Metatrader 4 or MT4 is a trading platform used by millions of traders and brokers. Traders use the platform to view currency prices, open and adjust orders, and get technical analysis in real-time. Brokers use the platform for reaching a wider audience. The MT4 platform offers traders a range of currency pairs and indicators and its user interface is easy to use. The MT4 platform is not accessible via a web browser and you have to install the platform on your PC or smartphone to gain access to your currency prices and trades.
- Set up Your Account
The first step is to download the MT4 platform and fill in your details. Before you start trading live pips, use a demo account for a while until you are confident you can go live. You can easily go to https://www.equiti.com/platforms/metatrader-4/ for more information on how to go about this process.
- How to Trade a Currency Pair on MT4
To open a trade in MT$, the simplest method is by using the “Order” window, then placing an instant order. Select the currency pair you want by a click on the ‘Window’ tab on top of the platform. Select ‘New Window’ and click on ‘New order’ on the toolbar, or click on F9 to open a new ‘Order’ window.
For trading at the market offer/bid, you have to enter your trade size in lots by going to the ‘Volume’ box and clicking “Sell/Buy’. Select ‘Market Execution’ as the order type. The ‘Market Execution’ setting lets you make an instant order within the MT4 platform.
You can opt to buy or sell by using a stop or limit order via a choice from a dropdown menu labeled “Choice.’ This is how you sell or buy on MT4 at specific levels, and away from the prevailing market prices, as compared to buying or selling instantly at the current market prices.
- How to Enter a Short Position on MT4
Short selling or going short on a market means selling when you have no long position. Doing this requires placing a sell trade to open.
- How to Close a Trade-in MT4
After opening a trade, you need to stop it at some point. To exit the trade, click on the “Trade’ tab on the “Terminal’ window. To navigate to or exit the ‘Terminal’ window, press CTRL+T. Any open trades will be visible on the ‘Trade’ section in the ‘Terminal’ window. Right-click on the Order to close, and click on ‘Close Order.’ This action opens an ‘Order’ window and you can select the yellow “Close’ button to exit the trade. Other than this manual process, you can also use the limit or stop order.
- How to Set a Stop-Loss Order in MT4
On the ‘Order’ window, the provided fields allow you to enter ‘Take Profit’ and ‘Stop-Loss’ levels. If you click on one of the up or down arrows in the ‘Stop-Loss’ field, the box populates with the prevailing market price as MT4 uses the bid prices. On the chart on the left, the platform shows how your potential stop level works with the current prices on bid and offer
- How to Place a Limit Order on MT4
Placing a limit order for closing a position only needs you to enter a target price in the ‘Take Profit’ field. You can use a limit order to open positions, but you have to change from ‘Market Execution’ to ‘Pending Order’ in the ‘Type’ field. From the ‘Pending Order Type’ dropdown menu, select ‘Buy Limit’ or ‘Sell Limit’ as you require.
- How to Set Orders by Pips in MT4
When you open a trade and add a stop-loss to take-profit order, order levels are by default expressed in market levels. After adding a stop or limit order, navigate to the ‘Trade’ tab and right-click on your preferred trade, then select ‘Modify’ or ‘Delete Order.’
This process opens an ‘Order’ window that allows you to change your order levels in points, not in pips away from the prevailing market prices. To change the narrative in MT4 so that you can specify stop or limit orders as pip to be the default, you have to use an Expert Advisor (EA) or run a script to modify the MT$’s functionality
The MT4 is very easy to use once you learn the ropes. The User interface is simple and straightforward. If you need help, you can engage a brokerage firm to guide you.
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