Steps to Trade on Metatrader 4 for Beginners

According to authentic reports, forex trading is booming, with trading happening in trillion dollars daily. Many individuals are now showing interest in investing in the foreign exchange market as it gives better returns than small investments. If you want to delve into the high-stakes world of currency trading, it’s time for a MetaTrader 4 download.

Forex trading happens virtually as the forex market lacks any physical building area. It is a network of computers operated by commercial banks, individual retailers, institutions, and brokers who sell and buy and sell currencies in the market.

So, these market members generally own software such as Metatrader 4, trading software that allows them to place orders and participate in market operations. The Metatrader platform is the most famous trading platform in the forex trading community. It was developed by Metaquotes and is available for free on their official website.

It offers tools that allow traders to collect massive market data, analyse data, and automate trading. The platform shows real-time changes in the market and news related to price fluctuations. Thus, traders find it highly efficient for their investment operations.

This blog will show how one can download Meta trader 4 software in simple steps and perform trade activities.

Steps to Download and Trade on MetaTrader 4

Step 1: Download The Metatrader 4 Software

A MetaTrader 4 download can be done from any device, such as a desktop, laptop, or mobile phone. The software is compatible with operating systems such as Linux, Windows, etc. However, it is advisable to use the desktop client format of the MT4 to learn and practice better.

The MetaTrader 4 download on the phone can be done from the app stores. Make sure to download it from the broker’s site.

Step 2: Set up a Demo Account

A demo account will allow the trader to practice the process of forex trading without investing any real money. This is the first interaction of the trader with the forex trading platform. A demo account can be directly opened from the broker’s website. For this, the trader has to fill out a form before downloading. The broker will provide the details of login and download links through the mail.

Apart from the first demo account, additional demo accounts can be created by right-clicking the Accounts tab on the Navigator window situated on the left of the MT4 platform.

Step 3: Live Account

The next step is opening a live account from the broker’s account opening page. The trader should fill out the form and provide the required documents. Once all this information is provided and verified, the trader will be given the login details of the real account.

Step 4: Fund Depositing

This is a crucial step in the process and needs attention.

The trader should deposit funds into the real account before beginning to trade. The funds must be deposited with the broker by choosing any transaction methods available on the broker’s account page. The deposited funds are visible on the MT4 platform interface as equity.

Step 5: Place an Order

The trader can place an order by clicking F9 or choosing the “New Order” tab at the top of the MT4 platform interface. One can also right-click the Chart and choose Trading → New Order. After this, the trader can choose the trade execution to complete the trading process.

Final Thoughts

These are steps to set up a demo and real trading account on Metatrader 4 trading platform. Follow these simple steps to start your trading career. But practice well on the demo account before investing in the forex market.

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