Forex Blog

How to Add Forex to MetaTrader 4

MT4 MetaTrader 4 enables online trading in equity, futures, and forex. Useful indicators and analysis tools make it an important platform for skilled traders. Expert advisors and signals facilitate automated trading. This post will extensively review MT4, explain how to include information, import data, and list the best strategies to incorporate when using the platform.

A Brief History of MT4

MetaQuotes created MT4 in 2010 as an upgrade to the enormously popular MT4. The platform retained the iconic logo and comprised an extensive range of trading tools to suit advanced traders. This application allows traders  to open positions in different marketplaces such as:

  • Indices like Dow Jones, DAX 30, Nasdaq, S&P 400, etc.
  • FX, such as EURUSD
  • Cryptocurrency like Bitcoin
  • Contracts for difference – CFDs
  • Commodities, such as gold

Getting Started with MT4

Traders can either download MetaTrader 4 to their PCs for free or access it directly through a web browser. The application is compatible with Windows, macOS, and Linux-based PCs.

Signing Up

After downloading and installing the software to the PC, users need to navigate to the signup page via a browser and create a new account. Most brokerage firms require traders to fill in basic info to authenticate their identity, risk appetite, and trading goals. Traders can open from the account’s dashboard, and it’s worth noting that minimum deposit and payment fees will vary from one FX brokerage company to the other. Most brokerage firms display trading commissions, cost, and leverage levels after a successful registration.

MetaTrader 4 Technical Analysis

MT4 comes with many technical indicators, such as:

  • Volume profile
  • Exponential moving averages (EMAs)
  • Pivot points
  • MACD-2 lines
  • Renko
  • B-clock
  • Zig zag

The codebase and the market also provide custom indicators. The platform has more than 100 price charts with 21 timeframes that range from one minute to one month. Due to this, the platform is helpful when it comes to analysing long-term and short-term price trends.

MT4 Additional Tools

The platform has an exceptional economic calendar and real-time international news streams. MT4 is also home to particular features to see liquidity, a one-click trading feature, and a massive library of historical marketplace information like NSE equity. The software facilitates for discrete accounting of trading and orders, besides supporting all types of execution models and trading orders. The two accounting modes include:

  • Hedging – used for trading
  • Netting – utilised on exchange marketplaces

Customising MT4

MetaQuotes designed this software with customisation in mind. For example, Python APIs and Gateway Java allow integration so traders  can run:

  • Scripts – these execute various functions on the platform like closing pending orders and adding indicators to a chart.
  • Custom indicators – these use predetermined rules to analyse price range.
  • Libraries – it’s a collection of tasks that share units of popular custom apps on MT4.

Note: users can customise the platform’s look and feel, including picking between the dark and light modes.

Expert Advisors

Expert advisors (EA) allow automated trading by utilising pre-determined criteria and algorithms. The MQL4 programming language makes it easy to develop, backtest, and optimise EAs. This programming language incorporates a wizard to help novices get started with FX trading bots. For skilled traders, MQL4 IDE contains the following additional features:

  • Strategy tester – it uses historical information to test trading strategies.
  • MetaEditor – used to design and enhance trading indicators and bots.

If needs be, one can directly buy EAs or even download them for free from one of the many trading communities focused on the platform. Comprehensive tutorial videos and PDFs that enlighten how to start using MT4 bots are available on the internet.

Does MT4 offer a Mobile App?

The simple answer is yes. Indeed, this application contains all features that experienced traders need to operate. The app has an extensive set of trading orders, such as level 2 prices and pending orders, with up to 32 quotes. This app allows:

  • Free access to financial news
  • Fast switching between financial instruments on technical patterns
  • Traders to push notifications
  • Access to 24 analytical tools and 30 technical indicators
  • Traders  to see price quote history

Download the iOS application from the App Store. For Android users, visit the Google Play Store. As an alternative, one can access the software via the WebTrader login page from a phone’s browser.

MT4 Demo Accounts

This account offers users the required trading experience before creating a real account. Beginners can familiarise themselves with order execution and trend analysis. The best thing about opening these accounts is the ability to test several trading strategies on assets without risking real cash.

Does MT4 Offer Suppor?

It’s available through various avenues. Go to the ‘Help’ page for essential topics, such as:

  • Graphs and technical indicators
  • Getting started
  • Copy-trading
  • Price analysis
  • Automated trading
  • Trading signals

For typical problems like the software closing, connection, forgotten password, head to the broker’s live chat or contact them via phone. All in all, the MT4 community is the best source of solutions to traders’ problems.

Trading on MT4

When it comes to trading assets on MT4, a trader’s objective is to buy contracts for difference (CFD) assets based on every Forex’s price and then benefit from the price difference from the point of entering and exiting trading.

What does MetaTrader 4 Asset Trading Involve?

Virtually all instances of this platform contain contracts for difference assets, primarily gathered from the United States marketplaces, according to FX Daily Report. Similar ideologies of trading currencies apply when it comes to trading equity on Meta Trader 4. The technical basis of entering and exiting trading are identical.

Steps for Trading Assets on MT4

  • Step 1
    • Open a trading account with an online brokerage firm that provides MT4 and lists the commodity on the software.
    • Click view on MT4 to see the offered commodity symbols.
    • Tap on the preferred symbols and click ‘show’ so they can be available for trading.
  • Step 2
    • Make a deposit.
    • Check the offered leverage for trading.
  • Step 3
    • Learn about the aspects that affect price fluctuation.
    • In general, earnings reports, acquisitions/mergers, the invention of a ground-breaking product/ service, major news, and appointments of key individuals affect price movement.
  • Step 4
    • Learn how to place orders on assets via the platform.
    • Rehearse trading entries and strategies on free accounts before opening a live account.
    • How to trade Forex on MetaTrader 4 read here

Importing Assets in MT4

  • Launch the software and click on the ‘tools’ button. Tap on the ‘history centre’ button. Alternatively, one can click the keyboard’s ‘F2’ button.
  • Search and click the asset that needs importation. Remember that different brokers offer different menus, so always consult them whenever a problem occurs.
  • Click the ‘import’ button at the bottom of the window.
  • Wait for a couple of seconds as the information loads to MetaTrader.

MT4 vs MT5

Although MT4 is more popular than MT5, the latter has plenty to offer. The main difference is that MT5 fits experienced traders, while MT4 is beginner-friendly. Notably, MT4 contains two stop orders, six pending orders, and two market orders, while MT4 contains four pending orders and two market orders. In the end, when it comes to picking the best app between the two, it’s sensible for traders to consider their requirements.

Final Say

MT4 is a very user-friendly and secure software that uses modern encryption and sophisticated authentication to secure customer’s data. The application is free to use for traders, and they only have to register with an online brokerage firm to sign up for an account.

Related Posts

Leave a Reply