How To Trade Forex Using MetaTrader 4

What is MetaTrader 4 (MT4)?

Overview of MT4 and its features

MetaTrader 4 (MT4) is a strong trading platform made for Forex traders. Released in 2005 by MetaQuotes Software, MT4 offers a solid trading setup with live charts, standard technical indicators, auto trading options along with an easy-to-use interface. It supports several order types, live price quotes plus analysis tools that help traders place accurate trades fast.

MT4 works on Windows, Mac, Linux as well as mobile devices making it available for traders who need a flexible, professional-grade platform. The platform is known for its stability, security, with options for custom settings to match individual strategies.

Why is MT4 popular among Forex traders?

MT4 is popular because it is simple, useful, with many tools. Some key reasons include:

• Simple Interface – Beginners can use it easily.
• Basic Charting Tools – Customizable charts, multiple time frames plus built-in technical indicators allow full market review.
• Auto Trading with Expert Advisors (EAs) – Traders use EAs to run strategies instead of manual work.
• Low Delay and Quick Order Execution – MT4 makes orders fast, which helps to cut slippage.
• Secure and Trustworthy – It uses encryption to guard transactions and personal data.
• Broker Compatibility – Most Forex brokers support MT4 making it simple to try different brokers.

MT4 vs. MT5 – Which one should you use?

Although MetaTrader 4 remains a favorite among Forex traders, MetaTrader 5 (MT5) adds extra features like more time frames, an economic calendar plus improved order types. MT5 is set up for various asset classes, such as stocks and futures, while MT4 focuses on Forex.

MT4:

• Focus: Forex Trading
• Order types: 4 Order types
• Timeframe: 9 Timeframes
• Programming: MQL4
• No depth of market
• No economic calendar

MT5:

• Focus: Multi-Asset Trading (Forex, Stocks, Commodities)
• Order types: Order types
• Timeframe: 21 Timeframes
• Programming: MQL5
• Depth of market
• Economic calendar

For most Forex traders, MT4 stays the top choice because of its simplicity and broad broker support. Traders looking to go beyond Forex might find MT5 better suited.

How to Set Up MetaTrader 4

Downloading and installing MT4

Installing MT4 on Windows

1. Go to your broker’s site or MetaQuotes to get MT4.
2. Run the file; follow the steps.
3. Pick the folder; finish the setup.
4. Start the platform; log in with your broker’s details.

Installing MT4 on Mac

1. Get MT4 from your broker’s site.
2. Use a tool like Wine or PlayOnMac to install it.
3. Follow the steps; adjust the settings.
4. Open MT4; connect to your broker’s server.

Installing MT4 on Linux

1. Install Wine using your distro’s package manager.
2. Get the MT4 file from your broker.
3. Run the file with Wine.
4. Start MT4; set it for trading.

Installing MT4 on Android & iPhone

1. Open Google Play Store (Android) or App Store (iPhone).
2. Look up MetaTrader 4 and install the app.
3. Open the app; enter your broker’s details; begin trading.
4. Creating an MT4 Trading Account

To trade open a broker account by doing these steps:

1. Pick a broker that works with MT4; sign up on their site.
2. Show who you are by providing the needed documents.
3. Get your login info; access your account on MT4.

Logging In and Out of MT4

• Open MT4.
• Click File > Login to Trade Account.
• Type your account number, password next to server name.
• Click OK to connect.

Close the platform or use the File menu to switch accounts when done.

Choosing a Broker Server

• Go to File > Open an Account.
• Pick your broker’s server from the list.
• If it’s not found, type it in manually.
• Click Next; finish logging in.

Navigating the MetaTrader 4 Interface

Understanding the MT4 dashboard

The MT4 dashboard has:

• Market Watch – Shows current currency pair prices.
• Navigator – Lets you access accounts, indicators, Expert Advisors.
• Chart Window – Displays price changes, technical tools.
• Terminal – Shows trade history, balance, news, alerts.

Customizing the MT4 chart setup

Changing chart styles colors

1. Right-click the chart and choose Properties.
2. Change background, candlestick, grid colors.
3. Click OK to save changes.

Adding indicators drawing tools

• Select Insert > Indicators then pick a built-in indicator.
• Use toolbar tools to mark support, resistance levels.

Saving templates profiles

• Adjust your chart settings.
• Open Charts, choose Template then Save Template to reuse the setup.

Managing trade history, account balance

• Open the Terminal window (Ctrl + T).
• Go to Trade for open positions, balance.
• Select Account History to view past trades.

How to Execute Trades on MetaTrader 4

How to open a trade on MT4

Choosing a currency pair

• Open Market Watch (Ctrl + M).
• Right-click a currency pair; choose Chart Window.

Setting trade volume

• Click New Order; enter the lot size.

Using market and pending orders

• Market Order – Executes at the current price immediately.
• Pending Order – Executes once the price reaches a set level.

How to enter a short position on MT4

• Open a new order; choose Sell by Market.
• Set stop-loss and take-profit levels.

How to enter a long position on MT4

• Open a new order; choose Buy by Market.
• Set stop-loss and take-profit levels.

How to modify an open trade

• Right-click the open position; choose Modify Order.
• Change stop-loss or take-profit levels.

How to close a trade on MT4

• Right-click the open trade; choose Close Order.

How to modify an open trade

After placing a trade you might need to change your stop-loss, take-profit or trade volume based on market conditions. To modify an open trade in MT4:

Setting stop-loss and take-profit levels

1. Open the Terminal window (Ctrl + T).
2. Go to the Trade tab to view open positions.
3. Right-click the trade you wish to change; select Modify or Delete Order.
4. Enter your desired Stop-Loss (SL) and Take-Profit (TP) levels.
5. Click Modify to accept changes.

Stop-loss guards against large losses while take-profit secures gains when the price hits a set level.

Adjusting trade volume

You cannot change the volume of an existing trade directly. Instead:

• Close part of the trade: Right-click the order; select Modify Order; change the lot size; then click Close.
• Open new trades to boost exposure or hedge positions.

How to close a trade on MT4

Closing a trade is simple:

1. Open the Terminal window (Ctrl + T).
2. Go to the Trade tab.
3. Right-click the trade; select Close Order.
4. Confirm by clicking Close.

If you pre-set a take-profit or stop-loss level, the trade will end automatically when the price meets the condition.

How to trade Forex, stocks along with commodities on MT4

MT4 mainly supports Forex trading but can handle stocks, indices along with commodities if your broker allows.

Adding indices and commodities to MT4

1. Open Market Watch (Ctrl + M).
2. Right-click; select Symbols.
3. Choose the asset class (e.g., Indices, Commodities, Crypto).
4. Click Show to add the asset to Market Watch.

Trading company stocks on MT4

1. Some brokers permit stock trading via MT4. To trade stocks:
2. Open Market Watch; search for stock symbols.
3. Right-click the stock; choose Chart Window.

Place an order following the same steps as Forex.

Advanced MT4 Features and Tools 

Using indicators and expert advisors (EAs) 

MT4 has built-in technical indicators. You can add custom indicators and automated trading programs called Expert Advisors (EAs). 

How to install MT4 indicators 

1. Download the indicator file (.ex4 or .mq4).
2. Open MT4, then click File and Open Data Folder.
3. Go to MQL4, then Indicators. Place the file there.
4. Restart MT4 and click Insert then Indicators to use the new indicator.

How to add and remove indicators 

• To add an indicator: Click Insert then Indicators, pick an indicator and set its options.
• To remove an indicator: Right-click on the chart, choose Indicators List, select the indicator and click Delete.

Setting up automated trading with EAs 

1. Download an EA (.ex4 file).
2. Copy it to MQL4, then Experts in the MT4 data folder.
3. Click AutoTrading on the toolbar to allow automated trading.
4. Drag the EA to a chart and set its options.

How to copy trades in MT4 

MT4 lets you copy trades from professional traders using copy trading services like MQL5 Signals: 

1. Open Tools, then Options followed by Signals.
2. Subscribe to a signal provider.
3. Set the trade volume and risk options.
4. Turn on auto-copy of trades.

How to enable alerts and notifications 

Setting up email alerts in MT4 

1. Open Tools then Options and choose Email.
2. Provide your SMTP server details from your email provider.
3. Test the settings and switch on email alerts for trades.

Using push notifications 

1. Open Tools then Options and find Notifications.
2. Enter your MetaQuotes ID from the MT4 mobile app.
3. Turn on alerts for trades or price changes.

How to optimize MT4 performance 

Speed up MT4 

• Reduce chart history to use less RAM.
• Use fewer active indicators and EAs.
• Close charts you do not need.

Refresh and reset MT4 

• To refresh charts right-click on a chart and choose Refresh.
• To reset MT4, reinstall the platform and remove old configuration files.

Common MT4 Customizations and Fixes

Changing the chart background and colors 

1. Right-click a chart then choose Properties.
2. Change colors for candles, background, grid.
3. Store changes as a template.

How to set orders by pips as default 

MT4 sets orders in points, not pips. To use pips: 

• Run a trade manager script or EA that sets orders by pip.

How to change the timezone in MT4 

MT4 uses the server time from your broker. You cannot change it by hand but you can: 

• Run a custom time indicator to show local time.
• Change server time yourself when studying charts.

How to restore MT4 to default settings 

• Go to File > Open Data Folder.
• Remove the config and profiles folders.
• Restart MT4 to return to default settings.

How to update MT4 to the latest version 

• Close MT4 then reopen it.
• The platform will seek updates.
• If nothing updates get the latest version from your broker’s website.

Withdraw and manage funds in MT4

How to check your account balance

1. Open the Terminal (Ctrl + T).
2. Go to the Trade tab to see balance, equity, margin levels.

How to withdraw money from MT4

Withdrawals use your broker’s client portal:

1. Log in to your broker’s website.
2. Go to the withdrawal section.
3. Pick a withdrawal method; type the amount.
4. Send the request; wait for review.

How to find your MT4 account number

1. Open MT4 > Navigator.
2. Your account number shows under Accounts.

Final Thoughts on Trading with MetaTrader 4 

Pros and cons of using MT4 

Pros: 

• Easy-to-use interface
• Advanced charting tools
• Works with automated trade systems
• Works with most brokers

Cons :

• Limited asset types
• Lacks a built-in economic calendar
• No direct market access
• Mac users need extra software

Extra help for learning MT4 

• MetaTrader 4 User Guide – Find it on the MetaQuotes website.
• Online Trading Courses – Sites like Babypips or Udemy offer free or paid classes.
• Trading Forums – Talk with other traders on Forex Factory or in the MQL5 community.

Next steps to improve your Forex trading skills 

• Try a demo account before you trade live.
• Learn ways to manage risk.
• Follow market news and trends.
• Test and adjust your trading plans using backtest tools.

By learning MT4 well, traders can check markets, place trades as well as improve their plans for long-term success.