Trade Gold Trading

Setting up Practice Account and MT4

Setting up Demo Account and MT4 Trading Platform

To start trading a beginner trader will need to set up a practice account which they can practice trading with before opening a real xauusd account. A demo practice trading account commonly referred to 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 XAUUSD Trading for Beginners

Before you learn the MetaTrader 4 software, you'll need to download and install the MetaTrader 4 software on your PC computer.

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

Explanation

Tool Bars - MT4 toolbars are used to setup the tools within MetaTrader 4 platform

Market watch - Show xauusd price quotes, quotes of gold

Data Window Panel - Shows Trading 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 software 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 tool-bar that's mostly used when trading with Meta Trader 4 platform.

On the charts Navigation Menu there are different Tabs

Menu Bar

File - Open an account, Log in trading account

View - select tool bars to view

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

XAUUSD Trading Chart - Change Chart settings

Tools - Change MT4 software settings

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

Help - Topics which explain the documentation of MT4 software

Tool Bars

Tool-Bars are used for quick access to MetaTrader 4 tools. Each tool-bar has a name that represents the types of tools for that tool bar. As a trader you will 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 Trading for Beginner Traders

MetaTrader 4 Software Guide.

More Topics and Courses:

Forex Traders Seminar Gala

Forex Traders Seminar

Gold Broker