Introduction to MetaTrader 4 Interface
The following screenshot below shows the main MT4 software inter-face. As a beginner trying to learn how to execute forex orders in the online forex currency market, the main tool for trading the forex market is the MT4 software software. This MetaTrader 4 platform is the software that you will connect to your forex trading broker with & execute forex trade transactions & monitor your forex account balance from this MT4 platform.
The Forex MetaTrader 4 platform software is provided for free through the various Forex broker web sites. This MT4 platform looks like the examples below:
Main Areas of this MT4 platform as displayed above are:
- MT4 Navigation Menus
- Toolbars
- MetaTrader 4 Chart Window
- MetaTrader 4 Navigator Window
- MT4 Market Watch Window
- MetaTrader 4 Terminal
- MetaTrader 4 Connection Bars
For this MetaTrader 4 tutorial we shall look at a brief introduction for each of these learn forex MetaTrader 4 platform:
1. Navigation Menus
The MetaTrader 4 navigation menus are:
- File
- View
- Insert
- Charts
- Tools
- Window
- Help
These are the main MetaTrader 4 navigation menus that can be used to navigate the MetaTrader 4 software. As a beginner you can begin by clicking any of these MT4 navigation menus to familiarize yourself with the various MT4 buttons that are arranged as MetaTrader 4 sub-menus within these MT4 navigation menus.
These MetaTrader 4 navigation menus will be discussed and covered in details in the next MetaTrader 4 guides about navigation menus.
2. Toolbars
The MetaTrader 4 tool-bars are used to manipulate MetaTrader 4 charts, either by placing MetaTrader 4 indicators, MT4 line studies, change MetaTrader 4 chart time-frames & load MetaTrader 4 template from a list of saved MT4 templates.
These MetaTrader 4 tool-bars will be discussed on other MT4 tutorials which will outline each MetaTrader 4 button key on this MetaTrader 4 toolbar & how to add and customize these MetaTrader 4 toolbars.
3. Chart Window Panel
This MT4 chart window is the main area where MT4 currency charts are displayed and a trader can analyze the trend direction of a MetaTrader 4 chart whether up or down, place MT4 chart indicators for technical analysis and even place orders from these MetaTrader 4 charts.
4. Navigator
MT4 Navigator will contain information about MT4 accounts, whether practice or real, this MT4 window will also have a list of all the MT4 indicators as well as MetaTrader 4 Expert Advisors & scripts.
A trader can select which MT4 account to login by expanding the Accounts menu, choose an MT4 indicator by expanding the MT4 indicator menu or choose an MT4 Expert Advisor by expanding the Expert Advisor menu.
5. Market Watch
MT4 Market watch is used to show streaming currency quotes for MT4 currency pairs. This can list as many quotes provided by your MetaTrader 4 Forex broker or a few selected by a trader. To save inter net bandwidth, right-click inside the MT4 market watch window panel & select "Hide All", so as to hide the currencies that you're not transacting on this MT4 software and save on internet band width.
6. Terminal
This is MetaTrader 4 window panel that's like the bank account trade area for your MetaTrader 4 currency trade transactions, on this MetaTrader 4 window you can view your account balance, profit & losses statement, equity, margin used also retrieve a copy of all your MT4 forex trade transactions history.
This MT4 window panel will also list all open forex trade transactions & calculate all the profit & loss in real-time as the forex currencies move up or down.
7. Connection Bar
MT4 connection bars - Red bars are for no connectivity, green bars show that there's connectivity to the servers & MetaTrader 4 forex trade orders can be placed. These MetaTrader 4 connection bars should always be green when one logged into their MT4 demo account or MetaTrader 4 live account.
These MetaTrader 4 platform main areas form the MetaTrader 4 software interface and will be the main areas to be covered in detail in next learn MT4 tutorials. For now it is best to download MetaTrader 4 software software & familiarize yourself with the MetaTrader 4 platform interface.
Why Forex Platform is Required for Placing Currency Transactions with Brokers
Forex platform is the software that is used to access the currency market & interpret these currencies using forex charts and forex technical analysis tools. There are various reasons why a trader requires to use a good forex platform. A good forex software can ascertain if a as a trader you make profit or not.
So why does a Forex Trading trader need a good Platform:
To connect to the Forex Broker Trading Server:
To place a forex trade order a trader needs to use a forex software which will connect to the trading servers of their forex broker & this will allow them to open & close forex trade orders. Good forex trading softwares will connect with ease to the brokers' servers & allow forex traders to place forex trading orders at any time from desktop computer.
To analyze forex charts & currencies using forex trading technical analysis tools
To place a buy or sell forex order one needs to first interpret direction of currency pair using forex charts. This is why all good forex trading softwares provide forex trading technical tools such as forex price charts, forex indicators and various different chart time-frames from which one-can analyze forex price moves using the forex chart time frames of their choice.
From the above forex trading platform inter-face, summary of all data required by a trader is provided on this MetaTrader 4 platform interface
- Connection - connection to the broker servers
- Charts - price graphs that display forex prices
- Toolbars - toolbars to add tools & technical analysis indicators on forex trading charts
- Market Watch - for displaying available financial instruments in MetaTrader 4
- Data window - provides MetaTrader 4 account data & other indicator data
- Exchange rates - shows current market price of a currency pair
- Menu bar - Shows all menu items in MetaTrader 4 software
