By Analyzing Alpha, nearly 13.9 mln Forex traders are worldwide. About 53% and 23% of the dealers hold respectively Bachelor's as well as Master's degrees. The rest of the Forex traders have no college or university diploma. Thus, anyone can succeed in investing even without appropriate education. But the dealers should choose a proper trading terminal to earn money. And one of the most popular platforms is MetaTrader 4.

MT4 appeared in June 2005. So, it has passed the time test. Dealers praise the terminal for its smooth operation and numerous helpful options. However, experts recommend fulfilling the MT4 download process on reputable online brokers' websites (e.g., fbs.com). Otherwise, dealers risk getting malware on their PCs or mobile gadgets.

Key Peculiarities of MetaTrader 4

This terminal was created by MetaQuotes Software Corp. The latter is a well-known trading software developer worldwide. The company has offices in Cyprus, China, Singapore, Australia, and other advanced countries. So, MT4 users may be sure about the reliability as well as the legality of this platform.

How to Download and Install MetaTrader 4?

First, Forex traders should find a reputable online broker. Then the dealers need to download the MT4 setup file. It usually takes several minutes. After that, the traders should:

1. Run the MT4 setup file.
2. Accept the license agreement. Experts recommend reading the contract carefully before accepting it.
3. Launch the installation process by following the prompts of the installation wizard. The procedure commonly lasts up to one minute.

Next, traders need to create a new profile or use an existing one. In the first case, the dealers have to choose the necessary account type. MT4 offers its clients real along with demo ones. As a part of new account creation, the traders should enter their personal data, email, phone number, and leverage, as well as come up with a strong passcode.

MetaTrader 4 Interface Features

MT4 proposes five key sections to Forex traders. The central part is occupied by the currency pair's price chart. It shows the dynamics of changes in value. The Navigator and Market Watch panels are located on the left side. In the first one, traders may find the available trading accounts, advisors, and indices. The second one indicates the complete list of assets the broker allows the dealers to trade.

Just above the chart, users can see the navigation bar and menu. They are located along the entire monitor's length. The navigation bar provides instant access to the MetaTrader 4 options, such as switching between trading periods or graphical elements.

How to Use MT4?

First, dealers should consider options for opening deals. There are two methods here. As part of the first one, the traders need to:

1. Find the New Order tab on the taskbar and go there.
2. Enter the required data on the contract (currency pair, lot, take profit, as well as stop loss value) in the window that has opened.
3. Click Buy or Sell.

Moreover, the one-click trading option is available to terminal users. To activate the feature, go to the Service tab, click on Settings, and go to Trade. In the last one, traders need to check the box next to One-Click Trading. The dealers can find more details about this option in the educational blogs of trading companies (for example, FBS).

Adding Various Indicators to the Chart

Initially, traders need to go to the Navigation tab. Here, they may find a complete list of MetaTrader 4 indices. Next, the dealers should:

1. Click on the desired section.
2. View the list of available indicators.
3. Drag the necessary tool to the currency pair chart.

MetaTrader 4 allows users to add indicators not available in the basic platform version. To do this, the clients have to:

1. Download the corresponding .ex4 or .mq4 file.
2. Drag the downloaded file to the agent folder.
3. Find the name of the auxiliary trading instrument on the navigation panel.

The whole procedure takes a few minutes. Traders may apply supplemented indicators immediately after adding.

What Other Options Does MetaTrader 4 Offer?

The terminal offers users a wide range of options for trading analysis, e.g.:

1. Digital advisors. Such a function assists in automating routine trading processes.
2. Tools for graphic chart analysis. This option allows drawing various polygons to track current trends and predict fluctuations in the currency pair values.
3. Setting sound signals. Here, traders only need to set the alert conditions. After that, they can go about their business. Upon reaching the entered index, the dealers will be notified by a sound signal.

Additionally, MT4 offers users to view the latest financial news, communicate on social networks without closing the trading platform, and much more.