MetaTrader 4, also known as MT4, is an electronic trading platform widely used by online retail foreign exchange speculative traders.
A Quick Guide to Metatrader Platform
Metatrader is a trading platform offered by most brokers. In addition, it is a common platform used by many traders due to its user-friendly nature.
As a trader, you will need a platform to trade, and Metatrader can be a great one, so here is a quick guide on all the essential features you need to know.
Most of the common forex indicators are stored as default in the Metatrader, and you can put them on your charts from the indicator section on the top toolbar menu, as is shown in the screenshot above.
You can open 5, 15, 30, 60, and 240 minutes charts in the timeframe section up to daily, weekly and monthly charts.
How to open a trade on a Currency Pair Using MetaTrader
In Metatrader, you have two ways to set orders: via market execution (Instant buy and sell at the current market price) or via pending order (A predefined desired entry price to enter once the market price triggers it).
The simplest way to open a trade in MetaTrader is to select the currency pair you wish to trade and then click buy or sell on the “one-click trading tab” on the left-hand side corner of the chart.
You can click buy or sell to open an instant order in the market. You can also adjust your trade volume by inputting the number in the white box in between the buy and sell buttons. Generally, for a standard account volume, one in MT equals one standard lot or 100,000 units of currency.
If the “one-click trading” is not already on your chart, you can simply add it by right-clicking on the screen and selecting “ One-Click Trading”.
You can also open a trade from the top toolbar menu by clicking 'New Order' or pressing F9 to open an 'Order' window. You can open an instant or a pending order. You can also set your stop loss, take profit, currency pair, and volume directly from this window.
It is the 'Market Execution' setting that allows an instant order within MetaTrader. However, you can also choose to buy or sell using a limit or a stop order by selecting your choice from the 'Type' dropdown. This is how to buy and sell on MetaTrader at specific, desired levels away from the current market price, as opposed to executing immediately at the prevailing price.
(Please note that in case you forgot to set a stop loss or take profit or you decided to modify them, or you open the order directly by the “One-Click Trading” option, you can always modify or add them later.)
How to close a trade on a currency pair using MetaTrader
Select the 'Trade' tab from the 'Terminal' window (press CTRL+T to summon or dismiss the 'Terminal' window). You will see any open trades you have displayed in the 'Trade' section of the 'Terminal' window. Right-click on the order you wish to close and select 'Close Order.’
You can see your trades details in the ‘terminal window’ at the bottom of the chart (press CTRL+T to summon or dismiss the 'Terminal' window), there you will be able to see your account fixed and floating balance (Equity) and modify or close your trades.