MT4 is a very popular trading platform. It is rich in tools and features, and it is fairly easy to use, even for novice traders. Despite this, new traders may need some orientation to begin their trading journey on MT4. If you’re a newbie to the world of online trading, here are some of the key steps you can begin with.
Steps for setting up MT4 for best trading experience
- 1. Install the platform using the mt4 download link provided by your broker.
- 2. Log in to your account with your trusted broker from the initial step. Your login credential should have been provided by your broker when you opened the account.
3. Understand how the platform is structured. There are many sections in the platform and getting familiar with them will help you kickstart your trading journey.
On the left you will see the market watch where you will find all the symbols you can trade. You can explore this further and add more elements by right clicking on any symbol and then clicking “show all”. The main section in the middle of the screen to the right is the charts section and you will be able to analyze charts there. You can add charts from the market watch by right clicking the symbol you want and then clicking “chart window”.
The section below those two sections usually shows your open positions. Without open positions you will only see your balance, equity levels and current margin in this section. On the top you will find many tools to adjust the chart and add and remove elements the way you want.
- 4. Add the charts you usually follow. You can do this by going to market watch and clicking on the currency pairs and indices you follow and right clicking on each of them and clicking “chart window”. Then you will have charts of all the tools you follow.
- 5. Add the technical indicators you usually use. You can click the insert button at the top and then hover over “indicators”, which will show you the available indicators. Then you can add the indicators you prefer to your chart. You do not need to repeat this step on every chart. Once you adjust one chart, save a template, and then apply it to other charts. The template button can be found at the top to the right.
- 6. Change the colors of the chart if you prefer. There are a few available themes such as the white, black, and green themes, but you can customize the chart further to ensure it is the way that feels most comfortable to you.
- 7. Set up multiple charts in one view if you wish. You can have many charts open on the screen if you make them smaller to fit in the screen. This enables you to open, for example, many charts of GBPUSD but in different time frames, such as 5 minutes, 1h, 4h, and 1day. This gives you a better overview of the price action.
- 8. Set up any strategies or alerts you usually use. MT4 enables you to automate your trading and set up alerts for when a certain event happens in the market (such as when the price exceeds a specific level or goes below a moving average). You can set those up easily by using the alerts function.
Summary
MT4 has a wide range of features and tools that are helpful and very easy to use. Make sure you use all of the benefits of the platform to your advantage with a renowned broker.