Introduction to MT4 Forex Dashboard - MetaTrader 4 Forex Dashboard
The following screen-shot below shows the main MetaTrader 4 trading platform Dashboard. As a beginner trader trying to learn how to execute forex orders in the online forex market, the main tool for trading the forex market is the MT4 trading platform software. This MT4 platform is software that you will connect to your forex broker with & execute forex trade transactions & monitor your forex account balance from this MetaTrader 4 platform.
The Forex MetaTrader 4 platform software is provided for free through the various Forex broker websites. This MT4 forex software looks like the example below:
The Main Areas of this MT4 software as shown above are:
- MT4 Navigation Menus
- Toolbars
- MetaTrader 4 Chart Window Panel
- 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 MT4 platform navigation menus that can be used to navigate the MT4 trading software. As a beginner trader you can start by just clicking any of these MT4 platform navigation menus to familiarize yourself with various MT4 buttons that are arranged as MT4 sub menus within these MT4 navigation menus.
These MetaTrader 4 navigation menus will be discussed and covered in details in the next MetaTrader 4 tutorials about navigation menus.
2. Toolbars
The MetaTrader 4 tool-bars are used to manipulate MetaTrader 4 charts, either by placing MT4 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 MetaTrader 4 tutorials that will outline each MT4 button key on this MetaTrader 4 tool-bar & how to add and customize these MetaTrader 4 tool-bars.
3. Chart Panel
This MT4 chart window is the main area where MT4 charts are displayed & a trader can analyze the trend direction of a MetaTrader 4 chart whether up or down, place MetaTrader 4 chart indicators for technical analysis & even place orders from these MetaTrader 4 charts.
4. Navigator
MetaTrader 4 Navigator will contain data about MetaTrader 4 trading accounts, whether demo or real, this MT4 window will also have a list of all the MT4 trading technical indicators as well as MT4 EAs and 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 EA by expanding the EA menu.
5. Market Watch
MT4 Market watch is used to show streaming forex quotes for MT4 currency pairs. This can list as many quotes provided by your MT4 Forex broker or a few selected by a trader. To save inter net band width, right-click inside the MT4 market watch window and select "Hide All", so as to hide the currencies that you are not transacting on this MetaTrader 4 platform 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 forex 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 forex trade transactions history.
This MT4 window panel will also list all open forex trade transactions & calculate all the profit and loss in realtime 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 is connectivity to the servers & MT4 forex trade orders can be set. These MetaTrader 4 connection bars should always be green when one logged into their MetaTrader 4 demo account or MT4 live account.
These MT4 software main areas form the MetaTrader 4 platform Dashboard 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 and familiarize yourself with the MT4 software Dashboard.
Why Forex Software is Required for Placing Forex Trade Transactions with Forex Brokers
Forex platform is the software that is used to access the forex trading currency market and interpret these currencies using forex charts and forex technical analysis tools. There are various reasons why a trader requires to use a good platform. A good trading software can determine if a as a trader you make profit or not.
So why does a Forex Trading trader need a good Trading Platform:
To connect to the Forex Broker Trading Server:
To place a forex trade order a trader needs to use a trading software which will connect to the trading servers of their forex broker & this will allow them to open & close forex trade orders. Good platforms will connect with ease to the brokers' servers & allow forex traders to place forex trade orders at any time from their desktop computer.
To analyze forex charts & currencies using forex technical analysis tools
To place a buy or sell forex order a trader needs to first interpret the direction of a forex pair using forex charts. This is why all good softwares provide forex technical tools such as forex trading price charts, forex indicators and various different chart time-frames from which one-can analyze forex trading price moves using the forex chart time frames of their choice.
From the above trading platform Dashboard, the summary of all information required by a trader is provided on this MetaTrader 4 platform Dashboard
- Connection - connection to the broker servers
- Charts - price graphs that display forex prices
- Toolbars - tool-bars to add tools & technical analysis indicators on forex charts
- Market Watch - for displaying available instruments in MT4 platform
- Data panel - provides MetaTrader 4 forex account information and other technical technical indicator data
- Exchange rates - shows current market price of a forex currency pair
- Menu bar - Shows all menu items in MetaTrader 4 platform
