In CFD/Forex Trading, we will usually use the broker’s website or application trading platform, and they will be pretty simple for traders to make trade decisions quickly. However, due to the simple factor and the primary purpose is to help investors make buy and sell orders, this software will lack the elements to help investors monitor and analyze the market. To easily track and find factors for market analysis, investors need another specialized software, and MT4 is a free software born for this purpose.
Indeed if you have ever participated in forex investment, everyone already understands MT4 software, but if you have never invested, please read the article to overview basic features and usage. Of the MT4 software.
MT4’s full name is MetaTrader 4 is a trading platform developed by MetaQuotes Software for forex, CFD investment. The primary function of MT4 is to help investors quickly make statistics and track asset prices, thereby providing analysis and trading. Although MT4 does not support direct binary options trading, only forex transactions, we can still use it to analyze and predict market trends.
To install the software, we can quickly go to the homepage of MetaQuotes to download (metaquotes.net) or website: metatrader4.com.
This is the installation screen after we download it from the website. The software installation is straightforward; leave the software in the default setting and press the “next” button. Thus, after only about 3 clicks, you can complete the installation.
After the installation is complete, the software will display a notice to open an account. Please fill out the information completely and remember to check the box “I agree to subscribe to your newsletter.”
MT4 software overview
MT4 opens 4 windows by default with charts showing 4 different currency pairs. We can turn off or minimize each window, and this is where we keep track of our asset prices.
the top, we will see a toolbar with buttons such as creating a new chart, creating a profile, toggling the market watch, navigator, or terminal areas, zooming in and out, and selecting the chart type. And 3 commonly used buttons are adding indicators (indicators list), time frames (periods), and creating templates (templates).
Under the toolbars on the left will be the MarketWatch frame to monitor the prices of currency pairs, gold prices, and indices.
Under the MarketWatch is the “Navigator” window where you can monitor your account metrics and some advanced features.
The bottom area, “Terminal,” includes 6 areas, in which the Trade tabs (transactions), account history (account history), Alerts (warnings), Mailbox (mailbox) we need to pay attention to.
Charts and settings
you can set the color of the charts according to each trader’s style and preferences. Right-click on the price chart and select “Properties” to choose the color and other chart features.
Templates are templates that contain the settings you want. You can save the “save template” template when all settings are done. Then when creating a new chart, you need to apply the desired template and no more installation work.
Price bars here are the bars that represent the price of the asset appearing on the chart. By default, the price bar is a candlestick style, and you can choose a bar or line style. Please click on the 3-button area to choose the chart type to get familiar with.
Various statistical indicators can be added to the price chart. Select Add Indicators in the toolbar to select the indicators that you find essential.
Usually, we can choose time frames like 1 minute, 5 minutes, 15 minutes, 30 minutes, 1 hour, 4 hours, 1 day, 1 week, and one month. With different time frames, we can see different trends in the market.
Thus, you have grasped the essential elements and simple settings to help you gradually explore MT4. Getting started can be quick, but discovering the full power of MT4 takes a lot of time and knowledge. I hope you will use it to turn this into a powerful tool, an essential software when trading CFDs.