How do I trade with MetaTrader 4?

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How do I trade with MetaTrader 4?

Oct 19, 2023

MetaTrader4 (MT4) is available for Windows desktop, Android, and iOS mobile devices. This article demonstrates how to use MT4 with your preferred device.

Install MT4:

•Download the MT4 installation file.

•Run the file from your browser or double-click the installation file from where it was downloaded.

•You can modify where you install MT4 by clicking Settings for your preferences, or simply click Next to agree to the End-User License Agreement and continue.

•When the installation is complete, click Finish to open MT4.

•For your first log-in: close the window titled “Open an account” by clicking Cancel. A window that asks for your Login, Password, and Server will appear.

Log in:

•Click File> Login to Trade Account.

•Enter your trading account’s Login, Password, and Server, then click Login. MT4 Login and Server information will be sent to your email account. Your password will also be sent in a separate email.

•If successful, you will hear a confirmation chime which means you are now logged into MT4 with your trading account.

Switching accounts:

•While logged into your trading account, click File > Login to Trade Account.

•Sign in with your other trading account’s number, password, and corresponding server; then click OK. You can make switching for next time quicker by ticking Save account information.

Quick switching:

•You can switch between active trading accounts by going to File > Login toTrade Account - use the drop-down menu in the Login entry to choose any previously logged-in trading accounts.

Add and remove instruments

To add:

•Right-click on the Market Watch window.

•Select Symbols.

•Select from the list of symbol groups displayed.

•Click on an instrument to add them to Market Watch and click Close.

To remove:

•Right-click on an instrument in the Market Watch.

•Click Hide.

Opening orders

There are 4 ways to open a new order:

•Click New Order in the toolbar.

•Press F9 onyour keyboard.

•Right-click on the trading instrument in the Market Watch window, then click New Order.

•Double-click the trading instrument in the Market Watch window.

These methods open the New Order window.

•From the New Order window, select your preferred symbol, transaction size, Stop Loss (SL), and Take Profit (TP) levels.

•The execution type is found under Type and is auto-detected by the instrument chosen and trading account type.

•Click Sell By Market or Buy By Market to place the order.

Closing orders

There are multiple ways to close an order:

•Double-click the order you want to close in the Trade tab (in the Terminal area), then click the yellow Close By Market button.

•Right-click your order in the Trade tab, select Close Order, and confirm it. With One-Click Trading active, the order closes when Close Order is selected.

•Click the X on the right of the order in the Trade tab; this closes the order instantly with One-Click Trading active.

Use any of these methods to close orders.

Pending orders

There are 4 pending order types to choose from in MT4 (Buy Limit, Sell Limit, Buy Stop, and SellStop); Stop Loss and Take Profit can be set to automatically close these orders.

•Open the New Order window (F9).

•Select the Symbol, set the order Volume, and choose Pending Order from the Type dropdown menu.

•Pending Order settings will appear. Select your pending order choice fromthe Type dropdown, then set your desired Price and Expiry date.

•Optionally, set Stop Loss (SL) and Take Profit (TP) levels above as normal.

•Click Place to set up your pending order.

Modify or delete orders

•Right-click the order in the Trade tab (in the Terminal area).

•Click Modify or Delete Order.

•To modify: amend the fields available for modification, including Price, Stop Loss, Take Profit, and Expiry. Click Modify once done.

•To delete: click the Delete option.