Trade Gold Trading

Setting up Practice Account and MetaTrader 4

Setting up Demo Account and MetaTrader 4 Platform

To start trading a beginner trader will need to set up a demo trading account which they can practice trading with before opening a real gold account. A demo account commonly referred to & known as a demo account is a account provided by a broker so that a beginner trader can learn to execute xauusd trades risk free and at the same time learn the platform of the broker.

Learn XAU/USD Trading for Beginners

Before you learn the MetaTrader 4 platform, you'll need to download & install the MT4 platform in your computer.

After downloading the MetaTrader 4 platform, you will need to log into your xauusd practice account that you registered with your xauusd broker. Register a practice xauusd account. Once you as a trader log into your demo account the MT4 platform software will look like the screen shot example shown & described below.

Explanation

Tool-Bars - MetaTrader 4 tool-bars are used to setup the tools within MetaTrader 4 platform

Market watch - Show xauusd price quotes, quotes of gold

Data Window - Shows Account Data

Charts panel - Shows xauusd charts

Charts Tabs - Shows open charts in tabs

Terminal - Shows Summary of account balance and open trades

Connection - Shows if the platform is linked to the broker or not

Exchange Rates - Shows chart prices in the form of a graph & also the current xauusd price on a xauusd chart.

Now that as a beginner trader you know what each window of the platform represents, let’s look at the charts toolbar that's mostly used when trading with MT4 platform software.

On Navigation Menu there are different Tabs

Menu Bar

File - Open an account, Log in account

View - choose tool bars to view

Insert - Insert tools such as trend lines & other chart indicators

XAUUSD Chart - Change Chart settings

Tools - Change MT4 platform software settings

Window - View a chart window for any gold instrument or for a different chart timeframe

Help - Lessons which describe the documentation of MT4 platform

Tool-Bars

Tool-Bars are used for quick access to MT4 tools. Each tool-bar has got a name which represents the types of trading tools for that toolbar. As a trader you'll have to explore by clicking these buttons to learn what each tool is used for. Generally, hovering the mouse pointer over a button key will name what the button does.

You can also learn how to customize each tool bar on the trading platform from the Learn for Beginners

MT4 Platform Lesson Guide.

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