How to Trade Currency Pairs on MT4
MetaTrader 4 is one of the most popular and stable platforms used for retail forex trading. It is designed by Metaquotes Inc. as a turnkey solution. Usually, individual brokerages customize it to their clients’ needs according to branding requirements. Its successor is the MetaTrader 5 – a next-generation platform with some extra features. However, the latest MT4 update has some of them as well. The initial Build 600 is now Build 900, which allows both manual and automated trading.
What you should know about MetaTrader 4
Generally, most brokers have adopted the MT4 trading software due to its reputation with traders around the world. The platform’s intuitive design enables beginners to learn the basics straightforwardly. In addition, Metaquotes Inc. has also made significant changes to the platform, with the first version in 2006 being only for desktops. Not long after, mobile versions were developed as well.
Currently, Eightcap offers access to three versions of MT4 – desktop, and mobile (both iOS and Android). The latter two can be downloaded from the respective application stores (App Store for iOS and Google Play for Android devices). In order to avoid copycat apps, the safest way is to use the download links on the dedicated Eightcap MT4 page.
How to launch MT4
The steps to take before you can trade on MetaTrader 4 using your Eightcap account are:
- Download the MT4 for desktop or mobile.
- Install the desktop client or mobile application.
- Open a demo account or create a live trading account with Eightcap.
- Set your account up by opening the email you should have received.
- Right-click the “Accounts” tab on the Navigator window on the left side of the main navigation window.
- Select the server of choice by highlighting the server bar and click Next to create the login profile and receive your credentials.
- If you already have an account, you can click on Existing Trade Account to input all the necessary login information and click Finish. You would also have to change the server to the real account server using Ctrl+O to open up the menu and selecting the appropriate server from the text box.
- Deposit funds into your account using the methods listed here. Once done, you can view them from the terminal window at the bottom of the MT4 interface.
How to start trading currency pairs
Lastly, the way to initiate trade orders consists of several steps. You will have to open up a “New Order”. Here is how to do it after opening the chart of the currency pair you wish to trade:
- Open the Trade Panel showing the Sell and Buy options, or click Alt+T.
- Choose the respective currency pair from the menu on the left side of the screen.
- Click F9 on your keyboard or the New Order tab located at the top of the MT4 interface.
- Feel free to set the parameters from the pop-up window that will appear to have a specific stop loss, lot size, take profit, etc.
- Choose the method of trade execution by clicking the Buy or Sell option on market orders or the Buy Limit, Buy Stop, Sell Stop, Sell Limit on pending orders.
That’s it! You have placed your first trade. If you have any questions along the way, you can always reach out to the Eightcap support team and they will do their best to clear the process up for you.
Trading on margin is high risk.