What Is Metatrader 4 and How To Use It
MetaTrader 4 (MT4) is an electronic trading platform renowned in the retail trading sector as one of the best.
The platform makes your trading easier, no matter your experience level, due to its simplicity. Some of its features include:
- * Live price charts? Check.
- * Place all order types? Check.
- * Manage your account? Check.
Plus, much, much more. Read on for the details.
What Is MT4?
The MT4 is an intuitive and straightforward online trading platform. Traders use it to speculate on the prices of most financial markets. These include forex, commodities, stocks, indices and even cryptocurrencies, to name a few.
It became popular because users could create their automatic trading strategies. And has since become one of the best platforms for automating your trades. Furthermore, the MT4 is the right platform if you want ultimate efficiency.
It was initially developed by MetaQuotes in 2005 and licensed to ATFX so our customers can trade with it. The software provides you with live prices and charts, the ability to place orders and to manage your accounts.
How To Use Metatrader 4
The platform has a vast library of indicators; realistically, you won’t use them all and probably won’t even use 10%. But they are there if you want them. They’re developed and shared by the global community of traders and developers who use MT4.
You can use MT4 to customise your charts, trade a range of lot sizes, and trade multiple instruments.
You can also use it to develop and use your automated trading strategies and let it do the work for you.
Open an account
First things first, you need an account. It can be a demo or live account, but you’ll need one to get started on MT4. Once you’ve created an account, you’ll receive your login details for the MT4 platform.
Register for an account
Open your account
Fund your account
Once your ATFX trading account is open, you’ll need to download the MT4 platform. After that, you can use it on most devices, including desktops or laptops, smartphones or tablets. After downloading the MT4 platform, log in with your ATFX credentials.
You can download the MT4 here.
Choose Your Markets
Through your MT4 platform, you can trade various markets, including FX, equity indices, commodities and individual shares. You can also spread bet and trade CFDs.
To find the list of instruments, click ‘View’, then ‘Symbols’, or the shortcut key is ‘Ctrl+U’. You’ll see a list of symbols you can add to your market watch window. Then you drag the symbol to the chart, and you’ll be looking at your chosen price chart.
Set Up Your Charts
MT4 has multiple tools to help you customise and personalise your trading charts.
You can change the time frame from here.
You can draw objects on the chart. Here’s the list of where you can find them.
You can format your charts so they’re easy on the eyes, which can be either colour or chart type.
You can have multiple charts open at once.
You can add indicators to your MT4 charts. Some popular indicators include the MACD, moving averages, pivot points, the stochastic oscillator and Bollinger bands.
To add indicators to your charts, drag the trading indicator from the navigation window and drop it on the chart. A pop-up window will appear where you can customise the indicator’s settings.
You can also add indicators using the menu bar. Click Insert, next, select indicators and choose from the drop-down menu.
To edit or remove an indicator, right-click within the chart window, then select ‘indicators list’. A new window will display a list of all your active indicators on the chart. Select your indicator from the list, then click edit to customise the indicator settings or delete it.
Set Up Alerts
Setting up a price alert is simple. First, open the Terminal window at the bottom of the screen by pressing CTRL+T on your keyboard and choosing the ‘Alerts’ tab.
Right-click inside this window, and select ‘Create’ from the menu. The alert editor window is where you will set your price alert.
Inside the price alert window, you can set a price movement alert for a market if the price reaches a certain level or choose a specific time alert. For example, you can select an ‘Expiry’ date, the date the alert will terminate.
Fill out all the required information about the alert you want to set, click ‘OK’, and the alert is primed. Alerts you set up are listed in the alerts tab of the MT4 platform.
To execute a trade, go to tools and click new order. Once the order window appears, you can press F9 on your keyboard.
Here’s a short guide to all the features within the order window to help you place and manage your trades.
Symbol. A drop-down menu that allows you to select which market to trade.
Stop loss. Enter the level you want the trade to close if you believe the market has moved against you.
Take profit. If you want to lock in profits, enter your limit level here.
Volume. The number of lots you want to trade.
Type. You can select ‘Market Execution’ to place your trade immediately when you click the buy or sell button. Or you can choose ‘Pending Order’ if you want to choose the precise level at which your order is executed.
Comment. You can leave a comment about your trading.
Your next options depend on whether you chose ‘Market Execution’ or ‘Pending Order’.
This allows your trade to get filled immediately at the current price. You’ll receive two simple options; Buy or sell. If you think the market will rise, you buy; if you believe it will fall, you sell.
A pending order allows you to choose the exact price at which your order will be executed.
Type. Choose the type of trade to execute, either a sell or buy order and set a price limit for the order, set your take-profit levels and your stop-loss order.
At price. Select the price level you want your order to be filled. However, your trade won’t be executed if the market doesn’t get to that price.
Expiry. If the market does not reach your order parameters, you select this option to choose a date and time for your order to expire. For example, if you only want to take the trade on that day, your order will be closed unless executed on the same day.
Place. Hit the big button to place your order in the market.
Manage trades (stop loss and limits)
To monitor your trades and pending orders, open the terminal window by clicking ‘View’ in the toolbar, then select ‘terminal’.
The trade tab is where you can find your positions and orders. You can close positions or delete pending orders by clicking the X on the right-hand side of the profit column.
To modify stops, limits and pending orders, open the terminal window and find the trade tab. Then right-click on the position or pending order you want to edit. Next, select ‘Modify or Delete Order’, which will open the order window.
You can also modify or add stops and limits to your position. When complete, click the red modify button to confirm your changes.
Your trading history
Your trading history is in the ‘Account History’ tab on the terminal window. Select your date range by right-clicking and choosing from options; all history, past three months, last month or a custom period.
Downloading your trade reports
A trade report is generated by opening the terminal window and selecting the account history tab. Then, Right-click in the window and select save as detailed report or save as report.
Below you will find some of the most frequently asked questions regarding Metatrader 4 and how to use it.
Why Trade with MT4 and ATFX?
We offer the MT4 because it’s one of the best trading platforms. It’s the most popular trading platform on the market. And rightly so; millions of traders have used it since it was first developed.
You can customise the MT4 functionalities to match your preferences, trading methods and strategies. Then, as your trading confidence, experience and skill grow, you can start exploring more features to improve your trading.
When you use MT4 with ATFX, you don’t just get all the MT4 functionality. You also get a host of tools exclusively provided by ATFX. The tools are designed with you in mind to improve your trading experience and results.
How to Setup Email Alerts on MT4
- Open your MT4 trading platform and go to ‘Tools’, then ‘Options’. Or hit CTRL+O. Then click the ‘Email’ tab.
- Click the box ‘Enable’ and fill in your MT4 account details (server, login and password).
- The “To” box is the email to which you’d like the alert sent.
- The ‘From’ box is the email address which will send the alert.
- You have to restart the platform for the changes to be effective.
- Send a test MT4 Email Alert. Once it arrives, you’re ready to go.
MT4 and ATFX are a match made in heaven. Adding you, the client, into the mix will give you an outstanding trading experience. You’ll get the opportunity to develop your trading skills and knowledge and have access to the best markets and trading environment.
We offer several account options for you to use the MT4. Use it in its most basic form or discover its full capabilities with its algorithmic coding.