How to Use MetaTrader 4: A Guide for Beginners

How to Use MetaTrader 4: A Guide for Beginners

2022-07-15 • Updated

MetaTrader 4, also known as MT4, is the world’s most popular trading platform. It offers excellent trading and analytical tools to implement even the most complex strategies. At FBS, we provide our clients with the MT4 platform for the best trading experience.

Here is a quick guide on how to install MT4, set it up, and open your first trade. Let’s go!

What is MetaTrader 4

MetaTrader 4 (MT4) is a trading platform developed by MetaQuotes Software Corp in 2005. Although MT4 was specifically built for Forex trading, it can also be used to trade other assets such as stocks, indices, and commodities via CFDs.

Both beginners and professional traders trust MT4 because of its numerous benefits.

  • MT4 is free to download and use.
  • MT4 is safe, as all transmitted data is securely encrypted.
  • MT4 is user-friendly and easy to use.

1.png

How to download MT4

You can install MetaTrader 4 on your PC, download the mobile app, or use the web trading platform.

Download MT4

Desktop

To install MetaTrader 4 for Windows:

  1. Download the MT4 installation file.
  2. Read and accept the License Agreement.
  3. Follow the on-screen instructions to complete the installation.
  4. Log in to your FBS account.

Although MT4 is not designed for iMac, you can still download and install it to start trading.

2.png

Mobile

To install MetaTrader 4 for Android or iOS:

  1. Visit Google Play or App Store and search for “MetaTrader 4”.
  2. Click Install.
  3. Open the MT4 app and log in to your FBS account.

3.png

WebTrader

This version runs in your browser and does not require any downloads. Just open the MT4 WebTrader and log in to your FBS account.

4.png

In all of the above methods, you need a trading account opened with a broker, e.g., with FBS. The broker provides access to the market, while MT4 is just a platform that provides the necessary tools for making trades.

Open an FBS account

How to use MT4

When you first open the MT4 terminal, you will see a start screen consisting of six windows.

5.png

The Main Menu is located at the very top of the screen. It is used to switch between accounts, choose the preferred MT4 language, customize the current toolbars, add indicators and objects to your charts, view the MT4 user guide, etc.

The Toolbar window contains small buttons or shortcuts for the most used commands to manage the charts and technical indicators. There are four toolbars: Standard, Charts, Line Studies, and Timeframes.

The Charts window displays the price of the selected assets. There are four chart windows by default, but you can open up to 100 charts at the same time. You can also trade directly from the charts as well as use any indicators on drawing tools on them.

The Market Watch window contains a list of the available trading instruments and their Bid and Ask prices. Ask price is the level at which the seller is ready to sell, and bid price is the level at which a buyer is ready to buy.

The Navigator window provides quick access to your Live and Demo accounts, indicators, Expert Advisors, and scripts available in the MT4.

Finally, the Terminal window allows you to work with your trade positions – open, close, and modify them. News, account history, alerts, etc. are also grouped in this window.

How to open a position in MT4

To open an order, click New Order on the Toolbar at the top of the screen. You will see the Order window. Now you need to set up the order the way you want using the following options.

6.png

  • Symbol: Select the instrument for which you want to open the position.
  • Volume: Select the trade volume in lots (when trading Forex, 1.00 lot is equal to 100 000 units of currency).
  • Stop Loss and Take Profit: Enter the level to execute a trade (once the instrument reaches this level, your trade will be closed automatically). This is optional.
  • Comment: Leave a comment regarding your trade. This is optional.
  • Type: Choose Instant Execution if you want to place the trade immediately at the current price. Alternatively, select Pending Order if you want to place a trade when the price reaches a certain level.

Once you’ve done with the settings, open the order in the preferred direction. If you think the price will go up, click Buy. If you expect the price will go down, click Sell. Your trade is now successfully placed!

How to monitor and modify your positions in MT4

To monitor your open positions and pending orders, open the Trade tab in the Terminal window at the bottom of the screen. All your trades will be listed here.

7.png

You can also modify your position and add or edit Stop Loss and Take Profit levels. Right-click on the position or pending order you want to edit and select Modify or Delete Order. Or simply double-click on order. Then, edit your Stop Loss or Take Profit levels in the window that appears. Click the red Modify button to confirm your changes.

8.png

How to close a position in MT4

To close your position, open the Trade tab in the Terminal window at the bottom of the screen. Right-click on the position you want to close and select Close Order. You can also click the small x on the far right.

9.png

Attention: a position will be closed automatically if the price reaches the Stop Loss or Take Profit level.

How to use indicators in MT4

To add indicators to your chart, click Insert Indicators and select an indicator from the drop-down menu.

10.png

To edit or delete an indicator, right-click on the chart and select Indicators list. Select your indicator from the list, then click Edit to customize the indicator settings or Delete to remove it.

11.png

How to change the timeframe in MT4

To change the timeframe, right-click on the chart, select Timeframe, and choose your preferred option from the drop-down menu. MT4 offers nine timeframes: minute (M1, M5, M15, M30), hourly (H1, H4), daily (D1), weekly (W1), and monthly (MN).

12.png

How to set up a price alert in MT4

To set up a price alert, open the Terminal window, right-click the Alerts tab and choose Create.

13.png

Fill in the criteria for the alert and click OK. You will receive an alert when your chosen instrument reaches a certain price.

  • Symbol: Select an asset.
  • Value: Enter the asset’s price.
  • Condition: Select the alert’s type (if the Bid is less than a certain price, or if the Ask is less than a certain price, etc.).

FAQ

Is MetaTrader 4 free?

Yes, MT4 is completely free to download and use. There are no fees or charges for using the trading platform.

Is MetaTrader 4 safe?

Yes, MT4 is safe and trustworthy. To be sure, download the MT4 trading platform from FBS or go to the MetaTrader 4 official website.

Can I trade in MetaTrader 4 without a broker?

No, you cannot trade in MT4 without a broker. MT4 is just a trading platform that provides the necessary tools for making trades. But you will need to open an account with a broker, like FBS.

Where to download MetaTrader 4?

Go to the FBS website, choose MetaTrader 4, and find the appropriate format to download. You can find full instructions in this step-by-step video guide.

Can I trade crypto in MetaTrader 4?

No, you cannot trade crypto in MT4 with FBS, but you can try many other assets. If you want to trade cryptocurrencies, please download the MetaTrader 5 trading platform.

Similar

Cup and Handle Pattern
Cup and Handle Pattern

A Cup and Handle price pattern is a technical chart setup that resembles a cup with a handle.

Top of Most Stable Cryptocurrencies
Top of Most Stable Cryptocurrencies

According to coinmarketcap.com, there are more than 9250 different cryptocurrencies. And those are registered ones, with twice as much hidden from view. An article describing them would take a year to read and won’t make any sense as half of these cryptocurrencies are already inactive.

Frequently asked questions

  • How to withdraw the money you earned with FBS?

    The procedure is very straightforward.  Go to the Withdrawal page on the website or the Finances section of the FBS Personal Area and access Withdrawal. You can get the earned money via the same payment system that you used for depositing. In case you funded the account via various methods, withdraw your profit via the same methods in the ratio according to the deposited sums.

  • How to open an FBS account?

    Click the ‘Open account’ button on our website and proceed to the Personal Area. Before you can start trading, pass a profile verification. Confirm your email and phone number, get your ID verified. This procedure guarantees the safety of your funds and identity. Once you are done with all the checks, go to the preferred trading platform, and start trading. 

  • How to start trading?

    If you are 18+ years old, you can join FBS and begin your FX journey. To trade, you need a brokerage account and sufficient knowledge on how assets behave in the financial markets. Start with studying the basics with our free educational materials and creating an FBS account. You may want to test the environment with virtual money with a Demo account. Once you are ready, enter the real market and trade to succeed.

  • How to activate Level Up Bonus?

    Open Level Up Bonus account in web or mobile version of FBS Personal Area and get up to $140 free to your account.

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera