Learn Gold Trading Platform - MetaTrader 4 Gold Trading Platform
The best Gold trading platform online to learn Gold trading with is the MetaTrader 4 software platform. This is one of the most commonly used online trading platform. It is used to also trade Forex Currencies, Stock Indices, Oil and CFDs.
This platform is provided by almost all the online trading brokers. This is also because it is a software platform that is easy to use.
In this tutorial we shall explain the MetaTrader 4 platform trading interface and show traders how to navigate this trading platform and how to trade with it. The MetaTrader 4 platform trading interface is shown below:
Gold Trading Platform - MetaTrader 4 Platform Workspace
The above screenshot shows the MetaTrader 4 Gold trading platform interface where several chart toolbars and trading chart windows are displayed.
Once you have downloaded this Gold trading platform from you online Gold trading broker's website you will then need to learn how to navigate this trading platform before you can start trading the Gold metal online.
Online Gold Trading Platform - MetaTrader 4 Workspace
From the above screenshot of this Gold trading software there are several chart toolbars as well as chart windows.
You can download this online Gold trading platform from your online broker's website and after you download this software, then you will need to learn one or two things about this Gold trading platform:
The first thing you need to learn is how to install this Gold trading software after you download. For example if you download the MetaTrader 4, you will need to go to an online Gold broker website first, register for a demo practice account then after you register for a demo trading account you will be provided with a link where to download the MetaTrader 4 software.
Now once you download this Gold trading platform, assuming you do not know much about computers, Open your Browser>> Go to tools at the top left corner of your browser next to "file", "edit", "view" click on tools, select download folder location, (shortcut: once you open your browser click CTRL+J or CTRL+Y), a download popup will appear with links to downloaded items. Select the software that you have just downloaded.
Installing MetaTrader 4 Trading platform
To install this trading software after you have downloaded, launch the download from where you downloaded, from there an installation wizard appears and all you have to do is to follow the installation instructions. After installation of the platform, the software will run automatically just like any other software.
You can open the MT4 from the start menu>>Programs or from the desktop shortcut that appears as a desktop icon marked MT4 after installation.
Demo Account Opening and Login
To open a Gold trading account on MT4 platform just click on "file" and then on "open an account", to login to an account just click on "file" at the top right corner and then click login from the drop down menu that appears.
Once you login to the Gold trading platform you will get access to trading charts and other technical analysis tools such as technical indicators that you will then use to place XAUUSD trades within the market while connected to your Gold broker's servers.
Gold Trading Platform - Menu Bar and Toolbars
Menu Bar on MetaTrader 4 Platform For Navigating within the MT4 Software
Menu bar is used to operate and navigate this online Gold trading platform from one single panel. From this panel you can set how to view the chart toolbars, trading charts, data windows and even use the "file" menu tab to open a Gold trading demo account - and also login to your account.
Form the menu bar you can click on the "view tab" next to file at the top left corner and select chart toolbars like in the above pictured screenshot, these menu bars can be used to set up the Gold trading charts, technical indicators, chart time frames, and others things like drawing trend lines and Fibonacci retracement levels and Fibonacci expansion levels.
Now that we have looked at the MetaTrader 4 chart toolbar and menu bar, we shall look at the main workspace interface of the MT4 XAUUSD online trading platform.
Gold Trading Platform - MetaTrader 4 Workspace
MetaTrader 4 Trading Platform Workspace
Market Watch Window - This market watch window is used to show a stream of Gold prices that is obtained from your online broker. In this market watch window you can right click anywhere on this window to select show all trading instruments or hide the ones you are not interested in and save some bandwidth at the same time. No need to have prices for 50 currency pairs if you are only interested Gold.
To Find Gold or XAUUSD metal for trading once you right click inside the market watch window and then select "Show All" instruments , then look for Gold or XAUUSD, open the Gold chart and then right click again and this time specify "Hide All" so as to hide all the other financial trading instruments that you will not be trading.
Data Window - Used this data window to setup technical indicators, Expert Advisors and scripts, you can click on any of this menu sub items and expand/collapse the indicators or Expert Advisors used for automated trading so as to select these items and put them on the trading charts.
Charts Panel - This is where the Gold price moves will be plotted in the form of a graph or what is commonly referred to as a trading chart in online trading.
Charts Tab - This tab is used for navigation from one currency pair to another is easy, or if you are trading the metals GOLD and SILVER, this tab will be used to navigate from one chart to the other chart, just flip through the charts tab as shown above.
Terminal - This terminal window is used to display a statement of your trade transactions, profits and loses that you have made in your live Gold account or demo Gold account. To enlarge this window and view open trades, just hover the mouse on the terminal tool bar until the cursor changes, click and hold down mouse button and then move cursor upwards.
Connection bars - These connection bars are used to show the connection to the internet, red bars mean no internet connection, green bars show there is internet connection.
Gold Charts - These Gold charts shows the exchange price for the metal XAUUSD that you are trading so as to show if the Gold prices is going up or down.