MT4 tutorial for beginners
Currency trading on the foreign exchange market is a good modern way to test your trader skills. With a lot of room for growth and improvement, Forex trading can be a simple hobby, a side hustle, and eventually - even your main source of income.
The history of the exchange of goods is a fascinating one. The shifts in different currency standards kept shaping and refining our markets. The introduction of the free-floating system in 1973 - a monetary system in which exchange rates can move by the sheer influence of market forces without government interference, has opened the gates for currency speculation and interference.
Forex trading in the past required a different skillset and a lot of insider knowledge. The internet and the systems it created have eliminated the barriers that constrain potentially talented traders and gave them full access to the foreign exchange market. In this article, we will discuss MetaTrader 4 (MT4) - the gold standard tool for Forex trading, its interaction with a broker of your choice, and other advantages it presents.
The customizability of a trading platform
The beauty of MT4 is its applicability for everyone. Every beginner has to recognize this platform because it also offers a great, progressive learning experience that will help you either master its customizable tools or accumulate enough knowledge to move on to more advanced platforms.
Setting up MetaTrader 4
Once you create your account, download MT4 to a device of your choice. A desktop version on a Windows Operating System will give you the most benefits without the necessity of other applications to ensure its proper functionality.
To start your trading career, click on the "tools" section in the toolbar and select "new order". To speed things up, you can also use the F9 shortcut. The order window can be a bit overwhelming for beginners, but understanding its components will quickly help you grasp the basics of currency trading:
- Symbol window gives you options of markets you can trade
- Volume adjusts the number of contracts
- Stop loss helps you stop the trade in unfavorable circumstances to cut your losses
- Take profit locks in your desired profit to minimize risks and avoid harmful fluctuations
- Type helps you adjust the time when your trade opens. Choose "instant execution" to execute the trade instantly.
Space for growth and scalability
MetaTrader 4 has plenty of add-ons and tools that will help you personalize your trading experience. Expert Advisors (EA) are the supreme helpers that help you automate your trades if you choose to do so. Customization is the best way to organize the bombardment of market information into quickly understandable segments. Virtual Private Servers (VPS) help intermediate and advanced traders realize their trading strategies by improving other factors that increase the margin of error for your decisions. VPS Forex trader is a great provider that offers servers with customizable hardware and locations closest to your broker to reduce latency and speed up executed trades. Tech-savvy users thrive in a modern Forex market by maximizing technical tools and using them to their advantage. If you want to be a successful trader, focus on technical proficiency to ensure growth and scalability.