28 Jun How To Use MetaTrader 4 Lesson #1 Beginners Forex Platform
How to use a Metatrader 4 for Beginners in Forex
If you are a complete beginner and have no experience of using a metatrader 4 trading platform in this post I will be covering all the necessary things you will need to know.
So what is a MetaTrader 4. Metatrader 4 is a platform that you download to your device but in this example, I am downloading it to my laptop or PC which is the same process.
Metatrader 4 or known as the MT4 platform
Metatrader 4 platform is what a trader needs to use to buy or sell a particular market as currencies, indices, metals, futures, stocks, and so on depending on the specific platform that you are using and all of the markets that are provided with that specific MT4 platform will be the ones that you are allowed to trade with.
Metatrader 4 is where you will trade the Global Market from your platform, where the live price is present to you at every given moment 24/5. When you open up your or trading chart you will see price and all of the past tense of price in past data in the shape of a candle formation on your trading meta trading 4 platform chart. The candlestick chart is the most commonly used chart identification to price as it forms in time.
What is going to be covered in this Lesson one meta trader 4
In this lesson 1, we will be covering the following
1 Going to Google
2 Downloading a MetaTrader 4 or known as the MT4 platform.
Turnkey Forex is the platform we will be downloading and opening an account with.
3 Checking our email inbox and going through all the necessary details.
4 Downloading the mt4 platform from your email.
5 Opening a bitcoin, Bitit account, BitGo wallet account, and transferring the bitcoin to the Turnkey Forex account.
Metatrader 4 or known as MT4 is an electronic trading platform widely used by foreign exchange speculate Traders all over the globe. It was developed by metaquotes software and was released in 2005.
The software is licensed to foreign exchange brokers who provide the software to their clients. The software consists of both a client and server component. The server component is run by the broker and the client software is provided to the broker’s customers, who use it to see live streaming prices and charts, to place orders, and to manage their accounts.
The client is a micro software-based application that became popular mainly due to the ability for end-users to write their own trading scripts and robots that could automate trading. In 2010, MetaQuotes released a successor, Metatrader 5. However, uptake was slow and as of April 2013 most brokers still used MT4. While there is no official Meta Trader 4 version available for Mac OS some brokers provide their own custom developed MT4 variants.
MetaTrader provide two types of trading orders, Pending Orders and Market Orders. Pending orders will be executed only when the price reaches a predefined level, whereas Market orders can be executed in one of the four modes: Instant execution, Request execution, Market execution, and Exchange execution. With Instant execution, the order will be executed at the price displayed in the platform. Its advantage is that the order will be executed at a known price. However, a good trading opportunity can be missed when the volatility is high and the requested price cannot be served. Request execution mode enables a trader to execute a Market order in two steps first, a price quote is requested, then, a trader decides whether to buy or sell using the received price.
A trader has several seconds to decide if the received price is worth trading. Such mode offers a certain knowledge of price combined with guaranteed execution at that price. The trade-off is the reduced speed of execution, which can take a lot longer than other modes. With Market execution, the orders will be executed with the broker’s price even if it is different from that displayed in the platform. The advantage of this mode is that it allows trading without any sort of requotes. However, the deviation can get considerable during volatile price changes.
Meta Trader 4 Complete package includes the following components:
- MetaTrader 4 Client Terminal– the client part. Provided free by brokerages for real-time online trading and as Demo (practice trading) accounts. This provides trade operations, charts and technical analysis in real-time. The internal C-like programming language allows users to program trading strategies, indicators and signals. 50 basic indicators are included, each of which can be further customized. The software runs on Windows 98/2000/XP/Vista/7/10. Some users have reported success using Wine on Linux for the client terminal and on Mac using Wine Bottler.
- MetaTrader 4 Mobile– controls a trading account via mobile devices such as Mobile Phones Runs on Windows Pocket PC 2002/Mobile 2003, iOS, and Android.
- MetaTrader 4 Server– the core of the system, the server part. Designed to handle user requests to perform trade operations, display and execution of warrants. Also, sends price quotes and news broadcasts, records and maintains archives. Works as a service. Does not have a separate interface.
- MetaTrader 4 Administrator– is designed to remotely manage the server settings.
- MetaTrader 4 Manager– designed to handle trade inquiries and manage customer accounts.
- MetaTrader 4 Data Center– a specialized proxy server and can be an intermediary between the server and client terminals. It reduces the price quote sending load on the main server.
By clicking onto this video below.
You will see the MetaTrader 4 and how to go about to download it followed by opening a bitcoin account followed by opening a bitcoin Wallet account and how to transfer all of this to your forex account you’re a Bitcoin to fund your forex account to trade the global exchange rate from your MetaTrader 4 platform.