How to use MetaTrader4 and MetaTrader5

How to use MetaTrader4 and MetaTrader5

How to use MetaTrader4 and MetaTrader5, Are you a beginner forex trader and still cloud with a trading platform called MetaTrader? if your answer is “YES” then you are in the right place. Through this page we will review how to use MetaTrader4 and MetaTrader5 to run a forex trading business. Here we will learn how to use the MetaTrader trading platform starting from the installation process, making several forex trading orders such as Open-Close-Cancel, changing the forex trading orders that are already running, and how we install Forex Robot or Expert Advisor (EA) into forex trading platform whose code is written using the MQL programming language.

Before we discuss how to make forex trading orders, the first thing we have to do is download MetaTrader4 or MetaTrader5 then install it into the computer.
 Actually trading on the MetaTrader4 and MetaTrader5 platforms does not have much difference so in today’s material we only need to use one of them.
But before we go on to the next discussion, it’s good if we know what the differences are between trading MetaTrader4 and MetaTrader5 platforms. And by knowing the difference between the two, we will know what is the reason for choosing MetaTrader4 trading platform or vice versa, MetaTrader5.

Difference Between MetaTrader4 and MetaTrader5

So actually the difference between MetaTrader4 and MetaTrader5 is very little but according to most forex traders the difference is very meaningful.
 Trading on the MetaTrader4 platform is not accumulated for every open trading position. So when we buy GBPUSD currency pairs with two Buy positions with 1 lot each, then in the MetaTrader4 trading platform we will find 2 forex trading positions namely Buy 1 USD GBP USD and 1 lot GBP USD Buy. But if we open two Buy GBPUSD positions with 1 lot each in the MetaTrader5 trading platform, we will only get 1 Buy GBPUSD position of 2 lots because the MetaTrader5 platform is accumulated.
And this difference is due to the rules of the National Futures Association (NFA) in the US.
This difference according to some forex traders is very significant because when they use the MetaTrader5 trading platform they experience a little difficulty in terms of financial management such as the hedging or locking strategy cannot be applied. You know what hedging is? So this hedging strategy is done when your trading position is opened and you open the opposite position, ie sell so that the loss you experience will not increase even though the forex market is moving up or down because when using the MetaTrader5 trading platform and when the Buy position loses then we open a Sell position then both positions will be closed. Whereas if we use the MetaTrader4 trading platform this will not happen so there are still many forex traders who use this version of the MetaTrader trading platform as well as me.
Well, now that you know what the differences between MetaTrader4 and MetaTrader5 are, to start learning how to use them, let’s download this trading platform first through the page and just choose MetaTrader4 so that we can implement a hedging or locking strategy.

Then we install it into the computer and we run the trading platform.
 In fact we have already discussed a little about how to run this MetaTrader Trading Platform on the page about demo version of forex trading. If you want to know how to install the MetaTrader Trading Platform, please open the page again.

Actually it is best if you download the MetaTrader trading platform that has been provided by your forex broker because you no longer need to make arrangements especially regarding the forex broker trading server that you must enter because your forex broker has arranged it in such a way that you just install it and then use it immediately.

For the information, bro, the MetaTrader trading platform used by any broker is actually the same and not different because they are forex brokers using the same trading platform license.

Okay if you force us to start the installation process but don’t forget you first downloaded the trading platform.

1. Install the MetaTrader4 trading software that we just downloaded, usually the name is mt4setup.exe

2. Click 2x to install and you will find the installation window as below,

Then just click the Next> button and then you will find the MetaTrader4 Trading Platform Installation Progress Window as below,

Wait until the installation process is complete.
 And if the process is complete then the MetaTrader4 Trading Platform display will immediately be encountered as shown below.

And if you notice then you will find some important parts in the trading platform which include:

1. Menu
This section contains a variety of menu options running the forex trading business.

2. Market Watch
This section contains information about the list of currency symbols, Bid prices, and Ask prices.

3. Navigator
This section contains information about account data, various indicators, Expert Advisor (EA), and where to create a script.

4. Chart
This section is the part most often seen by forex traders, which is the section that contains information on currency price movements in graphical form.

5. Terminal
This section is the section that contains information about order status, balance or capital, news, and other information.

6. Connection Status
This section is the section that contains information about your network connection status. And in this section you will know whether the MetaTrader trading platform that you are running is running well or not.

How to Open a Forex Trading Order

To make a forex trading order the way is very easy, that is, please double-click the currency that you want to trade through the Market Watch Window.

then there will appear a window of bargaining or Buy and Sell as below.

Before you press the Sell or Buy button, please enter in advance about the amount of transaction volume, Stop Loss price, Take Profit price, and Type / Type of Execution .

If you are sure that all the data you entered is correct then please press the Sell or Buy button according to your forex trading plan. For example, you press the EURUSD Buy button twice with 1 lot each.

To see if the forex trading transaction that you just executed was running smoothly or not, then please look at the trading terminal section. And please check the status of your order and the amount of balance you have.

The trading terminal window shows that your forex trading order has been running well and there are two Buy trading positions with 1 lot each as shown above.

How to close a Forex Trading Order

To close a forex trading order it’s very easy, please double-click the trading position that you want to close which is located in the trading terminal section. Then the close order window will appear as shown below.

If you are sure that you want to close your forex trading position, then please click the Close button, Done.

How about it it’s easy, right! Well, if you are interested in knowing more about various types of forex trading orders.

Actually if you often use the MetaTrader trading platform for forex trading activities then you can be sure you will not have trouble using this trading platform because the MetaTrader trading platform is very easy to use by anyone because it is User Friendly

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