you wish to add to the chart and then click on the chart to add it. Some objects, such as trendlines, you will need to click and drag your mouse in order to draw the desired line.
Once drawn, objects can be moved by selecting and dragging them around the chart. To remove or edit objects, right-click on the chart and select Objects List.
Technical Indicators
MetaTrader 4 comes with a wide variety of technical indicators to aid traders in their analysis of the markets.
Technical indicators which come as standard include Moving Averages, Relative Strength Index (RSI), Stochastic Oscillator, Bollinger Bands and many more.
They can be found in the Navigator window on the left of the screen (if the Navigator window is not there, press Control + N to display it).
In order to add one to your price chart, locate the indicator you wish to add, click it and drag it onto the chart window. You will be presented with a dialogue box, allowing you to set the parameters for the selected indicator.
Placing an Order
Now we’ve explored using price charts, let’s examine how to trade on MetaTrader 4.
When you’re ready to take a position in the market, you can click the New Order icon at the top of the screen to open an order window. In the order window, there are various fields to fill out and options to choose from before placing your trade.
Let’s take a quick look at these different fields and what they're used for:
One-Click Trading
MetaTrader 4 also permits traders to forgo filling out an order window and enter a trade with a single click.
This might be desirable for short-term traders who want to try and take advantage of fast-moving markets. However, it should only be used by experienced traders who understand the risks involved.
In order to use this feature, right-click on a chart window and select One-Click Trading to add Buy and Sell icons to the top left corner of your price chart.
The first time you attempt to use this feature you will be presented with a disclaimer box which highlights the risks involved with and the conditions of using one-click trading. You will need to read and accept these conditions before you can activate the feature.
You can also turn on one-click trading by going to the Tools menu, selecting Options and then ticking the box next to one-click trading in the Trade tab.
Top Features in the Terminal
So far, we’ve looked at how to use MetaTrader 4 by examining price chart and how to place trades.
In the following sections, we’ll examine some of the other top features in the Terminal window, which can be found at the bottom of the screen. If it’s not there, it can be added by selecting Control + T.
View, Modify or Close a Position
In the Trade tab, you can view all your open positions and pending orders. Right-click on a position or a pending order in order to modify it, close it or amend stop-loss and take profit levels.
Price Alerts
In MT4, traders can create alerts for when a certain price level is reached in the market, allowing traders to stay on top of price movements without needing to constantly stare at the chart.
In order to do so, head to the Alert tab. Right-click anywhere in the window and press ‘Create’ to open the dialogue box below, which allows you to set the parameters of your price alert.
Account History
In the Account History section of the Terminal window, traders can view their trading history. Right-click in order to select the desired date range of your trading history or to download a trade report to your computer.
Final Thoughts
We hope you've found our guide of how to use MetaTrader 4 helpful. Now you know the basics, you might feel comfortable enough to head over to the trading platform and start exploring some of the features using a demo trading account.
A demo account allows you to practise trading using virtual currency in realistic market conditions, making it a sensible option for traders to use whilst experimenting with a new trading platform.
Other Articles You May Be Interested In:
Frequently Asked Questions
What is MT4?
MetaTrader 4 (MT4) is a Forex and CFD trading platform developed by MetaQuotes Software.
Is MetaTrader 4 good for beginners?
MetaTrader 4 can be used by both beginners and experienced traders. However, beginner traders might want to practise using the platform using a demo account before heading to the live markets.
How to withdraw from MetaTrader 4?
There is no function for adding or withdrawing funds in the MetaTrader 4 trading platform. Instead, traders will need to do so via their broker. Clients of Admiral Markets can add or withdraw funds from the Dashboard.
What is market execution in MT4?
Market execution is a type of order which executes your trade at the broker’s latest price, even if it differs from what you see in the platform.
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