In 2005, MetaQuotes created MetaTrader 4, a trading platform. In addition to forex, MetaTrader 4 is to be used for trading indices, cryptocurrencies, and commodities through contracts for difference (CFDs).
A big part of the appeal of MT4 is the degree to which it is tailored to the specific trading needs of the user. Algorithms are being used to automate your trading, opening and closing deals on your behalf based on a set of predetermined parameters.
Steps to use MetaTrader 4
Sign up for a user account
Before using the MetaTrader 4 platform, you’ll need to open a live account on IG. You may then use the My IG dashboard to create a real MetaTrader 4 account.
Get MetaTrader 4 on your computer
You may download MetaTrader 4 to your preferred device after registering an account. Once you’ve downloaded it, you may use your IG credentials to log in to MetaTrader 4.
Create a new job opportunity
Using the shopping cart When you’re ready to trade, go to ‘tools’ and select ‘new order’. When you click on this, the “order” window will open. You may also use the keyboard shortcut F9.
You may find the order form overwhelming at first, but here’s a breakdown of each component:
You may pick the market you want to trade from this drop-down menu.
The number of contracts you wish to trade in a CFD account is the “volume.”
Enter your chosen stop loss level here if you wish to close the transaction if the price swings against you. Essential stops on the IG platform are identical to stops on MetaTrader 4.
Enter your target profit level to lock your winnings with a stop loss.
Please use this place to offer a remark on a specific deal or for more sophisticated trade management.
Pick “instant execution” from the drop-down menu to place your transaction immediately. Alternatively, you may use the ‘pending order’ option if you prefer to choose a starting point for your transaction.
Instant retaliation is inevitable.
Trades are rejected if prices abruptly change as you place them if you allow the maximum variation from the advertised price. Check the box and fill in the maximum deviation (in percentage points from the current price) field.
Click “buy” or “sell” when you are ready to place your deal, depending on whether or not you believe that the market will go up or down in value. This will put your business on the market.
An order that has yet to be fulfilled
Select from ‘buy limit, “sell limit,’ ‘buy stop,’ and sell stop’ to make your order. Stop orders and limit orders are two distinct types of orders.
It’s possible to activate an order when the price is inevitable.
If the market does not meet your ‘at price’, you can choose a date and time for your order to expire by checking this box.
Open the ‘terminal’ window by selecting Ctrl + T or clicking ‘view’ in the toolbar and selecting ‘terminal’ to see your open positions and pending orders. You’ll then want to go to the ‘trade’ section of the app. By pressing the little ‘x’ on the far right of the profit column, you can close a position or delete a pending order.
Make adjustments to open positions’ stop and limit orders.
MetaTrader 4 chart customization
Customising the charts in MT4 is a breeze because of the numerous options available. To do so, follow these instructions:
Charts may be customised with the help of the many “objects” in MT4.
Draw a straight line right along the middle of the paper.
Draw a line across the page.
Draw a line to show the change in the trend.
Channels that are the same distance apart should be drawn.
Retrace the Fibonacci sequence.
Creating a Text Label is as Simple as Drawing Text.
A simple mouse click is needed to draw on a chart. It is possible to alter the width and location of some things by moving your mouse while clicking on the chart, while others open a new window for modification.