Can I Trade with XAUUSD Platform?
XAUUSD MT5 Platform - XAUUSD MT5 Platform
The following image below shows the main MT4 inter-face. As a beginner trader trying to learn how to execute trading orders in the online trading market, the main tool for trading the market is the MetaTrader 4 software software. This MetaTrader 4 software is the trading platform that you will connect to your broker with and execute trades and monitor your account balance from the Meta Trader 4 platform.
The Gold Meta Trader 4 software is offered for free through the different broker websites. This Meta Trader 4 platform resembles the examples below:
Main Areas of this Meta Trader 4 platform as displayed above are:
- MT4 Navigation Menus
- Tool Bars
- MT4 Chart Window Panel
- MetaTrader 4 Navigator Window
- MetaTrader 4 Market Watch Window
- MetaTrader 4 Terminal
- MT4 Connection Bars
For this Meta Trader 4 guide we shall look at a brief introduction for each of these learn MT4 platform:
1. Navigation Menus
The MetaTrader 4 navigation menus are:
- File Menu
- View Menu
- Insert Menu
- Charts Menu
- Tools Menu
- Window Menu
- Help Menu
These are the main MetaTrader 4 navigating menus that can be used to navigate the MT4 platform. As a beginner you can begin by just pressing any of these MT4 navigation menus to accustom yourself with different MetaTrader 4 buttons that are arranged as MetaTrader 4 submenus within these MT4 navigating menus.
The MetaTrader 4 navigation menus will be discussed & covered in details in the next MetaTrader 4 courses about navigation menus.
2. Tool Bars
The MetaTrader 4 tool bars are used to manipulate MetaTrader 4 charts, either by placing MT4 technical indicators, Meta Trader 4 line studies, change MT4 time frame and load MetaTrader 4 template from a list of saved MetaTrader 4 templates.
The MetaTrader 4 toolbars will be discussed on other MT4 guides which will outline each MT4 button on this MetaTrader 4 tool-bar & how to add & customize these MetaTrader 4 tool-bars.
3. Chart Window Panel
This Meta Trader 4 chart window is the main area where Meta Trader 4 charts are displayed and a gold trader can analyze the trend direction of a MetaTrader 4 chart whether up/down, place MetaTrader 4 chart trading indicators for trading analysis and even place orders from these MT4 charts.
4. Navigator
Meta Trader 4 Navigator will contain information about MetaTrader 4 accounts, whether practice demo or real, this MT4 window also will have a listing of all the MetaTrader 4 trading indicators as well as MetaTrader 4 EAs & scripts.
One can choose which Meta Trader 4 trading account to sign in by expanding the Trading Accounts menu, select an MetaTrader 4 technical indicator by expanding the Meta Trader 4 technical indicator menu or select an MetaTrader 4 Expert-Advisor by expanding the Expert-Advisor menu.
5. MarketWatch
Meta Trader 4 Market watch window panel is used to show streaming trading quotes for MT4 trading symbols. This can listing as many symbols offered by your Meta Trader 4 broker or a few selected by a xauusd trader. To save inter net band width, right click inside the MT4 marketwatch window and choose 'Hide All', so as to hide the currencies that you're not transacting on this MT4 & save on internet band-width.
6. Terminal
This is MT4 panel that's like the bank trading account trade area for your MetaTrader 4 trades, on this MetaTrader 4 panel window you can view your account balance, profit and losses statement, equity, margin used & also retrieve a copy of all your Meta Trader 4 trade transactions history.
This Meta Trader 4 window will also list all open trade transactions and calculate all the profit & loss in realtime as the xauusd currencies move up/down.
7. Connectivity Bar
MetaTrader 4 connection bars - Red bars are for no connection, green bars show that there is connectivity to the servers and MT4 trading orders can be set. These MetaTrader 4 connection bars should always be green when one logged into their MT4 practice account or MT4 real account.
The MetaTrader 4 platform main levels form the MT4 software interface & will be the main levels to be covered in detail in the next learn MT4 guides. For now it is best to download MT4 software & accustom yourself with the MetaTrader 4 software inter-face.
Why XAUUSD Platform is Required for Opening Trading Transactions with Brokers
Platform is the software that's used to access the market and analyze these market movements using charts and technical analysis tools. There are different reasons why one requires to use a good software. A good software can determine if a as a gold trader you earn a profit or not.
So why does a xauusd trader need a good Platform:
To connect to the Online Broker Server:
To place a trade order one needs to use a software which will connect to the servers of their broker & this will allow them to open and close trade orders. Good softwares will connect with ease to the brokers' servers and allow traders to place orders at any time from their PC Desktop computer.
To analyze charts and currencies using trading analysis tools
To open a buy/sell order one needs to first analyze the direction of a quote using charts. This is why all good softwares provide traders with trading tools such as price charts, indicators and various different chart time frames from which trader can analyze price moves using the chart time-frames of their choice.
From the above platform work-space, the summary of all data required by a trader is provided on this MT4 software interface
- Connection - connection to the broker servers
- Charts - price graphs that display prices
- Tool-Bars - tool bars to add tools and technical analysis indicators on charts
- Market Watch - for displaying available instruments on MetaTrader 4
- Data window - provides MT4 account data and other trading indicator data
- Exchange rates - displays the ruling price of a trading symbol
- Menu bar - Shows all menu items on MetaTrader 4 platform
More Topics and Lessons:
- How to Set Stop Loss XAU USD Orders in MT4 Gold Charts
- Draw Down vs Maximum Draw Down on Gold Account illustrated
- Transforming Your Psychology Mindset in Gold To Improve Your Gold Results
- How to Read Where to Place Gold Stop Loss using Resistance Levels in Gold
- Gold Indicators Analysis & Trading Strategies
- Gold Tips for Improving Gold Results
