MT4 Platform Setup

If you want to learn how to setup the MT4 platform this indices lesson explains the trading step by step guide on how to setup MetaTrader 4 Platform for beginners with examples.

The following screenshot below shows the main MetaTrader 4 platform inter-face. As a beginner trader trying to learn how to execute orders in online market, the main tool for trading the trading market is the MetaTrader 4 platform software. This is the trading software that you'll connect to your broker with and execute transactions & monitor your account balance.

The MT4 platform for trading is provided for free through the various indices broker sites. This Meta Trader 4 software looks like the example explained below:

Learn MT4 Platform - Meta Trader 4 Software Course for New Traders

Main Areas of this Meta Trader 4 platform as displayed above are:

1. Navigation Menus
2. Toolbars
3. Chart Window
4. Navigator
5. Market Watch
6. Terminal
7. Connection Bars

For this MT4 Software Setup guide we shall look at a brief introduction for each of these:

1. MT4 Navigation Menus MT4 Platform Setup - MT4 Software Course for New Traders

The Meta Trader 4 navigation menus are:

1. File
2. View
3. Insert
4. Charts
5. Tools
6. Window
7. Help

These MT4 menus are the main navigation menus which can be used to navigate the MT4 platform. As a beginner you can start by just clicking any of these MetaTrader 4 platform navigation menus to familiarize yourself with the various buttons that are arranged as sub menus within these navigation menus.

These Meta Trader 4 platform navigation menus will be discussed and explained in details in the next MetaTrader 4 software setup guides about navigation menus.

2. MT4 Tool Bars MT4 Platform Setup - MT4 Software Course for New Traders

The Meta Trader 4 tool-bars are used to manipulate charts, either by placing indicators, line studies, change timeframes & load a template from a list of saved templates in MetaTrader 4 platform.

These Meta Trader 4 tool-bars will be discussed on other MetaTrader 4 software setup guides which will outline each button key on this tool bar & how to add and customize these MetaTrader 4 tool-bars.

3. MT4 Chart Window MT4 Platform Setup - MT4 Software Course for New Traders

MT4 Chart Panel is the main area where charts are displayed & a trader can analyze the trend direction of a instrument whether up or down, place indicators for technical analysis and even place trade orders from these charts.

4. MT4 Navigator MT4 Platform Setup - MT4 Software Course for New Traders

MT4 Navigator will contain information about stock accounts, whether demo account or live account, this window will also have a list of all the MetaTrader 4 indicators as well as EAs and scripts.

A trader can choose which account to sign in by expanding the Accounts menu, choose an indicator by expanding the indicator menu or select an EA by expanding the EA menu.

4. MT4 Market Watch MT4 Platform Setup - MT4 Software Course for New Traders

Meta Trader 4 Market watch window panel is used to show streaming quotes for indices. This can list as many quotes provided by your broker or a few chosen by a trader. To save inter net bandwidth, right click inside the trading market watch window and select 'Hide All', so that to hide the MetaTrader 4 symbols that you're not transacting and save on inter-net bandwidth.

6. MT4 Terminal MT4 Platform Setup - MT4 Software Course for New Traders

This is window that is like the bank account trade area for your trades, on this panel you can view your balance, profit and losses statement, equity, margin used also retrieve a copy of all your stock trades transactions history.

This will also list all open trades & calculate all the profit & loss in realtime as a stock prices move upwards or downwards.

7. MT4 Connection Bar MT4 Platform Setup - MT4 Software Course for New Traders

Red bars are for no connectivity, green bars show that there is connection to the servers & trade orders can be set. These Meta Trader 4 online connection bars should always be green when one is logged onto their demo account or live account.

These main areas form the MT4 Platform Setup tutorial and will be the main areas to be covered in detail in the next learn Meta Trader 4 platform guides. For now it's best to download MT4 platform and familiarize yourself with the MT4 software interface.

Why MT4 Software is Required for Placing Trade Transactions with Brokers

Meta Trader 4 software is the software which is used to access the market & interpret these trading price movements using technical analysis. There are various reasons why a trader requires to use a good platform. A good software can determine if a as a trader you make profit or not.

So why does a trader need a good platform:

To connect to the Server:

To place an order when trading online a trader needs to use a platform that will connect to the trading servers of their stock broker & allow them to open & close orders. Good platforms will connect with ease to the online brokers' servers and allow traders to place orders at any time from their desktop PC computer.

To analyze charts using technical analysis

To place buy or sell order a trader needs to first analyze the direction of indices. This is why all good platforms provide technical tools such as price charts, indicators & various different time frames from which one can analyze price moves using chart time frames of their choice.

Meta Trader 4 Platform Setup - MT4 Software Course for New Traders

From the above MetaTrader 4 platform inter-face, summary of all information required by a trader is provided on this MetaTrader 4 interface

• Connection - connection to the broker servers
• Charts - stock trading price charts that display prices
• Toolbars - toolbars to add tools & technical analysis indicators
• Market Watch - for displaying available financial instruments
• Data window - provides account data & other indicator data
• Exchange rates - shows current market stock price on a chart
• Menu bar - Shows all menu items in MT4 platform

Meta Trader 4 Platform Setup - MT4 Software Course for New Traders