Trading is everywhere, whether importing and exporting physical goods, services, or money. With the recent development in fintech, online money trading platforms are gaining popularity. Metatrader 4 is an online trading software that allows a person to trade money for free. It is one of the most widely used and preferred trading platforms worldwide.
Metatrader 4 allows people to trade currencies, stocks, online pairs, and commodities like gold and silver. One can subscribe to this software and automatically see what others are trading in. The dashboard provides one with the required data consisting of different pie charts, bar diagrams, and data arranged in tables to provide knowledge about the recent trends in the market. This software uses the MQL language, which allows a person to customize the scripts on how and when to trade, the suggested stock options, etc.
This software was developed in 2002 with two versions- MetaTrader 4 and MetaTrader 5. However, the latter is a recent version. The MT4 still holds popularity in the market. MT4 is even more potent as many developers created huge commercial components that are also free pdf to jpg.
What type of operating systems does MT4 work on?
The trading platform works on almost all popular operating systems. It runs excellent on windows, android phones, iPad, and iPhones. It does not work freely on Mac and Linux operating systems. One has to do some groundwork and install additional software for MT4 to be operational.
Components of MT4
One does not need to know all the components of the software. But it is best advised to understand what they are and how they benefit trading. The key features are:
- Client terminal- It is a user interface terminal that helps the traders to check the prices of different stocks and currencies and make orders.
- Mobile application- Smartphones and tablets use such apps, a mini version of what is available on computers.
- Server- The back-end software helps process all the data, including prices and orders, and keeps track of all the activities.
- Administrator- It is another back-end component that helps supervise and manage the server.
- Manager- It manages the customers’ accounts and deals with their queries and problems.
- Data centre- It is a type of middleman that acts as a connection between clients and servers.
Guide to use MT4
One has to download the software on their respective laptops or desktops. Once the download is done, the account-creating process initiates.
Creating an account
A person looking to trade on this software must create a live IG account first. Once this is done, a live MT4 version can be made from the dashboard.
Create a position
Once the account has been created, one can place a new order by clicking on the tools in the order window. This can also be done by pressing F9 on the keyboard. There are many components in the order window:
- Symbol- It allows the user to select the trading market from the list of available choices.
- Volume- This indicates the number of contracts a person is looking to trade.
- Stop- If a person wants to quit the existing trade or back out if it is turning against them, they can do so by clicking on this option. One has to enter the desired level of loss here.
- Take profits- This is done to lock the profits a person is willing to grab. This is done by entering the desired number here.
- Comment- The user can comment on the trading experience or give suggestions.
Monitor the trade
One must constantly monitor and check the price levels and market rates to grab profits quickly and avoid losses.
Download the reports
Saving a copy of detailed reports can be done using the option of ‘save a copy. This is done to ensure proof of trading and profits earned.