Quick Guide: Using the MetaTrader 4 Platform
The MetaTrader 4 platform enables easy and highly effective Forex trading. The MetaTrader 4 platform is your interface between your home trading office and the Forex electronic market. Once you get the hang of the MetaTrader 4 platform, you’re well on your way to fast, convenient, and efficient Forex trading.
With the platform’s MarketWatch function, you can see a listing of all currency pairs that are offered for trading. All you need to do is mouse over to the left hand side of the screen and right-click any currency, and you’ll get a variety of options. You can place a new trade, or bring up a chart to analyze the currency’s position and history in the Forex market. You can also build a “watch list” by combing through and selecting “Hide” for all currencies that you don’t want to see. This may make it much easier for you to glean the information that you’re looking for quickly. You can also view a currency’s “properties” by simply clicking its listing symbol. A great deal of important information about that currency, such as swap rates, will be made instantly available to you.
The MetaTrader 4 platform makes it easy to place different types of orders. The most common types of Forex orders are Limit orders and Stop orders. It’s important to understand the distinctions between the two for the sake of utilising your Forex trading strategies. With a Limit order, you simply want to buy or sell a currency at a rate that is more favourable than the current market conditions are yielding. Buy Limit orders are what you place if you are hoping the market retreats below a certain point, while Buy Stop orders are the opposite. Sell Limit orders and Sell Stops are used when you want sell, instead of buy, at prices either above or below current market prices. All of this is made very easy by the MetaTrader 4 platform because you get accurate, real-time charting of currency prices. All of the currencies that you have chosen to watch appear in left hand column, and you simply right-click one and enter the correct order and the the price at which you want to either buy or sell. It is all carried out automatically for you should the currency’s price hit the pre-set level…even if it happens while you are sleeping.
When you right-click your desired currency pair on the MetaTrader 4 platform’s left-hand column, you’ll simply pull down and select “New Order”. You can also hit “F9” on your keyboard if you feel the need to make a trade with urgency. You will then enter your desired volume-for instance, if you enter a “1” that will mean one standard contract. You can now buy or sell as you need to by looking at the bottom of the ticket on your screen and clicking “sell by market” or “buy by market”.
This is just a very basic, elemental guide to use the MetaTrader 4 platform. But it will get you started on the right foot for learning how to use this very important software for Forex trading.
Vincent Rogers is a freelance writer who recommends Go Markets, Forex Trading Brokers based in Melbourne, Australia who offer trading accounts for beginners and the more advance traders using the MetaTrader 4 Platform
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