How to Use MetaTrader 4

3 minute read
|12 Jun 2023
Table of contents
  • 1.
    Installation and Set-Up
  • 2.
    Navigating the Platform
  • 3.
    Placing Trades
  • 4.
    Technical Analysis
  • 5.
    Automated Trading
  • 6.
    Conclusion

MetaTrader 4, also known as MT4, is a popular trading platform among forex traders due to its advanced charting capabilities, technical analysis tools, and automation features. In this article, we'll walk through how to use MT4, from installation to placing trades.

Installation and Set-Up

Before you can use MT4, you need to download and install the platform choosing whether you want download for Windows or Mac. The installation is a straightforward process following the prompts in the installation wizard.

Once you have installed MT4, you'll need to set up your trading account. This involves entering your account details, including your account number, password, and server name or IP address.

Navigating the Platform

Once you have set up your account, you'll be taken to the MT4 platform. At first glance, the platform may appear overwhelming, but with a bit of practice, you'll soon become familiar with its various features.

The main window of the MT4 platform is divided into several sections:

  • The Market Watch: This section displays the various financial instruments available for trading, along with their bid and ask prices.

  • The Chart Window: This section displays the charts for the selected financial instrument, along with any technical indicators you have added.

  • The Navigator: This section displays your trading account, indicators, and expert advisors (EAs).

  • The Terminal: This section displays your account history, open positions, and order book.

Placing Trades

To place a trade in MT4, you first need to select the financial instrument you wish to trade from the Market Watch window. Once you have selected the instrument, you can either double-click on the instrument or right-click and select "New Order."

The New Order window will then appear, where you can select your trade size, stop-loss, take-profit, and any other trade parameters. Once you have set your trade parameters, you can either place the trade immediately or set pending orders to execute the trade when certain conditions are met.

Technical Analysis

MT4 offers a wide range of technical analysis tools and indicators, allowing you to analyse market trends and make informed trading decisions. To add an indicator to your chart, you can either click on the "Indicators" button on the toolbar or right-click on the chart and select "Indicators."

From there, you can select the indicator you wish to add, set its parameters, and adjust its appearance. You can also save your indicator settings as a template for future use.

More info on Indicators can be found on our platform page.

Automated Trading

MT4 also offers automated trading with Expert Advisors (EAs). To use EAs, you first need to download and install them onto the platform. Once you have installed an EA, you can either drag and drop it onto the chart or select it from the Navigator window.

You can then set the parameters for the EA, such as the trade size, stop-loss, and take-profit levels. The EA will then automatically execute trades based on the parameters you have set.

Conclusion

MT4 is an advanced trading platform that offers numerous features to help you analyse the markets and execute trades. By understanding how to use MT4, from installation to placing trades and using technical analysis tools and automation features, you can make informed trading decisions and potentially improve your trading performance.

MT4 platform
Frequently asked questions

How to open a demo MT4 account

These are the steps to open a demo account with MT4:

  1. Apply for a demo account

  2. Create an MT4 password within the admin portal

  3. Follow the live account login steps outlined above (but select the demo server – you can find the server name at the top of the emails we sent you during the application process)

How to fund your account

Fund your MT4 account through the admin portal on a PC or Mac or via our MT4 funding portal on your mobile.

Funding via Desktop

Once you’ve logged in, use the open ‘Payments’ window to deposit via card, PayPal or bank transfer. If the payments window is not open, please select this from the main navigation menu.

Note: Your MT4 platform and the admin portal have different passwords which are not kept in sync.

Funding via a Mobile Device

Add our MT4 funding portal to your mobile device for quick funding access by following the steps below:

iOS

Android

1.) Open the Safari browser app on your phone.

2.) Visit our MT4 funding portal

3.) Tap the share button located at the bottom of the screen

4.) The payment page will now be added to your home screen for quick access

5.) Click on the newly-added icon on your home screen and login to the funding portal with your CMC admin portal username and password (this is different from your MT4 platform details)

6.) Once logged in, you will be presented with our payments page where you will be able to find instructions on how to deposit funds from a debit card or bank transfer


1.) Open the Chrome browers app on your phone

2.) Visit our MT4 funding portal

3.) Tap the menu icon in the top right of the chrome browser and select 'Add to Home Screen' from the list

4.) The payment page will now be aded to your home screen for quick access

5.) Click on the newly-added icon on your home screen and login to the fnding portal with your CMC admin portal username and password (this is different from your MT4 platform details)

6.) Once logged in, you will be presented with our payments page where you will be able to find instructions on how to deposit funds from a debit card or bank transfer


How is margin charged on MT4?

If you are going long and short on the same product at the same time on MT4, you will be charged margin in addition to fees (namely holding costs) on both sides of the trade. 

Please note that shorting certain instruments may not be permitted - check the 'Product Overview' for confirmation. 

Download MT4

Firstly, you will need to download and install the MT4 platform.

You can do so via the admin portal or the button below. Please note the download link does not work on mobile and tablet devices.

Where can I download and install MT4?

For further information on how to download and install MT4, you can read our guide here.

How to log in for the first time?

Please remember that your MT4 password is different from your CMC Markets admin portal password. To set your MT4 password, please log in to the admin portal using the password you created on the application form.

1. Launch the MT4 platform. The icon shortcut should be available on your desktop once you have downloaded and installed MT4.

2. Connect to the CMC server. You can find the server name at the top of the emails we sent you during the application process.

3. Select ‘Existing trade account’ to log in.

4. The following details will now be required:
    a) Login (this is your MT4 account ID)
    b)Your MT4 password

5. ​You should now be logged in. You can verify this by looking at the 'Journal' tab and the icon in the status bar at the bottom.

Why do I need two passwords?

When you trade on MT4 with us, you need one password to log in and trade on the MT4 platform, and one to log in to the admin portal.

In the admin portal, you can fund your MT4 account quickly and easily, manage your passwords and view your account balance. You can also view your open positions.
 
You admin portal password is the one you specify in our online MT4 application form (or your existing CMC Markets Platform password if you already have an account with us).

Your MT4 password can then be set up within the admin platform.

How to log in after the first time

1. Launch the MT4 platform. The icon shortcut should be available on your desktop. The MT4 platform will open on your screen.

2. In the ‘Navigator’ section on the left of the platform you should see the account you first logged in with. The Navigator window can be toggled on and off using Ctrl+N.

3. Select (double-click) the account you want to access and enter the following details:
    a) Login (this is your MT4 account ID)
    b) Your MT4 password 

4. You should now be logged in. You can verify this by looking at the ‘Journal’ and the icon in the status bar at the bottom.​

What products can I trade on MT4?

We currently offer selected forex, indices and commodities products. You can also trade on shares through our CMC Markets Platform via a separate CMC CFD account.

Can I use MT4 on a Mac?

MT4 is designed to be used on a PC using what is called a .NET framework. For information on installing on a Mac device, please refer to this link.

Can I use MT4 on mobile?

Yes. MT4 can be used on Android and Apple devices. Simply search for ‘MT4’ in the Google Play and App Store.

How do I view my MT4 trade history?

To view your trade history through MT4, log in to MT4 and go to the 'terminal' window.

Choose the 'account history' tab at the bottom of the terminal window. From here you can right click anywhere within the window; this will prompt you to select which history you'd like to download.

How do I add an Expert Advisor or indicator to MT4?

To add an EA, open MT4 and go to ‘file.’ Then ‘open data folder’. Choose ‘MQL4’, and then ‘expert advisors’ or ‘indicators’.

You can then copy the file you want to add and drag/drop it into your preferred location. Close and reopen MT4, and you should see the item in the navigator window.

Why do I need a CMC Markets Platform account for MT4?

We use our native built, award-winning CMC Markets Platform to facilitate funding limitations within the MT4 platform and provide a secure funding process for our clients.

On top of funding, withdrawals and account information, your access to this CMC Markets Platform account also offers a market calendar, Reuters and client sentiment tools.

Where can I view my statement and account balance?

You can find your MT4 account statements within the CMC Markets Platform account.

You can access this by clicking on “Statement Centre” located in the "Account tab", which is found on the main menu.

What is the maximum trade size for MT4?

The maximum trade size varies depending on the product.

For more specific product information, right-click on the product inside the ‘marketwatch’ window and select “specification.” This will provide more detailed information about minimum and maximum trade size for that product.

What is the maximum margin and other costs associated with MT4?

The MT4 platform is free. Standard holding costs and spreads apply to most products as with our CMC Markets Platform.

For a complete picture of related costs, please log in to the CMC Markets Platform portal and locate the “product overview” information window for that product to see the complete list.

What server do I use to access CMC Markets prices?

For your demo account, you will need to use: “CMCMarkets1-Demo”.

For your live account, you will need to use: “CMCMarkets1-Live”.

How do I download MT4 indicators and add-ons?

You can learn more about MT4 indicators and add-ons, and download them for free here.

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