A highly customisable user interface and easily integrable powerful tools make MT4 the most popular forex trading platform globally. You can also trade the futures markets and CFDs on this platform. It has multiple order types and execution modes, which give you the flexibility to choose the type of position you want to open. Launched in 2005, MT4 has evolved along with the financial markets, accommodating trader requirements seamlessly. One of the advantages of using MT4 is that it is compatible with PCs and mobile devices.
MT4 is one of the best trading platforms for enhanced trading experiences as a beginner. Below are the 5 things to know before opening your first position on this platform.
1. How to Install MT4 Indicators
Indicators are tools that help traders make informed trading decisions. MT4 offers a set of core indicators, which are built into the platform, along with a wide range of powerful additional indicators that can be installed by following the steps below:
Download your chosen indicator from the MT4 website.
Copy the indicator’s .exe file from the folder where it is downloaded.
Paste it at the below path on your MT4 platform:
Files > Open Data Folder > MQL4 > Indicators.
Restart the MT4 platform.
Go back to the path in Step 3 to drag and drop the indicator on your chart, or double-click on the indicator to install it on the current working chart.
The MetaTrader Supreme Edition is a custom plugin for MT4 that immediately expands your list of indicators without you having to download each one individually. It includes the most commonly used technical indicators on the MT4 platform.
Did you know?
MT4 has more than 2,000 indicators! Plus, you can commission developers to develop the specific indicator you need. If you have the coding skills, you can do this yourself too.
2. How to Save a Template in MT4 Charts
After customising your chart with your preferred indicators and personalising it to look the way you want, it is time to save the template. This way, you won’t need to find a template each time you use the platform. MetaTrader 4 is pro-automation, meaning you can automate almost anything you do manually on the platform.
Follow the steps below to save your chart template:
Right-click on the chart.
Click Template.
Click Save Template and type a name you can remember for it.
Did you know?
ADSS won the Global Forex Awards 2021 for the Best Forex Trading Platform with their award-winning MT4 platform.
3. How to Choose Stop Loss and Take Profit Levels
An indispensable step in opening a position is putting risk management measures in place. Setting the stop loss and taking profit levels are the most popular measures. Stop loss protects your trades when the market moves in an unfavourable direction by closing your position at a pre-determined level.
Similarly, a take profit order is also placed at the time of opening a position. It automatically closes the position when the price reaches a pre-specified level, locking in your profits before the price trend reverses.
MT4 is designed for convenience. Therefore, every time you open a position the window has the stop loss and take profit options right there.
4. Understand the Difference between Instant Execution and Pending Order
While opening a position, you can choose to execute the trade immediately or place an order for the trade to be executed at a specified price level in the future.
A. Instant Execution
An instant order is executed as soon as you click sell or buy. It is executed at the price available at the time of placing the trade.
Did you know?
Stop loss and take profit do not apply to pending orders. Instead, Buy Limit and Sell Limit orders can be chosen.
B. Pending Order
A pending order is executed at the price level you set for your trade to be opened. The options you can choose from while placing a pending order are:
1. Order Type
You can choose from ‘buy limit’, ‘sell limit’, ‘buy stop’ and ‘sell stop’.
2. Price
Select the price level at which you want your order to be executed. It should be noted that some order types can be executed only at market price, irrespective of what level the trader has chosen.
3. Expiry
This box should be checked to specify the date and time when your order expires if the market does not reach the specified price or “at price.”
4. Place
Your pending order is placed when you click the Place button.
5. How to Copy a Trade on MT4
Copy trading is a powerful strategy, not only for beginners to replicate the positions opened by experts, but also for experts to sell signals to their subscribers and earn from them.
Signals are a feature to receive notifications whenever the trader you’ve subscribed to places a trade. Make sure you subscribe to traders you have followed for a while and trust. To help you, the signal list is organised by the relevance of the signals.
This is how you can enable copy trades:
Go to Tools in the menu.
Select Options > Expert Advisors
Check the boxes: ‘Allow Automated Trading’ and ‘Allow DLL Imports’.
Install a trade copying programme the way you installed indicators.
Did you know?
MT4 has a built-in marketplace from where you can learn about Expert Advisors and the newest technical indicators to make the most of the platform. With ADSS you can download the Autochartist Expert Advisor, for example.
Key Takeaways
MT4 is the most widely used platform for forex trading.
Chart templates customise your experience and improve your efficiency.
This is one of the best trading platforms because it encourages discipline with set risk management, such as setting stop loss and take profit levels.
Copying a trade from experts or using Expert Advisors (AI-powered trading signals) are major advantages of MT4.
All set to open your first position on MT4? Remember that discipline and patience are the keys to staying in the market for the long term.
Open a live account with ADSS to trade over 60 forex pairs.
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