What is “MetaTrader 4”
Metatrader 4 is an application that allows you to trade in financial markets online. It allows you the option to buy currencies and commodities etc. with the aid of a single button click and also provides you sufficient data analysis on the currency variances through a simple mobile application.
The currency value variance is an important factor here because it is the main factor we use to buy or sell trades. (Currencies, commodities, etc.) If there is a rise in the currency better to buy currencies and if there is a flop in the currency it is better to sell them. Since you all have a basic idea about the MetaTrader 4 will now move into the step by step guide for a better understanding of the Metatrader 4 mobile application.
INSTALLATION OF MOBILE APPLICATION
First, install the application “Metatrader 4” from the play store.
Wait till you receive the home page of the application.
Next to learn about the market and to move forward with buying and selling trades we need to have training about the market. This app provides you to create a demo account which will be helpful before you move into the live account.
On the top left click on the 3 stripes to display the dashboard of the application.
Then click on manage accounts, then click on (+) symbol shown on the right top corner.
Once you receive the above screen click on the “Open a demo account” option.
Next, you will receive a screen as follows.
Here we need to choose the broker in order to move with the demo account. A broker is a third party company which is registered via Metatrader 4 who will be giving you the complete assistance by providing you signals whenever a rise and flop of a specific currency is predicted. So in this example, we will be using “TopicMarkets” as the broker.
After entering the broker name you will receive the personal information screen as per the below image.
Need to fill the personal information section and under account information keep Account type with the default value, Leverage means the proportion of the money you deposit. As per the above Demo account, you will be getting USD 100,000 as a deposit, hence based on the leverage you are eligible for virtual deposit money of USD 100,000 x 400. This value depends on the broker. Topic Markets guarantees for leverage of 1:100 in the Live account. Then the deposit value has a minimum deposit value of USD 200 for topic markets and it depends upon the broker you register.
By clicking on the left upper corner you will find the newly created username along with an ID.
Then via manage account option, you can view the current deposit amount etc.
Now let’s take a look at the values listed on the home page.
The first value EURUSD means to buy 1 EUR how many USD required, then parallelly the low value and the high value are shown since the market value differs from time to time. Likewise, some other major currencies are shown by default in this section.
Next will have a look at commodities such as Gold and Silver. On top right corner click on the (+) mark which will direct you to the below screen.
Click on the Metals option where you will find a number of commodities.
Here also use the definitions used for currencies for the items listed below.
1 XAUUSD = To purchase 1 unit of gold how many USD required.
Click on any of the items to add them to the home screen along with the currencies. (Under quotes section)
So far we have installed the application successfully and have created the platform, to begin with trading.
Again let’s move to the home screen which is the quotes section.
Long press on any of the currencies or metals to view the market variance of the same.
Then you will be getting a screen as follows.
Then click on “Open Chart” which will display a graph as per the below image.
The below image indicates the chart for EURUSD, let’s have a look at how to analyze the chart.
As per the above chart, you can observe there are several black-coloured bars and white-coloured bars. Black coloured bar means that there is a drop in the currency and white-coloured bar means there is a rise in the currency. Check the right side corner of the graph and observe the color of the bar, as per the above image there is a tiny black colour bar which means there is a drop in the currency, hence in such situations, it is not recommended to buy the above-mentioned currency pair.
Now, will observe the chart of the GBPUSD.
As per the above graph on the right side corner of the chart, there is a white colour bar which means a rise in the currency, hence this currency is suitable for initiating a buy.
So finally the summary is when there is a rise in the currency or commodity better to buy a currency and when there is a drop in the currency or commodity it is better to sell currencies if you have already bought any.
After analyzing the above chart we can start buying currencies.
Click on the desired currency and choose NEW ORDER.
You will get the following screen once you select on NEW ORDER.
Under the Market Execution tab in the middle, you need to specify the lot size ranging from 0.01 to 1.00 or above. The lot size is the number of currencies we purchase. 0.01 refers to Micro Lot which is 1000 currencies, then 0.10 refers to Mini Lot which is 10,000 currencies and finally 1.00 refers to Standard Lot which is 100,000 currencies.
For a beginner level, it is recommended to start trading with a Micro Lot.
Then click on BUY BY MARKET shown on the bottom right corner and you will get the following screen.
GBPUSD is listed on the screen since we purchased a Standard Lot (1.00) in the previous step. Now the value in front of it indicates the profit or loss variances based on the market price variation observed through the graph.
There is a SELL BY MARKET already initiated in this example and this process is done because the AUDUSD is currently under a drop. This can cause a loss and hence a SELL is initiated. So now we have a SELL and a BUY initiated in the current trade list.
Let’s move on to the next few steps which will lead us to proceed with CLOSE TRADE.
As per the above image, AUDUSD is currently on profit and hence we will proceed CLOSE TRADE which means the closing of a trade.
Long press on the AUDUSD and once the above screen appears to click on CLOSE ORDER.
In the following screen click on CLOSE WITH PROFIT 6.00 button so that you will be gaining a profit of USD 6.00 as per the above example.
Likewise, observe the GBPUSD as well and CLOSE ORDER once the trade is under a profit.
At last, the profit will be added to your main balance.
Likewise, you can start a minimum of 100 trades at once via Topic Markets broker and finally once you are trained enough you can create a Live account via TopcMarkets.com website.
The above demonstration has given you some basic knowledge and the basic requirements needed to begin trading in Metatrader 4.
Apart from analyzing the fluctuations on our own, we can get assistance from the brokers located in your country in order to obtain “signals” which is a notification about the market price fluctuation.
I hope that you enjoyed the above demonstration and for any queries please do visit TopicMarkets.com in order to obtain a proper knowledge in detail.
Please do comment on your valuable feedback and inquiries so that we will use them for our future enhancements.