MT4 Gold Trading Platform Setup
If you want to learn how to setup the MT4 platform this gold lesson explains xauusd trading step by step guide on how to setup MT4 Gold Trading Platform for beginners with examples.
The following image below shows the main MetaTrader 4 platform inter-face. As a beginner trader trying to learn how to execute orders in online gold market, the main tool for trading the xauusd market is the MetaTrader 4 platform software. This is the gold software that you'll connect to your gold broker with & execute gold transactions & monitor your trading account balance.
The MT4 platform for gold trading is provided for free through the various xauusd broker websites. This MT4 platform looks like the xauusd trading example illustrated and explained below:
Learn MT4 Gold Software - MT4 Gold Trading Platform Setup
Main Areas of this MT4 software as displayed above are:
- Navigation Menus
- Toolbars
- Chart Window
- Navigator
- Market Watch
- Terminal
- Connection Bars
For this MT4 Gold Trading Platform Setup tutorial we shall look at a brief introduction for each of these:
1. MetaTrader 4 Navigation Menus MT4 Gold Trading Platform Setup
The MetaTrader 4 navigation menus are:
- File
- View
- Insert
- Charts
- Tools
- Window
- Help
These MT4 menus are main navigation menus which can be used to navigate the MT4 platform software. As a gold beginner you can start by just clicking any of these MT4 platform navigation menus to familiarize yourself with various buttons that are arranged as sub menus within these navigation menus.
These MetaTrader 4 platform navigation menus will be discussed & explained in details in the next MetaTrader 4 platform setup tutorials about navigation menus.
2. MT4 Tool Bars MT4 Gold Trading Platform Setup
The MetaTrader 4 toolbars are used to manipulate trading charts, either by placing indicators, line studies, change timeframes and load a template from a list of saved templates in MetaTrader 4 platform.
These MetaTrader 4 toolbars will be discussed on other MT4 software setup guides which will outline each button on this tool-bar & how to add and customize these MT4 toolbars.
3. MT4 Gold Chart Window MT4 Gold Trading Platform Setup
MT4 Gold Chart Panel is the main area where xauusd charts are displayed & trader can analyze the gold trend direction of a gold instrument whether up or down, place gold indicators for technical analysis & even place trading orders from these xauusd charts.
4. MT4 Navigator MT4 Gold Trading Platform Setup
MT4 Navigator will contain information about xauusd accounts, whether practice gold trading account or real account, this window will also have a list of all MT4 indicators as well as Expert-Advisors & scripts.
A trader can select which trading account to sign in by expanding the Accounts menu, select an technical indicator by expanding the indicator menu or select an Expert Advisor by expanding the Expert-Advisor menu.
4. MT4 Market Watch MT4 Gold Trading Platform Setup
MT4 Market watch is used to show streaming quotes for gold. This can list as many quotes provided by your gold broker or a few selected by a trader. To save inter net band width, right-click inside the xauusd market watch window and select 'Hide All', so as to hide the MT4 symbols that you are not transacting and save on internet bandwidth.
6. MT4 Terminal MT4 Gold Trading Platform Setup
This is the panel that's like the bank account trade area for your gold trades, on this window panel you can view your balance, profit & losses statement, equity, margin used also retrieve a copy of all your xauusd trades transactions history.
This will also list all open trade transactions & calculate all the profit & loss in realtime as the xauusd prices move in an upwards or downwards direction.
7. MT4 Connection Bar MT4 Gold Trading Platform Setup
Red bars are for no connectivity, green bars show that there is connectivity to the servers & trade orders can be set. These MT4 connection bars should always be green when one logged into their demo gold account or real account.
These main areas form the MT4 Platform Setup tutorial and will be the main areas to be covered in detail in the next learn MetaTrader 4 platform tutorials. For now it is best to download MT4 platform and familiarize yourself with MT4 software interface.
Why MT4 XAUUSD Software is Required for Placing XAUUSD Trade Transactions with Brokers
MT4 software is the software that is used to access the xauusd market and analyze these xauusd price movements using technical analysis. There are various reasons why a trader requires to use a good gold platform. A good gold software can determine if a as a trader you make a profit or not.
So why does a trader need a good platform:
To connect to the Trading Server:
To place an order when trading online a trader needs to use a platform which will connect to the trading servers of their xauusd trading broker & allow them to open & close orders. Good gold trading platforms will connect with ease to the brokers' servers and allow traders to place orders at any time from their computer.
To analyze xauusd charts using technical analysis
To open buy or sell order a trader needs to first interpret the direction of gold. This is why all good gold softwares provide technical tools such as xauusd price charts, indicators and various different time-frames from which trader can analyze xauusd price moves using the chart timeframes of their choice.
MetaTrader 4 Gold Trading Platform Setup
From above MetaTrader 4 platform interface, the summary of all data required by a trader is provided on this MetaTrader 4 interface
- Connection - connection to the broker servers
- Charts - price charts that display xauusd prices
- Tool bars - toolbars to add tools & technical analysis technical indicators
- Market Watch - for displaying available financial instruments
- Data window - provides trading account data & other indicator data
- Exchange rates - shows current market xauusd price on a xauusd chart
- Menu bar - Shows all menu items in MT4 software
MetaTrader 4 XAUUSD Trading Software Setup
