EAFX Store A Guide to Using MetaTrader 4 on PC

United States, 28th Aug 2024 - Would you like to know how to use MetaTrader 4 on a PC? If yes, you are at the most suitable place where you will find out how to use it. Furthermore, MetaTrader 4 is a platform that allows you to trade online. traders utilize it to guess the future price of multiple currencies. These incorporate forex, pairs, stocks, and even Cryptocurrencies. That is to give some examples.

MT4 became famous because traders could program their own Expert advisor with the MQL4 language. Furthermore, it has become one of the common platforms among the traders. If proficiency is important to you, MetaTrader 4 is also, MetaQuotes was first developed in 2005 and is now certified for trading. The product provides you with live prices and charts, the ability to place orders, and the ability to manage your trades.

Download Meta Trader 4

When you create your trading account, you must download MetaTrader 4. You can utilize it on most devices, such as work PCs, phones (Android and iPhone), and Macs. After downloading MetaTrader 4, sign in using your account details.

Login to Meta Trader 4

open the MT4 ->> on the top right click on File ->> login to trade account and write your login details, don't forget the Server, and make sure it's the right server as sent to you via email

EAFX Store A Guide to Using MetaTrader 4 on PC

MT4 Features

There are many tabs that you will notice when you open the MT4 platform. These tabs display many pairs, commodities, and stocks offered by the broker, and next to them are live prices. On the far right you will find the spread, which is the difference between the bid and ask price you can see this table by Clicking Ctr + M.

There is another tab that shows you the account balance and current or pending orders. When you press Ctrl T, it will appear to you.

The MetaTrader 4 also has many features that may help you in your analysis, such as Fibonacci, trend lines, support, and resistance lines. Technical analysts usually use these tools to identify the current trend, whether the trend is bullish, bearish, or sideways. You can also write a Text on the chart. Using this feature will help you remember what you have analyzed or write simple notes so that you do not forget anything in the future.

Choose your favorite Product

You can choose any currency you want from the list on the Left (Ctr M) and you can also choose commodities or stocks. The MT4 platform has many different products that you can profit from trading on. Click on Ctr U and a list will appear with all the products that you can trade on, but please note that you trade on the product that you have practiced on before so that you do not fall into unwanted losses.

EAFX Store A Guide to Using MetaTrader 4 on PC

You can trade on anything you want on the MT4, but it is preferable to choose the EURUSD pair because it is the most popular pair among traders, and you can try your trading strategy that you want to test on this pair, but this does not mean that you will not trade on any other pairs, but it is preferable to work on this pair at present until you master your trading strategy.

Do not forget that you must first trade on a demo account so as not to put your money at risk. You can easily create a demo account with your brokerage company.

Set up your Graphs

MetaTrader 4 accompanies a range of tools that assist you with tweaking and customizing your chart. You can draw objects on the chart and You can arrange your graphs so they're kind to the eye.

Mechanising Your Trades

One of the Great tools of MetaTrader 4 is the capacity to utilize Expert advisors (EAs) to mechanize your trades. Download an EA from a confided-in source or make your own if you know how to code. Place the EA file in the "Experts" file inside the MetaTrader 4 files on your PC (go to files in the top right MT4 and select open data folder to open the MT4 folder), When adding the EA, make sure that its settings are correct and enable Auto Trading to work.

Indicators

You can add indicators to your MetaTrader 4 chart. A few famous indicators incorporate MACD, moving average, Bolinger bands, and Stochastic. To add the indicators to your charts, go to

File ->> open data folder ->> go to MQL4 ->> indicators, and put the indicator file into this folder and make sure to put all indicator files to work with you without any issue.

Conclusion

MT4 is a platform with many tools and multiple uses for traders. Traders use it to analyze their trades before entering into any trade. They also add many tools that help them achieve this, such as indicators and drawing on the chart, MT4 has gained the trust of many traders for its ease of use, Small app size, and it meets their needs.