A lot of entities participate in the Foreign Exchange market trading -financial institutions, banks, governments, as well as individuals. Today we will discuss the way individuals can trade on the Forex market. This article is a MT4 wiki about Meta4, how to use the Meta Platform and why Meta4 is among the best Forex software for retail Forex trading.
MT4 Wiki: What is Meta4 Platform
MetaTrader4 a.k.a Meta4 or Meta Platform is a trading station developed by MetaQuotes Software. This platform is used for online financial trading of CFDs (Contract for Differences), currency and futures contracts. Meta4 or Metatrader 4 can be downloaded directly from MetaQuotes website at no charge. Simply go to the official MetaQuotes website and do a Meta download.
Above you see a standard MT4 setup with six Metatrader charts. Also, each of the trading charts includes the following trading indicators: Ichimoku Cloud, Parabolic SAR, Volume Indicator, Relative Strength Index Indicator, and Moving Average Convergence Divergence (MACD Indicator).
Now that you are familiar with how the Meta4 terminal looks like, our MT4 wiki will need to teach you how to open a Meta trade. After all, this is why we are discussing this topic, aren’t we?
To open a trade with the MT4 platform, you should simply right-click any of the charts and then choose Trading > New Order. A shortcut for this command is the F9 button. But if you use the shortcut, make sure you have previously clicked on the chart you are willing to trade.
After you choose the “New Order” option, you will get the following pop-up window in front of you:
This is where you choose whether to buy or sell the Forex pair. You can also switch between the different financial instruments offered from your Metatrader 4 Forex broker, as well as to choose the volume you want to trade. From this window, you can also choose whether to set a Stop Loss or Take Profit orders as well as the levels you want to place these at. Also, if you already have an order with this Forex pair, you can modify it, or you can put some additional requests like MT4 trailing stop.
The complexities of the Forex trading could sometimes be overwhelming. Newbie traders face difficulties when looking for the proper way to enter the market and execute trades. Various queries come in their mind about the Forex trading that makes them more confused. They cannot decide what should be the amount of their first trade or what the things are they should look out for while trading.
Fortunately, MT4 offers different resources and tools that allow the traders to analyze price, employ an automated trading system, and manage trades. The Metatrader strategy tester helps every trader to build a successful MT4 strategy. How can this happen? Proceed to the next point of our MT4 wiki.
Metaquotes Language 4 (MT4 MQL)
As a Forex trader, you might have heard the popular term “Metaquotes Language 4”. The Metaquotes Language 4 also known as MT4 MQL is a coding language developed for the Meta platform. The MT4 MQL is used to program different indicators for trading. Also, using the Meta4 MQL you can always modify indicators you already have so that they will fit your trading system in a better way.
Our MT4 wiki cannot skip the fact that there are many people who are specialized in programming using the MT4 MQL code. In this manner, there is a very active MQL4 community, which constantly builds and improves tools inside the Meta4 platform. This is a very useful feature for your Meta trade experience because trading always improves for the Forex traders.
7 Benefits of the Meta Platform
MetaTrader 4 is one of the innovative Forex trading platforms nowadays. MT4 is leading in the market because of its user-friendly interface and simplicity. Different variations of this platform can be used in mobile devices such as smartphones, tablets, PDA, etc. After a Meta download, one can get several advantages related to the MT4 platform. Therefore, our MT4 wiki will now name 7 of the biggest benefits related to the Meta platform.
- The Meta platform has a better and more convenient interface, which is not available in the analogs that are offered by the other developers.
- A Meta4 demo account will let you open as many windows as you want.
- Different functions of the MT4 platform allow comfortable and efficient Meta trade execution.
- Metatrader4 brings technical analysis to the next level. It allows the traders to use indicators, graphic instruments, live Forex quotations, a news feed that is updated on a regular basis, and a different Metatrader chart for every trading style.
- All your operations on the Meta platform are confidential since MT4 applies the 128-bit encrypting system that is based on electronic signature and special algorithm.
- Meta4 platform gives updates of all current quotations. All your past operations are stored in the archive of the Meta platform so that you can refer to them later.
- Most of the brokers offer Meta trade execution. With every single day, the Metatrader 4 Forex brokers are becoming more and more.
MT4 Server Setup and Meta4 Login
The last point of our MT4 wiki explains how to setup Metatrader so to start trading Forex. To get live access to the Metatrader platform, you will first need to download it. This can be done manually from the MetaQuotes website, or from the official website of your Metatrader 4 Forex broker. Then you need to open an account with the Metatrader 4 Forex broker you will be using.
Manual MT4 Server Setup
If you do an independent download, not through the website of your MT4 broker, then you need to go to Tools > Options. Then you will see the following window popping up:
See that the window has many buttons on the top. Make sure you choose “Server” in order to see the information in the image above.
See the three empty fields on the window – Server; Login; Password. You will need to get the details for these three from your broker after you register with it. Metatrader 4 Forex brokers usually send this information via email. So when you register with your broker, it is likely that you instantly receive an email with the details. Don’t forget to check the Spam folder of your email as well.
Simply fill in the details and click “OK.” You will instantly get connected to your Meta trade account afterward.
Automatic MT4 Server Setup
If you download the MT4 terminal directly from your broker’s website after signing up, the MT4 Server Setup is likely to happen automatically. This means that when you open the MT4 platform, you could use the initial window, which appears when you start Meta4.
Since you have performed the Meta download via your broker’s website, the MT4 Server Setup should be filled automatically in the box above. If the Server field is empty, then you should click the little arrow on the other side of the field, which will bring a server drop-down menu. You will see your server there.
Then you should get the Meta4 login details from your broker – most likely from the email they will send you. Add the Meta4 login number and the password to the respective fields and simply click “Login”. You will instantly be connected to your MT4 live terminal afterward.
- MetaTrader4 is one of the most used platforms for Forex trading.
- The MetaTrader4 platform is also known as Meta4, Meta Platform, MT4, etc.
- MT4 helps traders to build successful Forex trading strategies and indicators through the special MT4 code called MetaQuotes Language 4 (MT4 MQL).
- The MT4 MQL code attracts more and more programmers, which have established a big MQL community.
- 7 of the biggest Meta4 platform benefits are:
- Convenient Interface
- Unlimited Windows Opening
- Comfortable Trade Execution
- Advanced Technical Analysis
- 128 Bit Encrypting System
- Detailed Trading Archives
- Common among the Metatrader 4 Forex Brokers
- To start trading on the Meta platform you need to:
- Open an account with a broker.
- Download the MT4 terminal.
- Open the MT4 terminal.
- Add your Meta4 login details (username and password).
- Choose your server.
- Start trading!
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