You might already know, that in order to start trading on Forex you first have to go through several preparation stages. First, you will need to take your time and learn as much as possible about all aspects of currency trading, including specific terminology, technicalities and structure. That should give you a good idea about the complexity of the matter. It is important, as many people mistakenly believe that Forex is a lot like gambling, and all you need is a dash of good luck to succeed. Well, it is really not the case. Successful currency trading is only possible with the right approach, that consists of continuous analysis and planning. Now, with that said, having the efficient amount of knowledge is also not enough. Since online trading is a process that highly depends on technology, having the right software tools at your disposal is crucial. One of the most important programs to get your hands on is a trading platform. This is where all the “magic” is going to happen, so it is necessary that the platform you will be using is not only effective, but also easy and convenient to use. In this article we are going to talk about the Metatrader 4 platform, and more specifically what is MT4 software and how to start using it for your benefit.
Metatrader 4 or MT4 for short, has been developed by a company called MetaQuotes. When trying to answer the question what is MT4, you can picture it as your window into the market. Basically, through your MT4 terminal you will be able to monitor everything that is happening on Forex, analyze the data and most importantly process your trades. Metatrader has been a flagman among other trading platforms due to being both highly sophisticated and user friendly. This means that having basic computer knowledge will allow you to access and use each function from the wide spread of possibilities offered by the platform. Now, let’s get technical and break down the step-by-step way to get started on MT4:
- Open a trading account with a broker. This is going to be your very first step to becoming a trader. Through your account you will be able to deposit and withdraw funds, as well as contact the broker for anything you might need. After you fill the information forms and provide the required documents, the MT4 login credentials are going to be given to you.
- Get a copy of Metatrader 4 software from your broker. Unlike many other computer programs, you do not need to purchase your own licensed copy of MT4. First of all, it costs a lot due to the nature of programming behind its creation. And second, in order to run effectively the platform requires strong servers. Simply ask your broker for a download link and install it on your computer by following the instructions. Later on, as you get more familiar with the software you might also consider getting an app for your smartphone, that will allow you to access trading on the go.
- Download a PDF Metatrader 4 guide to take you through the setup. Having a guide available is a good idea on several levels. At the beginning of your trading experience, it will explain all the functions of MT4 and give you step-by-step instructions on how to perform each task. After you get more comfortable, you can start using the hotkeys and shortcuts, described in the guide to optimize the trading process and save yourself some time.
- Consider installing additional supporting tools and indicators to better plan and execute your trades. These add ons will vary based on the strategy you are using, as well as on the type of analysis you prefer. As you get to know the market and learn the details of different strategies, you will find suggestions on which indicators might be useful for you.
One of the most commonly asked questions for new Metatrader 4 users is what is MT4 time zone and how can you change it. The time zone shown in your MT4 terminal is specific to the location of your trader. This means that no matter where you are located the market will open and close according to that time zone. You cannot change it, as this is something that has to be controlled by the broker. To be fair, however, it rarely causes any inconvenience when you work with a global broker and trade currencies with high liquidity.
After getting to know the platform and understanding what is MT4 trading and how does it work, it is only a matter of time before you become a professional trader. Keep your eyes on the prize and never stop learning as much as you can about currency trading.