What is a MT4 platform? MT4 Introduction Tutorial
The following screenshot below shows the main MetaTrader 4 interface showing what is a MT4 platform. As a beginner trader trying to learn how to execute gold orders in the online gold market, the main tool for trading the xauusd market is the MetaTrader 4 platform software. This How to Use MT4 Review Tutorial for Gold Beginners will explain how you can use this MT4 software to connect to your MT4 xauusd trading broker and execute gold transactions & monitor your gold account balance from this MT4 software that you will download from online MT4 brokers.
The MT4 Gold Trading Software is provided for free through the various xauusd broker websites. This gold trading software looks like xauusd trading example illustrated and explained below:
What is MT4 platform? MT4 Introduction Tutorial - Introduction to MT4 Interface - MT4 Introduction Guide
Main Areas of this MT4 software as displayed above are:
- Navigation Menus
- Toolbars
- Chart Window
- Navigator
- Market Watch
- Terminal
- Connection Bars
For this MT4 Introduction Lesson we shall look at a brief introduction for each of these:
1. Navigation Menus
The navigation menus are:
- File
- View
- Insert
- Charts
- Tools
- Window
- Help
These are main navigation menus which can be used to navigate the MetaTrader 4 platform. As a beginner you can begin by just clicking any of these navigation menus so as to familiarize yourself with the various button keys that are arranged as sub-menus within these navigation menus in the MT4 software.
These MetaTrader 4 navigation menus will be described & discussed in details in the next MetaTrader 4 Introduction Tutorials about navigation menus.
2. Tool-Bars
The MT4 tool bars are used to manipulate gold charts, either by placing gold chart indicators, line studies, change xauusd chart time frames and load a xauusd MT4 template from a list of saved chart templates.
These MT4 tool bars will be discussed on other MT4 Introduction Tutorials which will outline each button on this MT4 tool bar and explain how to add MT4 gold chart tool bars and how to customize MT4 gold chart tool bars.
3. Chart Window Panel
This is the main area where xauusd charts are displayed and a trader can analyze the gold trend direction of a gold chart whether up or down, place gold chart indicators for technical analysis and even place gold orders from these xauusd price charts.
4. Navigator
Navigator panel will contain data 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 xauusd trading account to login by expanding the Accounts menu, choose an indicator by expanding the gold indicator menu or choose an Expert Advisor by expanding the xauusd Expert Advisor menu.
5. Market Watch
Market watch is used to show streaming xauusd quotes for gold. This can list as many xauusd quotes provided by your gold broker or a few selected by a trader on the MT4 platform. To save internet bandwidth, right click inside the xauusd market watch window panel & select 'Hide All', so as to hide the trading instruments that you are not trading & save on internet bandwidth.
6. Terminal
This is the panel that's like the bank account trade area for your gold trade transactions, on this MT4 window you can view your gold trading account balance, profit & losses statement, equity, margin used also retrieve a copy of all your gold trade transactions history.
This will also list all open gold trade transactions & calculate all the profit & loss in realtime as the xauusd prices move in an upwards or downwards direction.
7. Connection Bar
MT4 connection bars in MetaTrader 4 status bar - Red bars are for no connection, green bars show that there is connection to the broker servers & gold trade orders can be set. These MT4 connection bars should always be green when one logged into their demo gold account or live xauusd trading account.
These main areas form the MT4 interface and will be the main areas to be covered in detail in the next MT4 Introduction Gold Tutorials. For now it is best to download MT4 platform and familiarize yourself with the MetaTrader 4 software interface.
Why XAUUSD Software is Required for Placing XAUUSD Trade Transactions with Brokers
Gold software is software that is used to access the xauusd market and analyze these xauusd price movements using xauusd charts and technical analysis trading tools. 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 profit or not when trading using the platform.
So why does a trader need a good XAUUSD Platform:
To connect to the Gold Broker Trading Server:
To place a gold trade order a trader needs to use a gold software which will connect to the trading servers of their xauusd trading broker and allow them to open and close trade orders. Good gold trading platforms will connect with ease to the brokers' servers & allow xauusd traders to place xauusd orders at any time from their computer.
To analyze gold charts using charts and xauusd trading analysis tools
To place a buy or sell gold order a trader needs to first analyze the direction of gold. This is why all good gold trading platforms provide xauusd price charts and xauusd trading analysis tools such as, gold indicators & various different chart timeframes from which trader can analyze xauusd price moves using the xauusd chart time frames of their choice.
MT4 Gold Trading Platform Setup
From above MT4 platform interface - MT4 Introduction Tutorial, the summary of all information required by a trader is provided on this interface
- Connection - connection to the broker servers
- Charts - price graphs which display xauusd prices movements
- Tool bars - chart tool bars to add tools & technical analysis technical indicators
- Market Watch - for displaying available financial instruments
- Data window - provides gold 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
