Meta Trader 4 Complete
Guide
A Beginner-to-Advanced Overview of Using MT4 for Forex Trading
Introduction to MetaTrader 4 (MT4)
•What is MetaTrader 4?
•MT4 is a widely used online trading platform for Forex, commodities, and indices.
•Known for its user-friendly interface and powerful charting capabilities.
•Why Choose MT4?
•Suitable for traders of all levels.
•Offers automated trading via Expert Advisors (EAs).
•Real-time market data and analytics tools.
How to Download and Install MT4
•Step 1: Visit your broker’s website or MetaTrader’s official website.
•Step 2: Download the MT4 software compatible with your operating system (Windows, Mac, or mobile).
•Step 3: Install the software by following the on-screen instructions.
MT4 Login Process
•Step 1: Open the MT4 platform and click on “File” → “Login to Trade Account.”
•Step 2: Enter your account number, password, and select the correct server
(provided by your broker).
•Step 3: Once logged in, verify your connection status in the bottom-right
corner (green/red bars).
MT4 User Interface Overview
• Main Interface: Market Watch Window: Displays live prices of
various currency pairs and instruments.
• Navigator Window: Access your accounts, indicators, expert
advisors, and scripts.
• Terminal Window: Manage your trades, exposure, account history,
and alerts.
• Chart Window: Displays price movements in various chart styles
(candlestick, bar, or line).
• (Include an image of the MT4 interface here for reference)
How to Place a Trade in MT4
•Step 1: Click on the “New Order” button in the toolbar or press F9.
•Step 2: Choose your currency pair or trading instrument.
•Step 3: Specify the order type (market execution, pending order).
•Step 4: Set your lot size, stop loss, and take profit levels.
•Step 5: Click Buy or Sell to open a trade.
Types of Orders in MT4
1.Market Orders:
1. Executes a trade at the current market price.
2.Pending Orders:
1. Buy Limit: Buy below the current price.
2. Sell Limit: Sell above the current price.
3. Buy Stop: Buy when the price reaches a certain level above.
4. Sell Stop: Sell when the price reaches a certain level below.
3.Stop Loss: Protects you from large losses by closing your position
when the market moves against you.
4.Take Profit: Closes the position when your predefined profit target is
hit.
Chart Setup and Customization
•Types of Charts:
•Candlestick Chart: Popular for technical analysis.
•Bar Chart: Used for more detailed price movements.
•Line Chart: Basic price movement overview.
•Customizing Charts:
•Right-click on the chart and select Properties to change the chart's colours, gridlines, and timeframes.
•Add indicators to your charts by clicking “Insert” → “Indicators” and choosing from the list.
How to Use Indicators on MT4
• Popular Indicators in MT4:
• Moving Averages (MA): Identify trends.
• Relative Strength Index (RSI): Measure momentum.
• Bollinger Bands: Detect volatility and price movement extremes.
• How to Apply an Indicator:
• Click Insert → Indicators, select the desired indicator, and configure its
settings (period, colors, etc.).
Timeframes in MT4
•MT4 offers multiple timeframes from 1-minute to monthly.
•Commonly used timeframes:
•M1: 1 Minute
•M5: 5 Minutes
•H1: 1 Hour
•D1: 1 Day
•How to Change Timeframes:
•Use the timeframe toolbar or right-click on the chart and select “Timeframes” to choose your desired period.
Setting Stop Loss and Take Profit in MT4
• Step 1: When opening a trade, input your stop loss and take profit levels.
• Step 2: Adjust after placing the trade by clicking and dragging the horizontal
lines directly on the chart.
Example:
• If you enter a buy position at 1.1000, you can set a stop loss at 1.0950 (50 pips
risk) and take profit at 1.1100 (100 pips target).
MetaTrader 4 Trading Alerts
•Step 1: Open the Terminal Window and click on the “Alerts” tab.
•Step 2: Right-click and choose “Create” to set up a new price alert.
•Step 3: Define the alert conditions (e.g., when the price of EUR/USD exceeds 1.1200).
Using Expert Advisors (EAs) in MT4
•What are Expert Advisors?
•Automated trading algorithms that trade based on preset rules.
•How to Attach an EA:
•Download the EA and place it in the “Experts” folder in the MT4 directory.
•In the Navigator Window, find the EA under “Expert Advisors.”
•Drag and drop it onto the chart, and ensure AutoTrading is enabled.
Backtesting Strategies in MT4
• Step 1: Open the Strategy Tester window by clicking on “View” →
“Strategy Tester.”
• Step 2: Select the EA or indicator you wish to test.
• Step 3: Choose the currency pair, time period, and testing model.
• Step 4: Click Start to begin backtesting.
(Include a visual example of backtesting in MT4.)
Managing Open Positions in MT4
•How to View Open Trades:
•Open the Terminal Window and click on the “Trade” tab to view your open positions.
•How to Modify a Position:
•Right-click on the open trade and choose “Modify or Delete Order.”
•Adjust your stop loss, take profit, or lot size.
Trading History and Reports in MT4
• Step 1: Go to the Terminal Window and click on the “Account
History” tab.
• Step 2: Right-click in the Account History tab and select “Save as
Detailed Report” to generate a comprehensive report of your trading
performance.
MetaTrader 4 for Mobile
• Installing MT4 on Mobile:
• Download from the App Store (iOS) or Google Play (Android).
• Features Available on Mobile:
• Real-time quotes and charts.
• Place orders and manage positions.
• Use indicators and perform basic technical analysis.
Tips for Success on MetaTrader 4
1.Use a Demo Account First: Practice trading without risking real
money.
2.Develop a Trading Strategy: Stick to your plan and use indicators that
suit your trading style.
3.Risk Management: Always set a stop loss and use appropriate
leverage.
4.Keep Learning: Explore additional tools and features in MT4 to
enhance your trading.
