Trade Using MetaTrader 4- Learn Forex for Beginners
*OspreyFX would like to state that traders should research extensively before following any information given hereby. Any assumptions made in this article are provided solely for entertainment purposes and not for traders to guide or alter their positions. Please read our Terms & Conditions and Risk Disclosure for more information.
World Class Technology: Trade Using MetaTrader 4
- What is MetaTrader 4
- Why Trade with MetaTrader 4
- Your Questions Answered
- Why OspreyFX is your Broker of Choice
Trading attracts millions of neophytes and pundits trying to get more bang for their buck. Trading advancements make this an easier and more interesting process for traders.
MetaQuotes, the brain behind developing software applications for brokers. They have been responsible for a number of popular products, from simple FX Charts platform to the renowned MetaTrader 4 & 5. Irrespective of your trading experience you would be hard-pressed to have not heard of MetaTrader.
The MetaTrader 4 platform has boasted lightning-fast execution and offers traders a series of intuitive trading tools. These award-winning platforms are highly utilized by brokers around the globe, gifting traders the ability to customize charts, live stream prices, and full autonomy of their own accounts.
Through step-by-step processes coupled with images and detailed explanations, we gift readers with a quick and easy to understand guide on everything they need to know to master the MT4 platform.
Your Questions Answered
Everything you need to know about trading with MT4. Can’t find what you are looking for? Pop over to our FAQs page or for those who prefer that human touch contact a member from our dedicated support team.
How to install MT4
Please note MT4 works on macOS and Linux. It is also compatible with Windows 8 and 10 on 32 & 64-bit processors. On the other hand, you can trade directly from your web browser using a MacBook or Chromebook for instance.
- Visit OspreyFX.com
- Click “Download MetaTrader” which can be found in the footer or the menu bar.
- Hit run once the file downloads (If you are using Internet Explorer/Microsoft Edge. It will be different on other browsers)
- Review the “terms and conditions” and click next
- When it finishes installing, click “Finish”
- Select “Osprey-FX-LIVE”
- Select “Existing Trade Account”
- Enter the MetaTrader login details from the email that you received when you created your MetaTrader account.
- Click “Finish”
- Wait a few moments for everything to load, then you will see your account on the left once everything has loaded.
- Now you can trade until your heart is content.
How to Create a Live MetaTrader Account
Traders can open their first live MetaTrader account with OspreyFX once they have made their first deposit.
- From the Dashboard, click “My Accounts”
- In the “My Accounts” section, click “Create Account”
- Select “Account Type”: OspreyFX MT4 ECN for a real account.
- Once you have that done select “Currency”.
- Select “Leverage”.
Please Note: We cannot give any advice regarding any of the options.
- Check your email for your “Account number” and “Trader Password”.
Please Note: The Investor password is usually given to a 3rd party to allow them view-only access of your account. They will not be able to open/close any trades.
How to Trade
So now you know how to install and set up an MT4 account let’s get down to the good stuff. How do you use the platform?
Back to basics
When you are ready to start trading, this can be done in the order window tab. Firstly select “tools” and then click “new order”. At first, this may seem daunting, but the elements are very straightforward. Here is a list of those components to help you better understand.
Symbol: Here you will be presented with a dropdown where you will have a choice of markets such as forex, crypto, stocks, or commodities.
Volume: How many lots do you want to trade? At this stage, traders will choose their trade size. Note, in currency trading 1 lot equals 100,000 units of the base currency.
Order Type: Traders can either choose between “instant execution” which allows them to open a trade as soon as they hit buy or sell or they can opt for “pending order” to choose the level at which their trades opens.
Stop Loss: This great tool will help minimize risk. It allows traders to exit a trade automatically when it reaches a specific price point. This concept is applied to limit the potential downside risk and can be used for short or long positions.
Take Profit: Similar to stop-loss this does the same for profits. Here traders set a specific level and trades will automatically close once that level has been reached.
Comment: Do you keep a trading journal? This feature allows traders to leave a comment on a particular trade. Alternatively, this space can be used for more advanced trade management functions.
Monitoring & Closing Positions
To monitor your open positions or pending orders select “view” in the toolbar or for a shortcut Ctrl+T. Now click “trade” here you can manage your positions.
- To exit a trade, select the “x” which you will find to the right of the profit column.
- To modify stops and limits right click on the position or pending order and click “modify”.
Head to the MetaTrader 4 terminal by selecting ‘view’ and then ‘terminal’. Now click ‘trade’. From here, you can exit a position by selecting the ‘x’ to the right of the profit column.
How to open a chart
This can be done in 3 different ways
- Click file menu, which you can find at the top left of the platform and steer to “new chart”
- Right click on the trading instrument you want to open in “market watch” segment and click “chart window”
- Below the file menu, you will see an icon for “new chart” click this and select the asset you wish to trade.
In MetaTrader, you have the option to customize charts. The most common is the “Show Ask line”. To do this, please see the instructions below:
- Right Click on the chart
- Select “Properties”
- Additionally, traders can draw on charts. To draw simply choose an “object” from the toolbar and click on the chart.
Please note: You can adjust the width and positioning of some objects with your mouse while the customization of others will open a separate window.
- To edit or remove an object, right click on the chart, and hit “objects list”, which will open a window with the active objects. Simply choose the object you would like to adjust and click “edit” to customize the indicator setting or “delete” to remove.
- Amending the timeframe is another option for tailoring charts. Same as above, pick your chart and right click only this time navigate to “timeframe”. A dropdown will present itself where you can choose from:
- M1 (1 minute)
- M5 (5 minutes)
- M10 (10 minutes)
- M15 (15 minutes)
- M30 (30 minutes)
- H1 (1 hour)
- H4 (4 hours)
- D1 (1 day)
- MN (1 month)
Please note: If you wish to open several charts on the one screen this can be done by clicking “Window” and then “Tile Vertically”.
How to use MetaTrader 4 app
- Firstly, download the app on your mobile device from your respective app store, which is the App Store or Play Store.
- Sign in or register via the login page
- Once you are in, navigate to the order window where you can open and exit positions
- Access to charts and technical analysis tools are available from the main terminal page
- Deposits and withdrawals are made via the account area
How to change your password on MT4
- Click on “Tools” then “Options”. When the options window comes up, click on “Server” then click “Change next to where you see “Password”.
- A window will pop up with “Change” password” on it.
Please note: You need the master password to change the read-only password.
- Enter your MetaTrader master password in the “Current password” field.
- Then, select “Change investor password”.
Please note: If you choose the other option, you will change the master password.
- Then, enter your new password twice.
- Click the “OK” button to change the password.
- If the password is changed, this window will disappear.
How to check your Trading History
To view your trade history, navigate to the account history tab that can be found in the terminal window. Traders can analyze with custom dates, simply right click within the window and select:
- All history
- Last 3 months
- Last month
- Custom period
How to download trade reports
Similar to viewing trade history in that traders need to steer to the account history and right click, however, this time you will choose the save as a report or save as a detailed report option.
What types of trading orders are available?
As mentioned briefly above MT4 enables the opening of instant trades and also allows traders to place pending orders.
There are 4 types of pending orders available
Buy Stop Order directs a broker to buy an asset when it reaches a pre-specified price. Once the price reaches that level the buy stop becomes a limit or order to buy a market, fillable at the next available price.
Sell Stop: Used when selling, a sell stop order is placed below the current price. Traders expect that the price will fall to the sell stop level and continue in that direction in profit.
A limit order is an order to buy or sell an asset at a specified price. There is a buy limit which is an order to buy an asset at or below a stipulated price giving traders the control of how much they pay. And a sell limit which can be executed at the limit price or higher. Take for example an investor who wanted to purchase stocks for a certain company for no more than $20. He/she could submit a limit order for that price and this order will only be executed if the company’s stocks are $20 or lower.
Trade on a Trusted Broker
OspreyFX’s MT4 trading system allows traders to utilize even the most complex strategies. We offer all the important features to help traders ace the markets. From the market and pending orders, instant execution and trading directly from a chart, stop orders and trailing stop, a tick chart, and trading history. We are focused on delivering instant trading that is versatile and hassle-free:
- 3 Execution modes
- 2 Market orders
- 4 Pending orders
- 2 Stop orders and a trailing stop
Furthermore, our traders can trade, anytime, anywhere with our broad range of options, from desktop trading to mobile solutions. We are delighted to now provide WebTrader.
MT4 presents traders with endless possibilities. We hope you have enjoyed this guide and that you can now easily navigate through MetaTrader4. The best way for traders to fully absorb these practices is through trial and error. The good news is OspreyFX offers demo trading accounts meaning you can play around with MT4 without risking any capital.
What are you waiting for? With OspreyFX’s first-class products coupled with this cutting-edge platform, traders can discover better trading. Sign up with us today.
Want to Trade Forex?
OspreyFX is the perfect partner to help you on your trading journey. We pride ourselves on offering our traders the right tools needed to ace the markets, traders can now trade with better insight with our Forex Calculators.