How to Use MetaTrader 4?

Forex trading is most commonly conducted using the MetaTrader 4 trading platform. The platform is excellent for traders of all skill levels due to its impressive functionality. Trading with MetaTrader 4 offers a broader range of tools, such as advanced technical analysis, automated trading, trading signals, mobile trading, and algorithmic trading. Take advantage of all these features to enhance your trading success!

How do you use MT4?

You can access and use MT4 via IG by following the instructions below.

Create an account

The first step to using IG’s MT4 service is to create an IG account. Once you’ve finished the above steps, you can set up an MT4 account directly from the My IG dashboard. On the download MT4 page, you will find instructions on getting started.

Download MT4

You can download MT4 to your device of choice by creating a free account. MT4 can be accessed with your IG login credentials once you have downloaded the software.

Open a position

If you are ready to place an order, click ‘new order’ under ‘tools.’ A new window called ‘order.’ The F9 key can also be used. As soon as you’ve done that, an ordering window will appear.

It can be challenging to understand all the components of the order window at first, but here are some quick tips:

Symbol – The drop-down menu lets you choose the market you wish to trade.

Volume – This is the number of contracts you want to trade for CFD accounts.

Stop-loss – Enter your desired level here if you wish to use a stop as a safety measure. MT4 stops correspond to essential stops on IG.

Take profit – You can set a level to lock in profits if you wish.

Comment – a small box where users can comment on a particular trade or for advanced trade-management purposes.

Type – Select ‘instant execution’ if you are ready to buy or sell as soon as you select ‘buy’ or ‘sell.’ You can also choose ‘pending order’ if you want to decide when your trade opens.

After selecting the type of trade you want to place, you’ll have the following choices:

Instant execution

The maximum deviation from the quoted price is allowed – if prices suddenly move as you place a trade, trades can be rejected. You can still choose a price range (from the current price) within which you wish to place the work if you check the box and enter the ‘maximum deviation’ you are willing to accept.

Buy or sell – Click ‘buy’ when you think the market is about to rise in value or ‘sell’ when you consider the market will fall. A trade is then placed.

Pending order

Type – You can choose between ordering a ‘buy limit,’ a ‘sell limit,’ an ‘buy stop,’ or a ‘sell stop.’ Find out what a stop order is and what a limit order is.

At a price – Select the price below which the order will be triggered (note: for some order types, your order will be executed at market level regardless of whether your group is breached)

Expiry – Select this option to specify the date and time your order will expire if the market does not reach the price you specified

Place – When placing an order, click this button. Monitor and close your positions and pending orders

Press Ctrl + T to open the ‘terminal’ window and monitor open orders or click on the ‘view’ button in the toolbar to open the ‘terminal’ window. After that, click the ‘trade’ button. If you click the small ‘x’ in the profit column, you can close an open position or delete a pending order.

Bottom line 

Using mobile trading is similar to using a desktop version to analyze markets and trade. All that is different is that you can trade from anywhere in the world using your smartphone or tablet.

Trade orders and analysis are automated with algorithmic trading, freeing traders from routine tasks. Trading strategies are formalized into automated trading robots that trade for you!

MetaTrader 4 is the most popular Forex trading platform because it offers many great features. Try it out for yourself!

In order to read advanced guidelines on Metatrader 4 usage, check out these articles: https://www.metatrader4.com/en/trading-platform , https://www.fxcc.com/how-to-use-metatrader-4 , https://www.youtube.com/watch?v=SZFHVgr2x5E