Traders can open and close deals through trusted brokers, but many prefer to work independently. For it, they tend to use the MT4 trading platform. It's a simple tool for managing investments. Let's dive a little into the basics of working with this terminal.
This program's main purpose is to provide an investor with the opportunity to trade a specific instrument (-s) in real-time using a single window. There are control buttons here to purchase a particular asset and charts of picked tools. A trader should simply indicate the basic parameters, such as the underlying asset, the trade direction, and the investment amount.
MetaTrader 4 was released back in 2005. After that, developers launched an updated fifth version, but many traders continue to use the fourth edition, and here's why:
Perhaps the only drawback is the lack of comprehensive historical data for analyzing the strategy based on previous years.
The MT4 platform has intuitive design, so you don't have to figure out what's what for long.
Open your broker's website and create a new account. Enter your personal data in the registration window and confirm it with a verification code.
After registration, go to the Finance tab and choose the most suitable deposit method. How long it takes to accrue a deposit depends on the payment system.
Download MetaTrader on the device you need. It is available for platforms such as Mac, Windows, iOS, and Android. It's convenient to have an app on multiple devices to track positions anywhere you go. After installation, sign in to the account you created.
Open Market Watch from the menu, and you will see a list of symbols. If you want to add a limited number of financial instruments to Market Watch, do it through the Symbols menu. To upload a specific asset on a price chart, pick it with the left mouse button and drag it onto the chart.
Select New Order from the main menu to open a window with your orders. Here you can close and change your positions. Fill in the Take Profit and Stop Loss fields.
There are two options for closing a trade: automatic and manual. It can happen without your participation when a position reaches your Take Profit level. You can also complete the trade manually by exiting it.
You can customize not only the app interface but also set the indicators and price alerts you need. If you regularly close the same deals, you will find it handy to use the templates feature to speed up work. Use advisors to shift some of the tasks onto them as an additional tool.
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