Oh boy! Remember when you first heard about the mt4 currency? It may have seemed like an area reserved for Wall Street specialists full article. The good news is that MetaTrader 4 can be mastered even by novices with the help of the right guide. And guess what else? This is the guide I have for you. FXCM Markets will take us on an exciting MetaTrader 4 journey.
1. What is MetaTrader 4?
MT4 is a trading platform that acts as your personal assistant. It’s basically a platform where you can analyze financial market, execute trades and even run automated trading strategy called ‘Expert advisors’. Imagine a central hub where you can bring all your trading goals to life.
2. FXCM Markets: How to Open a Trading Account
MetaTrader 4 allows you to start by creating a MetaTrader 4 trading account.
Step 1: Visit the FXCM Markets Website. Look for the “Open an Account” link – you won’t miss it!
Step 2: Fill in your details. Use a secure password.
Step 3 – Once you’ve set up your trading account, you will need to download the MT4 platform. The link will direct you. Downloading is just like any software.
3. Navigating MT4 Interface
MT4 can look a bit intimidating, but don’t be fooled, it is much simpler than it seems.
Market Watch Window – On the left you’ll find currency pairs, commodities indices and more. Here, you can view the live quotes for your chosen currency pair and select how you want to trade.
Chart Window: This window is at the core of MT4. You can now analyze price action and add indicators to your trading strategy.
Navigator window: This section gives you access to your accounts, expert advisors and scripts. Consider it as a MT4 toolbox.
4. Placing Your First Trade
You’re right, making a successful trade is a highlight. Here’s the quick run-down:
Click the right-click button on the currency pairs you’re interested to view in the Market Watch window.
Select “New Order” from the drop-down menu.
Set the stop loss and take profits levels.
Click on the ‘Buy/Sell’ button. Voila! You’re now in the game.
5. Exploring Advanced Features