Forex trading is a complex network of sellers and buyers where currency transfer occurs at a definite price. The amount of currency conversion increases the volatility of some currencies. Traders often optimize such volatility as it increases the chances of making profits. When engaged in forex trading on the mt4 platform, one can get the benefits of exceptional execution, reliability of brokers, flexible trading facilities, and access to advanced analysis. Following is a simple guide for you to understand the trading platform better:
Meta trader 4 or mt4
Traders use the mt4 platform to adjust or open orders, get fundamental or technical analysis and view currency prices in real-time. It is commonly used for forex trading; however, it can also trade indices, commodities, and cryptocurrencies via CFDs. The platform has become popular in contemporary times as it can be customized according to trading preferences. You can also use algorithms to automate your trading, which closes and opens trade according to your set parameters.
Access and use of the mt4 platform
A step-by-step guide on the use of the mt4 platform has been stated below:
Creating a demo account: You can start by opening a demo account where you can test drive the system without depositing any amount. To open the demo account, you need to provide your personal information and email address where the trader or broker will send you credentials to access the account. A demo account uses demo money and allows you to see the way the platform works without the requirement of significant financial investment. After getting acquainted with the demo account, you can use a live account.
Customization: You can customize the first page that you see as the default page. For example, you might want to view forex quotes with a chart. On the left side of the platform, you can find a quote sheet that enlists products that can be traded through the platform.
Open position: The order window help you place the trade. The components of the order window include the following:
Symbol: It enables you to select the market you like to trade.
Stop loss: It allows you to close the trade.
Volume: It refers to the number of contracts you are willing to trade with.
Take profit: It helps you to use limits to lock in profits.
Type: You can select ‘instant execution’ if you are likely to place the trade instantly after buying or selling. You can choose ‘pending order’ for choosing the level at which the trade opens.
Comment: It can be used to mention some information about any trade or other trade-management purposes.
Based on the type of trade, the following options will be placed:
Instant execution: In the case of instant execution, you get two options: enable maximum deviation from the price and buy or sell. You can experience trade getting rejected with sudden movement in price. Maximum deviation will allow you to place a trade within a definite price range that you can accept. Buy or sell enables you to place trade according to the rise or fall in the market value.
Pending orders: The option ‘Pending orders’ includes type, at price, expiry, and place. ‘Type’ refers to the kind of order that needs to be placed. ‘At price’ determines the price level for your order. Expiry states the time and date for the order to expire, and place helps in placing the order after everything has been decided.
The information presented above will enable you to develop an idea about effectively performing live trade and getting maximum results.