Lesson 1: Introduction to Meta Trader 4

Now that you have more than a basic understanding of forex concepts, you can start learning about trading platforms. These are your gateway to analyze, chart, and trade the forex market.

One of these platforms is MetaTrader 4 or MT4. 

In this lesson, you'll learn the basic stuff you'll need to get started on using MT4 for trading. 

Lesson Highlights

• Meta Trader 4, or MT4, is one of the most popular trading platforms available today. However, the MT4 trading platform is not supported by any web browsers.
• MT4 is Expert Advisor-friendly. This means you can seamlessly integrate your EA on your MT4 platform.
• Almost every broker worldwide offers the MT4 trading platform to their clients.

What Is Meta Trader 4

The MetaTrader 4 (MT4) is among the widely known trading platforms worldwide. There's probably not a single trader who doesn't know what the MT4 platform is. 

The platform has numerous powerful trading and charting features and capabilities designed to help traders of all experience levels. 

You can use MT4 to monitor, analyze, and chart the real-time movement of the forex market. Through its market watch, you can also see the bid and ask prices of the currency pairs. 

MT4 also supports the emergence of trading bots or Expert Advisors (EA). Traders with EAs can integrate theirs into the MT4 trading platform, which is EA-friendly.  

However, the criticism it usually faces is the need for user-interface improvement. The platform is extensive; however, the design is deemed by many as outdated. Many users reported difficulty accessing and adjusting their trade orders, and several beginner traders experienced a learning curve in navigating the platform. 

Moreover, MT4 doesn’t have a browser-based platform. This means you can’t just Google-search the keyword “MT4 platform” and trade on your browser. 

Instead, you must install the MT4 platform on your phone or computer before using it. 

Starting with MT4 

To start using the MT4 platform for your trades, you can simply follow the steps below: 

Step 1: Set Up Your MT4 Account 

The first thing you should do is download and install the MT4 software onto your phone or computer. 

Then, fill out the personal details window that pops up upon your request to create an account.

Step 2: Keep a Record of Your Account Details 

Once you've registered and created your account, make sure to keep your account and record details you used before exiting the window. 

The MT4 platform allows you to create and access multiple windows to trade and analyze several markets without closing the application. 

Ultimately, it's important to always remember the information you use when you register because MT4 doesn't keep a record of your account details. You must manually input it every time you log in to your account. 

Step 3: Practice with the Demo Trading Feature

While this step is completely optional, it's always crucial to practice using a demo account to ensure you can effectively navigate the platform, such as locating, accessing, and adjusting the buy, sell, and order features. This allows you to familiarize yourself with the forex market without spending any amount. 

This is not only applicable to beginner traders. Demo trading is also valuable to experienced traders because it allows them to practice their trading strategies or systems on the virtual market before using them on the live market. 

Now, you're done learning the basics of forex trading. You can now head to the next part of TradeGeek, the Intermediate program.