How to Use MetaTrader 4
To take full advantage of the MetaTrader 4 (MT4) platform, follow the steps below. This guide is also applicable to the mobile version of MT4, and you can follow the same steps accordingly:
Creating an Account and Downloading the Software
First, create a trading account and download the MetaTrader platform. Depending on your device, choose the appropriate version for Android, Windows, or Mac.
Opening a Trade
Use the order window to open your desired trade.
Reviewing and Managing Trades
Review your open trades and pending orders. Close them if necessary.
Setting Stop Losses and Limits
Modify stop-loss and limit orders on your open positions to ensure your trading strategy is executed properly.
Customizing Charts
Personalize MT4 charts based on your preferences to enhance your technical analysis.
Setting Price Alerts
Configure price alerts to better track market movements.
Viewing Trade History
Check your trade history to evaluate your trading performance over time.
Downloading Trade Reports
Download your trading reports for a comprehensive review of your activity.
We will now explain each of these eight steps in detail. Follow this MetaTrader 4 Forex tutorial to get fully acquainted with this powerful platform.
Creating an Account in MetaTrader 4
Before taking any further steps, you need to create an account in MetaTrader 4 (MT4) to benefit from the My IG dashboard features. If you do not already have an account, follow the steps below:
Creating an IG Account
Visit the IG website and register a new account. Fill out the required forms and provide the necessary information.
Activating and Funding Your Account
Once your account is activated, fund it to begin trading.
Adding an MT4 Account
After logging into your IG account, click onAdd an accountand selectMT4 CFD.
Receiving Your MT4 Password
After completing the above steps, check your email to receive your MetaTrader 4 login password. Make sure to use the same email address you provided during registration.
Installing the MetaTrader 4 Software
You can now proceed to install the MetaTrader 4 software. Download and install either the desktop or mobile version of MT4.
Logging into the MetaTrader 4 Platform
Use the login credentials sent to your email to access the MetaTrader 4 platform. When logging in, select theIG-Liveserver to connect to your live MT4 account and access market data and chart analysis.
By following these steps, you can utilize all the features and tools offered in MetaTrader 4 and trade professionally using this platform.
Opening a Trade in MetaTrader 4
To initiate a new trade on the MetaTrader 4 (MT4) platform, follow the steps below to manage your trades completely and accurately:
Selecting “New Order”
First, from theToolsmenu, selectNew Order, or use the F9 shortcut key. Pressing F9 will open a window to place a new trade.
Order Window Display
After selectingNew Orderor pressing F9, a window will appear where you can configure your trade settings. Although this window may seem complex at first, once you become familiar with its components, you will be able to use it with ease.
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This course is taught by Mohammad Ahangari, an experienced trader and renowned instructor with a distinguished track record in the Forex market. It draws on his valuable experience and deep knowledge.
Course Content
Complete Introduction to the MetaTrader 4 Platform
In this section, you will gain a thorough understanding of MT4’s interface, tools, and features, and learn how to use them for executing trades, analyzing the market, and managing risk.
Comprehensive Forex Trading Training
From basic concepts such asorder types,key market principles, andtechnical analysis foundationstoadvanced trading strategies, this course teaches everything needed to become a skilled Forex trader.
Risk Management in Trading
Learning how to manage risk is one of the most important skills for any trader. This course introduces theprinciples and techniques of risk management, teaching you how to trade within a sound and logical framework.
Key Features of the Course
Comprehensive and Practical Training
The course content is designed to meet all your educational needs in Forex trading.
Experienced and Specialized Instructor
With his deep knowledge and experience, Mohammad Ahangari explains concepts clearly, practically, and engagingly.
Video Tutorials
Video-based lessons help you fully understand the concepts and benefit from Mr. Ahangari’s practical experience.
Practical Examples and Exercises
The course uses practical examples and exercises to reinforce learning and deepen your understanding.
Educational Support
After completing the course, you’ll have access to educational support from the instructor and the course team to ask questions when needed.
By joining theZero to One Thousandcourse by Mohammad Ahangari, you will:
- Gain complete familiarity with MetaTrader 4 and use it as a powerful tool for Forex trading.
- Develop the necessary skills to analyze the market and identify trading opportunities.
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- Become a skilled and successful trader in the Forex market.
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Order Window Components
Symbol
Use this dropdown menu to select the market you wish to trade. Choosing the right market is the first step toward trading success.
Volume
Specify the trade volume here, usually represented in lots or contracts. The volume determines how much capital you’re allocating to the trade.
Stop Loss
Set the level at which the trade will be closed if the market moves against you. Placing a Stop Loss is one of the most essential steps in risk management.
Take Profit
Define the level at which the trade will be closed in profit. Setting a Take Profit reflects your planning and profit collection strategy.
Comment
Use this field to add personal notes or details related to the trade, which can be useful for reviewing trades later.
Type
Choose the type of order you wish to place. Be careful in selecting the correct order type, as it affects the execution and nature of your trade.
Enable Maximum Deviation from Quoted Price
This option allows you to set the maximum deviation you're willing to accept between your requested price and the market price. In highly volatile conditions, your order might be rejected if there’s a mismatch with the market price. By enabling this option and setting your preferred maximum deviation, MT4 will attempt to execute your order at a price close to your requested level.
How to Activate:
- Check the box labeledEnable maximum deviation from the quoted price.
- In theMaximum deviationfield, enter your desired deviation (e.g., in pips or the relevant currency unit).
Buy or Sell
After analyzing the market and determining the expected price direction (upward or downward), click on theBuybutton (to go long) or theSellbutton (to go short). Once clicked, your order will be sent to the MetaTrader 4 platform and executed if market conditions allow.
By using the order settings and the Buy and Sell buttons in MetaTrader 4, you can execute your trades easily and quickly in the Forex market. Remember that mastering Forex trading requires continuous study, practice, and experience. Along the way, make use of reputable educational resources, specialized courses, and insights from experienced traders.
- Instant Execution:If you select this option, the trade will be executed immediately. This means the order is placed as soon as you click either Buy or Sell. In this mode, you can also set a maximum deviation from the quoted price to ensure the trade isn't rejected due to sudden market fluctuations.
- Pending Order:If you want the trade to open at a specific price level, choose this option. You can define the type of order (such as Buy Limit or Sell Limit) and the price level at which the trade should be triggered. Additionally, you can set an expiration date and time for the pending order.
- Place:After configuring all parameters, click thePlacebutton to instantly submit the order and enter the market.
Using this process, you can easily and accurately place trades in MetaTrader 4 and take advantage of the platform’s features to better manage risk and capture profits.
Optimizing Stop Loss and Take Profit Levels: A Step-by-Step Guide
Stop loss and take profit levels play a critical role in managing risk and securing profits in trading. These tools allow you to define the exit points of your trade. Optimizing them can significantly influence your trading outcomes.
To adjust these levels for open trades and pending orders, follow the steps below:
Open the Terminal Window
Use the keyboard shortcut Ctrl + T to open theTerminalwindow in your trading platform.
Go to the Trade Tab
At the top of the Terminal window, click on theTradetab. This gives you access to your open trades and pending orders.
Locate the Desired Order
Find the specific order in the list that you wish to modify.
Right-Click the Order
Right-click on the selected order using your mouse.
Select “Modify or Delete Order”
From the menu that appears, chooseModify or Delete Order. This option allows you to edit or cancel the order.
Adjust Stop Loss and Take Profit
In the Modify Order window, enter new values for your stop loss or take profit levels. For instance, you may lower your stop loss or raise your take profit depending on your updated analysis.
Apply the Changes
After making the necessary adjustments, click the redModifybutton to save and apply the changes.
By following these simple steps, you can effectively optimize your stop loss and take profit levels, allowing for more efficient risk and profit management in the market.
Note:This guide is for informational purposes only and should not be considered financial advice. Always conduct your own research and consult with a qualified financial advisor before making any trading decisions.
Customizing Charts in MetaTrader 4: A Gateway to Deeper Market Analysis
MetaTrader 4, as a powerful and popular platform among Forex traders, offers a wide range of tools for customizing charts. This flexibility allows users to tailor charts to their specific needs and preferences, enabling more precise and effective market analysis. In this section of the MetaTrader 4 Forex tutorial, we will provide a step-by-step guide to drawing shapes and adding indicators to charts.
Using the drawing tools in MetaTrader 4, you can add trendlines, support and resistance levels, chart patterns, and various geometric shapes. These tools help you gain deeper insights into market trends and potential price reversal points.
In addition to drawing tools, MetaTrader 4 also provides a wide array of technical indicators that assist in identifying trading opportunities and confirming or rejecting signals. Each indicator comes with its own configuration settings, which you can customize based on your trading style and strategy.
By combining drawing tools and indicators on your charts, you can gain a comprehensive and visual understanding of the market and make informed trading decisions.
It is important to note that chart customization in MetaTrader 4 is not limited to these features. You can also modify chart type, time frame, price scale, and the display of trading volumes to suit your needs.
By investing time in learning and applying chart customization tools in MetaTrader 4, you can enhance your analytical skills and ultimately achieve greater profitability in your trades.
Drawing Shapes on MetaTrader 4 Charts: A Step-by-Step Guide
Drawing geometric shapes and patterns on charts in MetaTrader 4 is a powerful tool for deeper market analysis and identifying trading opportunities. This feature enables you to visually analyze price trends, support and resistance levels, and other key market components.
Here is a step-by-step guide to drawing shapes on MT4 charts:
- Select a Shape:The first step is to select a desired shape from theShapestoolbar at the top of the chart. This toolbar includes a wide range of geometric tools such as lines, channels, Fibonacci tools, chart patterns, and measuring tools like vertical and horizontal lines.
- Place the Shape on the Chart:After selecting the shape, click on the chart and drag it to the desired location. For certain shapes like lines and channels, you can click and drag between two points to draw them.
- Configure the Shape:You can adjust the shape’s width, color, line style, and other properties using thePropertieswindow, which appears when you right-click the shape. Some shapes, like Fibonacci tools, have additional customizable settings accessible through thePropertieswindow or a separate configuration window.
- Edit or Delete the Shape:To edit or delete a shape, right-click on it and selectObjects Listfrom the menu. This will open theObjects Listwindow, where you can view all shapes on the chart. Select the desired object from the list and clickEditto modify its settings, orDeleteto remove it.
By following these simple steps, you can easily draw various shapes on MT4 charts and use them to enhance your market analysis and identify trading setups. Remember, combining these tools with other technical indicators can greatly improve the accuracy of your analysis and increase your chances of success in trading.
Adding Indicators to Charts in MetaTrader 4
Indicators are powerful analytical tools that help you visually understand market patterns and trends, enabling you to make more informed trading decisions.
MetaTrader 4 offers a wide range of technical indicators that you can add to your price chart. To do this, follow the steps below:
Selecting an Indicator
Go to theInsertmenu in the main toolbar and then chooseIndicators. From the dropdown menu, select your desired indicator from various categories such asTrend,Oscillators, orVolume.
Configuring the Indicator
After selecting an indicator, click on the chart. APropertieswindow will appear, allowing you to customize various settings such as time periods, levels, and colors to suit your preferences.
Viewing the Indicator
Once configured, the indicator will automatically be displayed on your price chart. You can view the indicator values in a separateIndicator Windowat the bottom of the chart.
Editing or Removing an Indicator
To edit or delete an indicator, right-click on it in the chart and selectIndicators Listfrom the context menu. In theIndicators Listwindow, select the desired indicator and clickEditto change its settings orDeleteto remove it.
Setting Price Alerts
Price alerts are a useful tool that notify you when the market price reaches a specific level you've set. To configure a price alert in MetaTrader 4, follow these steps:
Open the Terminal Window
Go to theToolsmenu and selectTerminal.
Create a New Alert
In theTerminalwindow, navigate to theAlertstab and click theNew Alertbutton.
Set Alert Conditions
In theCreate Alertwindow, define the condition under which the alert will trigger. This may include reaching a specific price level, crossing an indicator value, or another predefined market event.
Configure Alert Settings
Set your preferred alert type (such as sound notification, email, or pop-up message) and the alert message text.
Save the Alert
After finalizing all settings, click theOKbutton to save your alert.
Viewing Trade History
To view your trading history in MetaTrader 4, follow these steps:
Open the Terminal Window
Go to theToolsmenu and selectTerminal.
Select “Account History”
In theTerminalwindow, go to theAccount Historytab.
Choose a Time Period
From thePerioddropdown menu, select the desired time range for reviewing your trade history.
Review the History
Your trading history will appear in the window. You can view details such as date, trading symbol, trade volume, price, and commissions.
By following these instructions, you can easily add indicators to your charts, set price alerts, and access your trading history in MetaTrader 4. These tools will help you analyze the market more effectively and ultimately increase your profitability in trading.
Downloading Trade Reports in MetaTrader 4
Access to accurate and up-to-date trade reports is essential for every Forex trader. These reports help you evaluate your performance, identify the strengths and weaknesses of your trading strategy, and ultimately make more informed decisions for future trades.
MetaTrader 4, as one of the most popular Forex trading platforms, allows you to download trade reports in two main formats:
Basic Report
By right-clicking in theAccount Historytab and selectingSave as Report, you can generate a concise summary of your trading activity, including closed trades, open trades, and pending orders. This report provides basic information and is useful for an overview of your performance over a specific period.
Detailed Report
By selectingSave as Detailed Reportfrom the same menu, you receive a more comprehensive and precise report. In addition to the content of the basic report, this format includes extended details such as:
- Profit and Loss:This section shows the profit or loss for each individual trade, as well as the total profit and loss for the selected time period.
- Drawdown:Displays the maximum equity decline in your account during the reporting period.
- Profit Factor:Indicates the ratio of total profit to total loss in your trades.
- Trade Commissions:Lists the fees paid to the broker for each transaction, as well as the total commissions for the selected period.
- Average Holding Time:Shows the average duration that positions were held.
- Number of Profitable and Losing Trades:Presents the ratio of winning trades to losing trades during the specified period.
These detailed reports support a deeper analysis of your trading performance and help you pinpoint areas of strength and weakness in your strategy.
Key Tips:
- Download and review your trading reports periodically to stay informed about your progress and identify elements of your strategy that may need improvement.
- Use detailed reports to compare your performance across different time frames or against other traders (if applicable).
- When needed, complement MT4 reports with other analytical tools for deeper insight.
By leveraging the trade reporting features in MetaTrader 4 and conducting precise analysis, you can continuously improve your trading skills and achieve greater success in the Forex market.
Conclusion: MetaTrader 4 Forex Training
As demonstrated in this comprehensive guide, MetaTrader 4 is a powerful and efficient platform that offers a wide range of tools for executing Forex trades, analyzing markets, and managing risk. By mastering the platform’s features and applying them effectively, you can operate as a skilled trader in the Forex market and achieve meaningful profitability.
Remember, success in Forex trading requires consistent learning, practice, and experience. Along the way, make use of reputable educational resources, expert-led courses, and insights from seasoned traders.
TheZero to One Thousandcourse by Mohammad Ahangari is among the most popular training programs in Forex trading. It provides thorough instruction on both MetaTrader 4 and 5, covering trade execution, market analysis, and risk management from the ground up. Led by Mohammad Ahangari, an experienced trader and renowned instructor, the course includes comprehensive video tutorials, practical examples, and hands-on exercises.
By enrolling in this course, you will gain the necessary skills to become a successful trader in the Forex market.
