Understanding Common Terms Used in MetaTrader 4

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The trading platform MetaTrader 4 is very famous in the trading industry, especially when it comes to trading Forex. In 2005, this trading platform was established and rose to popularity. This trading platform can be used in trading different markets including cryptocurrencies, indices, commodities, CFD, and Forex. And because the platform is highly customizable, befitting to your trading preference, it gained immense popularity among traders.

How To Use the MetaTrader 4

Creating an Account

The first thing that you need to do is to look for a broker that supports the trading platform. They will be the ones to give you the link to down the MetaTrader 4.

After you have chosen a broker, it is time to download the trading platform from the link which was given to you by your broker. You can download the platform on your computer and on your mobile phones (iOS and Android devices). After downloading the platform, you may now enter the login details on the MT4 platform which was given to you by your broker.

Opening a Trading Position

Now that you are ready to open a trade, you can now hover your mouse to the ‘Tools’ tab. A dropdown menu will open and you have to click the ‘New Order’ tab. Another way to do this is by simply pressing the F9 key on your keyboard.

After you’ve completed this step, a new window will show up. The order window may look confusing at first glance but they are actually common trading terms that you need to familiarize. There are some of the words found in this window.

Symbol – in this drop-down menu, you will be able to select the type of market that you can trade.

Volume – for those CFD traders, this term is used to refer to the number of contracts that you are allowed to trade.

Stop-loss – just as its name suggests, this term is used to close a trade before it hits you hard. When a trade moves against you, stop loss will automatically close it. This should prevent your account from getting bankrupt.

Take Profit – this is another risk management feature of MT4, just like the stop loss. Using this, you can put a limit to lock your trading profit. You can enter your desired level on it.

Comment – another thing that you will see in this window is ‘Comment’. You are free to leave your comment on a certain trade into a small space provided here. It can also be used for advanced trade management purposes.

Type – you can tap ‘instant execution’ if you like your trade to be placed instantly the moment you tap the ‘buy’ or ‘sell’ button. You can also choose the ‘pending order’.

Monitoring and Closing Trade Positions and Pending Orders

You can easily monitor all your open positions as well as your pending orders in one window. You can simply tap CTRL + T and you will be redirected to the ‘terminal’ window. After that, you can navigate into the ‘trade’ tab to see which position you want to close or delete. 

 

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