Setting up Gold Practice Account and MetaTrader 4
Setting up Demo Account and MT4 XAUUSD Trading Platform
To start gold trading a beginner trader will need to set up a practice gold trading account which they can practice gold trading with before opening a real xauusd trading account. A demo practice account commonly referred to as a demo xauusd trading account is a gold trading 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 gold trading platform of the broker.
Learn XAUUSD Trading for Beginners
Before you learn the gold trading MT4 platform, you will need to download and install the MT4 platform on your computer.
After downloading the MT4 platform, you will need to log into your xauusd trading practice account that you registered with your xauusd trading broker. Register a practice xauusd trading account. Once you log into your demo xauusd trading account the MT4 platform will look like the screen shot example illustrated & described below.
Explanation
Toolbars - MT4 toolbars are used to setup the gold tools within MetaTrader 4 software
Market watch - Show xauusd price quotes, xauusd quotes of gold
Data Window Panel - Shows Gold Trading Account Data
Charts panel - Shows xauusd charts
Charts Tabs - Shows open gold charts in tabs
Terminal - Shows Summary of gold account balance and open trades
Connection - Shows if the platform software is connected to the broker or not
Exchange Rates - Shows gold chart prices in the form of a graph and also the current xauusd price on a xauusd chart.
Now that as a beginner trader you know what each window of the gold platform represents, let’s look at the charts tool-bar that's mostly used when trading with MetaTrader 4 software.
On the charts Navigation Menu there are various Tabs
Menu Bar
File - Open an account, Log into account
View - choose tool bars to view
Insert - Insert gold trading tools such as gold trend lines & other gold chart indicators
Gold Trading Chart - Change Gold Chart settings
Tools - Change MT4 software settings
Window - View a gold chart window for any gold trading instrument or for a different chart time-frame
Help - Topics which explain the documentation of MetaTrader 4 platform
Tool Bars
Toolbars are used for quick access to MT4 gold trading tools. Each toolbar has a name that represents the types of gold trading tools for that toolbar. As a trader you will have to explore by clicking these buttons to learn what each gold 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 toolbar on the gold trading platform from the Learn Gold Trading for Beginners
