Introduction to MT4 Platform
This lesson of Introduction to MT4 Platform and the next one is dedicated to get yourself familiar with the functionalities of MT4 and it’s uses in Forex trading. As you have already heard that MT4 Platform is the most widely used Forex trading platform in the retail Forex world, it provides users with a multitude of tools which make trading easier, and provides a uniform interface for trading between different brokers. Not only that! Perhaps, MT4’s greatest functional attribute is that it can execute trading robots, called expert advisors (EA) which can trade automatically without any effort of the trader.
Download and Install MT4 Platform
- Go to this link: MT4 Platform Download
If you haven’t created an account with HYCM, you can create one by clicking on “Create Account” or if you already have an account, you can click on the logo to go to the platform download page.
- Click on Platform and then click on Metatrader4.
- Click on download HYCM MT4.
- After the download is complete, run the software.
- Click on Yes checkbox and click on next
- It will download files form internet and will be installed within a few minutes.
- After MT4 is installed, click on finish.
- Now run the MT4 platform, it will be seen like this:
Get familiar with the Key components of MT4 Platform
There are a few key components of the MT4 platform that you should get familiar with in order to learn how to use it properly.
Market Watch Window
The Market Watch Window will allow you to view all streaming Forex quotes in real time charts. You can select the Forex pairs that you would like to trade. All you need to do is right click on it and select the symbols of option.
The navigator window of MT4 platform helps traders to have quick access to all actve your Forex accounts, indicators, scripts and expert advisors.
On the chart window, you can view charts of various currency pairs. You can easily view bar chart, line chart and candlestick charts. To load an indicator on the chart window, just drag an indicator to your chart from the indicator list of navigator window. To load an expert advisor, you need to go through the same process. Just drag an expert advisor from the navigator window to your chart.
There are different uses of terminal window. But basically it allows you to view your open positions, the history of your trades, and your MT4 mails.
Get familiar with the uses of MT4 Platform
Let’s take a closer look at each item on the screen and briefly discuss what its function is.
Market Watch and price Displays
Usually the market watch window opens up when you open the MT4 platform. If it does not show up on your MT4 terminal right away, you can click ‘Ctrl+M’, or select View->Market Watch to open it. You can also click the button at the top of your screen to open it.
MT4 Platform will display the prices for all of the pairs that are available for you to trade. A red price means the price is going down and a blue price means it is going up.
There are lots of other actions that you can perform from the Market Watch Window. Once you right click on the window, you will be able to produce the context menu; here is what it will look like on the platform:
From here a trader can load a chart by selecting the chart window option and the “place a new order” option from it. You can also modify the Market Watch window of the platform to show the high and low prices for the day, or show the time of the latest quote.
Opening a Chart
How can you open a chart? You should ask- how you can’t open a chart. There are plenty of ways to pull up a Forex chart in MT4 platform. The easiest way is to right click on any of the Forex pairs in the Market Watch window, then select the Chart window item from the menu that pops up on the screen.
Additionally, you can select “file” from the menu bar, then choose “new chart” and then select your currency pair.
One nice feature is that you can also right click on any of the currency pairs in the market watch window, hold down your left mouse button and drag the currency pair onto an open chart window, and that chart will now display price data for that currency pair.
Once you have selected your currency pair and pulled up the chart, you need to decide what time frame of a chart you want to view. In case you don’t know, a Forex chart typically graphs the price action of a particular Forex pair over a specific time interval. A Forex chart can display price data over years or can display price data for every tick a pair moves depending on your preference.
A Forex chart can be displayed using bar charts, candles or a regular line chart; we will explain how this works shortly. Each bar or candle represents a specific unit of time. This unit of time is your chart timeframe.
Selecting Chart Timeframe
After opening a chart, the chart’s timeframe can be changed to different time periods using the chart toolbar that reads M1…MN. Most often, you get to find this toolbar right above the chart where you can select the following different time periods for the chart:
M1 – One Minute
M5 – Five Minute
M15 – Fifteen Minutes
M30 – Thirty Minute
H1 – One Hour
H4 – Four Hours
D1 – One Day
W1 – One week
M1 – One Month
If you select M1 for example, each bar will represent 1 minute. If you select M5, each bar will represent 5 minutes and so on and so forth.
Sometimes, you may see a message on the chart “waiting for update”. Don’t be afraid of that! This means that the chart is being updated. It is simple.
The Bottom Line:
There are many Forex traders who like to look at the same currency chart with a different time periods setting. Sometimes, when performing chart analysis, it can be beneficial for traders to use multiple timeframes. This way you find out the general market direction on the longer term timeframe and look for entry opportunities on the shorter term timeframe. This is called multi timeframe analysis and may be very beneficial to some Forex traders.
Next Lesson: Introduction to MT4 Platform, part: 2
|Chapter 3||Getting Started with Forex Trading|
|Lesson 1||Choosing Forex broker|
|Lesson 2||Best Trading Platform|
|Lesson 3||Introduction to MT4 Platform|
|Lesson 4||MT4 Platform functions|
|Lesson 5||Opening Demo Trading Account|