The popular online trading platform, Metatrader 4 Platform For Forex Trading, can be used to automate your trading. You have access to sophisticated technical research and versatile trading structures thanks to its simple user interface. Here’s a guide to what it is and how to use MetaTrader 4 platfom.
What is Meta 4 all about?
MetaTrader 4 (MT4) is a trading platform that was founded in 2005 by MetaQuotes. Metatrader 4 Platform For Forex Trading can be used to trade a variety of markets, including forex, indices, cryptocurrencies, and commodities, using CFDs, although it is most commonly associated with forex trading.
The fact that it is highly customizable to your individual trading tastes makes MT4 extremely common. It can also be used to automate your trading, using algorithms which, according to a list of defined parameters, open and close trades on your behalf.
How to use Metatrader 4 platform for trading?
Create an account
You’ll first need to build a live IG account to use IG’s MT4 offering. You can configure a live MT4 account from the My IG dashboard once you have done that. On our MT4 download page, there are more details on how to do this.
MT4 download
You can download MT4 to your chosen computer after creating an account. You can log in with your IG credentials once you have MT4 downloaded.
Open Up a Spot
When you are ready to position a trade, go to ‘Tools’ and press ‘New Order’ to use the order pane. This will open up the window of ‘peace.’ Alternatively, on your keyboard, you should click F9.
Important things to understand about Metatrader 4 platform
- Symbol: this drop-down menu allows you to choose which market to trade-in.
- Volume-This is the number of contracts you choose to exchange for a CFD account.
- Stop loss: enter your desired level here if you want to use a stop to close the trade if it moves against you. MT4 stops are similar to simple IG platform stops.
- If you want to use a cap to lock in earnings, enter the necessary level here. Take benefit.
- Comment: limited space for reporting on a specific exchange; or for more advanced purposes of trade management
- Type-choose ‘instant execution’ if you want to position your trade when either ‘purchase’ or ‘sale’ is picked.
Instant execution
Enable maximum deviation from the quoted price-if prices change abruptly when you put them, trades may often be refused. Check the box and fill out the ‘full deviation’ in pips (from the current price) that you will be able to consider if you do want to put the trade within a certain price range.
Buy or sell-click ‘buy’ when you’re ready to position your trade if you think the market will increase in value, or ‘sell’ if you think it will decline.
Pending order
Type-choose the type of the order from ‘buy limit’,’ sell limit’,’ buy stop’ and ‘sell stop’ that you want to position. Find out the distinction between stop and limit orders
Pick the price level at the price at which you want to cause your order (note: for some order types you will be dealt at the market level, irrespective of whether your chosen level is breached)
Expiry-To specify a date and time for your order to expire if the demand does not meet your price, check this box
Place- When you are ready to place your order, click this button.