The MetaTrader 4 terminal is a perfectly equipped trader's workplace that allows trading in the financial markets (Forex, CFD and Futures). It provides the necessary tools and resources to analyze price dynamics of financial instruments, make trade transactions, create and use automated trading programs (Expert Advisors). It represents the all-in-one platform and is the most popular trading terminal in the world.
MT4 is a server-based trading platform that takes online trading to all new levels and provides everyone with new profiting possibilities. MT4 possess a powerful, easy to learn programming language - MQL.
Using this language, you can create custom trade strategies, indicators, automated strategies or trading systems and scripts. Expert advisors can analyze the situation on the market, make decisions, put pending orders, and open positions in on-line mode without trader's participation.
1. Over view: an interface of the MetaTrader 4 client terminal which includes: Main menu, customizable toolbar, the 'Market Watch' window. Navigator, financial instrument charts and the 'Terminal' window.
2. Open positions and account information window: include all open positions, pending orders and account information: balance, equity, margin, free margin and margin level.
3. Market watch: includes quotes for all instruments, high/low and time. By using the right click you can add symbols, open charts per symbol, open new order and more..
4. Account history: this is your close positions window. You can pull out data regarding your close positions for any period of time by using the custom period.
5. Placing a New Order: In the MT4 terminal, a single window is used for placement of all orders. Both market and pending orders can be placed from here. Stop Loss and Take Profit can be applied to any placed order. You can also do the same from the market watch window.
6. Popup prices window: The list of symbols in this window is similar to that in 'Market Watch'. The window interface and featured information can be customized. Trade operations can also be made from this window.
7. Analytical Tools in the charts: Analytical tools are highly important in trading. They help determine trends, cycles, trading shapes and other patterns in price dynamics. The MT4 terminal has 32 such built-in objects, including all kind of trend lines, Fibonacci tools and more...
8. Chart setup: For convenience, representation of charts in MT4 can be customized. This is very important since traders work in the terminal several hours each day. For a quick setup, you can use templates: 'Yellow On Black', 'Green On Black' or 'Black On White'. You can choose the colors of the bars and candles, Vol, ask/bid lines and a lot more...
9. Chart template: after setting up your favorite chart view you can save it as a template and then load it for any chart that you wish.
10. Trade Alerts: Alerts about a trading event are a extremely important tools. By applying certain rules to the alert, you can work with other financial instruments. The alert is generated as soon as the event meeting its conditions takes place. Sound files are used for alerts.
11. Tick Chart - shows the dynamics of instrument price by ticks. This is the most suitable tool to accurately determine entry and exit points. It can be access from the Market Watch window.
Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.
Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services. www.livetradingnews.com