In this guide, we will go through the MetaTrader platform. We highly recommend that you sign up with the MetaTrader platform to follow along with this tutorial. Below you can get MetaTrader 4/5 with AvaTrade (One of our recommended brokers).
Introduction To Metratrader 5/4
Metatrader 4 is the most used trading software and it is the best out there. You will get a link to download MetaTrader 4 from whichever broker you are trading with. The image below shows the MetaTrader 4 screen.
When you load MT4 for the first time you will not see the same colors on the chart as above. But personally, we prefer this color scheme. You can also customize your graph by right-clicking the chart and going to properties as shown in the image below.
Then, you should get a window like the one shown in the image below. There are different options for you to customize. But we personally recommend you set the color of the bullish candle to green and the bearish candle to red. This will make it much simpler.
The window to the top left shows the currency pairs available. You can drag and drop the currency pair to view it on the chart. If you double-click the currency pair you will get a window where you can place your order. Do not place an order yet, we will talk about that near the end of this chapter.
Above, you can see the navigation panel. Do not worry about it, it will only be useful when using expert advisors (trading robots). In this guide, we will not talk about trading robots and as a beginner, you will not need a trading robot. Later when you become a professional trader then you can use a robot to automate some of your trading decisions.
Placing Indicators in Metatrader 5/4
To add technical indicators and other stuff like text or shapes click the insert menu on the top. Your mt4 platform should have all the indicators necessary for you to be a successful trader if you prefer trading with indicators.
Placing your order in MT4/5
Placing an order using mt4 is simple. To place an order, click the new order button on your mt4 platform.
When placing a trade, first you need to determine whether you are going to place a sell order or a buy order. Then you need to set the stop loss and take profit depending on your risk-to-reward ratio. The volume is the amount of money you are willing to risk. As discussed in the previous sections you should risk 1-2% per trade.