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