MetaTrader4 Platform: Steps Before Starting Forex Trading
The MetaTrader4 platform. One of the most popular retail forex trading platform used and applying for every market maker brokers for customizing and offering them according to the branding requirements. This platform is designed to be turn key solution for every brokers. Usually, the broker requires the trader to sign up the form for you able to get an access through the links for the MetaTrader4 platform.
1. DOWNLOAD THE METATRADER4.
This is the first thing to do before starting to trade. You will download this platform or also known as the MetaTrader4 platform from the broker’s webpage if you are using the client’s desktop. Well, it is important and an advisable to start for your new learning processes such as how to use and trade using this platform. Both web-based and mobile applications can now accessible by which you are comfortable using with. But, most of the processes of downloads must and should have done from the preferred broker’s site.
And once you’re finished downloading, you can now start trading.
2. CREATING A DEMO ACCOUNT
After downloading the MetaTrader4 platform, create a demo account that will allow you especially for those beginners to try out the entire process of forex trading with the MetaTrader4 platform before starting trading with real-money into a live account. This demo account will be the first interactions with the traders.
In opening an account can be done in 2 ways.
a) Through the Website of the Broker.
b) Through the MetaTrader4 platform.
This steps allow you to learn like placing orders, navigating around the platform, and the other functions.
3. OPENING A LIVE ACCOUNT
Creating an account can be done at the opening page of the website of the broker. It requires you to fill up the given forms that will be requiring the submission of your information and the proven identity about the trader before it can be activated.
4. DEPOSITING FUNDS
You cannot start trading with the MetaTrader4 platform if you are not depositing funds in the account of your broker. You must deposit funds with the broker using the given transaction methods. Once the fund is completely transferred, the amount will shows up. And now, you can start trading with the MetaTrader4.
5. INITIATING TRADE ORDERS.
This can be done in four ways after opening the chart of the currency pair you want to trade:
a) Use the Trade Panel or clicking Alt + T.
b) Click the F9 button
c) Click the “New Order” tab
d) Right-click on the chart, then select Trading -> New Order.
Once it’s done, you can then choose the method of trade execution. This is done using market orders either buying or selling an assets.