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Practice Trading - Set of Trading Platform Tutorials for Beginner
The following image below shows the main MetaTrader 4 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 MT4 platform software. This MetaTrader 4 is the trading platform that you will connect to your broker with & execute trades and monitor your account balance from the MT4 platform.
The MetaTrader 4 platform is provided for free of charge through various XAUUSD broker sites. This MetaTrader 4 looks like the examples below:
Main Areas of this MetaTrader 4 as illustrated above are:
- MT4 Navigation Menus
- Tool Bars
- MT4 Chart Window Panel
- MetaTrader 4 Navigator Window
- MT4 Market Watch Window
- MetaTrader 4 Terminal
- MT4 Connection Bars
For this MT4 tutorial 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 MT4 navigating menus that can be used to navigate the MetaTrader 4 platform. As a beginner you can begin by just pressing any of these MetaTrader 4 navigation menus to familiarize yourself with different MT4 buttons which are arranged as MT4 submenus within these MetaTrader 4 navigating menus.
These MT4 navigation menus will be discussed & covered in details in the next MT4 courses about navigation menus.
2. Tool Bars
The MT4 tool-bars are used to manipulate MT4 charts, either by placing MT4 indicators, MT4 line studies, change MetaTrader 4 chart timeframes and load MetaTrader 4 template from a listing of saved MT4 templates.
These MT4 tool-bars will be discussed on other MetaTrader 4 guides which will outline each MT4 button on this MT4 tool-bar and how to add & customize these MetaTrader 4 tool bars.
3. Chart Window Panel
This MT4 chart window is the main area where MT4 charts are portrayed & one can analyze the trend direction of a MetaTrader 4 chart whether upward or downward, place MetaTrader 4 chart trading indicators for trading analysis & even place orders from these MT4 charts.
4. Navigator
MT4 Navigator will contain info about MT4 accounts, whether practice demo or real, this MT4 window also will have a list of all the MT4 trading indicators as well as MT4 Expert Advisors and scripts.
A trader can select which MetaTrader 4 trading account to sign in by expanding the Trading Accounts menu, choose an MT4 indicator by expanding the MT4 indicator menu or select an MT4 EA by expanding the Expert Advisor menu.
5. MarketWatch
MT4 Market watch window panel is used to show streaming trading quotes for MT4 trading symbols. This can listing as many symbols offered by your MetaTrader 4 XAUUSD broker or a couple of chosen by a xauusd trader. To save internet bandwidth, rightclick inside the MT4 market watch window and choose 'Hide All', so as to hide the currencies that you're not transacting on this MT4 & save on internet bandwidth.
6. Terminal
This is MT4 panel window that is like the bank account trade area for your MetaTrader 4 trades, on this MetaTrader 4 panel you can view your account balance, profit and losses statement, equity, margin used and also retrieve a copy of all your MT4 trade transactions history.
This MetaTrader 4 window will also list all open trade transactions and calculate all the profit and 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 & MT4 trading orders can be set. These MT4 connection bars should always be green when one logged into their MetaTrader 4 practice account or MetaTrader 4 real account.
These MT4 main levels form the MetaTrader 4 platform interface and will be the main levels to be covered in detail in the next learn MetaTrader 4 guides. For now it's best to download MT4 platform and familiarize yourself with the MT4 software inter-face.
Why Software is Required for Opening Trading Transactions with Brokers
XAUUSD platform is the software which's used to access the market & analyze these market movements using charts & technical analysis tools. There are different reasons why one requires to use a good software. A good software can determine if a as a xauusd trader you earn a profit or not.
So why does a trader need a good Trading Platform:
To connect to the Online Broker Server:
To place a trade order one needs to use a software which will connect to the trading servers of their broker & this will allow them to open and close trade orders. Good xauusd platforms will connect with ease to the brokers' servers and allow traders to place orders at any time from their Desktop computer.
To analyze charts & currencies using technical analysis tools
To open a buy/sell xauusd order one needs to first analyze the direction of a quote using charts. This is why all good xauusd platforms provide trade tools such as price charts, indicators & various different chart timeframes from which trader can analyze price moves using the time-frames of their choice.
From the above xauusd software 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 illustrate prices
- Tool-Bars - tool bars to add tools and trading analysis trading indicators on charts
- Market Watch - for displaying available instruments on MT4
- Data window - provides MetaTrader 4 account data and other trading indicator data
- Exchange rates - shows ruling market price of a trading symbol
- Menu bar - Shows all menu items on MT4 platform
More Topics and Lessons:
- What is a Standard Gold Account in Gold?
- Gold When an Upwards Gold Trend-line is Broken Gold Upward Trendline Break Signal
- How to Trade Successfully with Gold Indicators
- Stop Loss Trade Summary Gold
- Regulated Gold Broker
