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