Introduction to MT4 Interface
The following screenshot below shows the main MetaTrader 4 trading platform interface. As a beginner trader trying to learn how to execute forex orders in the online forex currency market, the main tool for trading the forex market is the MT4 trading platform software. This MT4 platform is software that you will connect to your forex broker with & execute forex trade transactions & monitor your forex account balance from this MT4 software.
The Forex MT4 platform software is provided for free through the various Forex broker websites. This MT4 forex software looks like the example below:
The Main Areas of this MT4 software as displayed above are:
- MetaTrader 4 Navigation Menus
- Toolbars
- MT4 Chart Panel
- MetaTrader 4 Navigator Window
- MetaTrader 4 Market Watch Window
- MT4 Terminal
- MT4 Connection Bars
For this MetaTrader 4 tutorial we shall look at a brief introduction for each of these learn forex MetaTrader 4 platform:
1. Navigation Menus
The MetaTrader 4 navigation menus are:
- File
- View
- Insert
- Charts
- Tools
- Window
- Help
These are the main MetaTrader 4 navigation menus which can be used to navigate MT4 platform. As a beginner trader you can start by clicking any of these MT4 navigation menus so as to familiarize yourself with various MetaTrader 4 button keys which are arranged as MetaTrader 4 submenus within these MT4 navigation menus.
These MetaTrader 4 navigation menus will be described & covered in details in the next MT4 tutorials about navigation menus.
2. Toolbars
The MetaTrader 4 toolbars are used to manipulate MT4 charts, either by placing MetaTrader 4 indicators, MT4 line studies, change MetaTrader 4 chart timeframes and load MT4 template from a list of saved MT4 templates.
These MT4 tool-bars will be discussed on other MT4 guides that will outline each MT4 button on this MT4 toolbar & how to add and customize these MT4 toolbars.
3. Chart Window Panel
This MetaTrader 4 chart window is the main area where MT4 currency charts are displayed and a trader can interpret the trend direction of a MT4 chart whether up or down, place MetaTrader 4 chart indicators for technical analysis & even place orders from these MT4 charts.
4. Navigator
MetaTrader 4 Navigator will contain data about MetaTrader 4 accounts, whether practice or real, this MetaTrader 4 window will also have a list of all the MT4 technical indicators as well as MT4 EAs and scripts.
A trader can choose which MT4 account to login by expanding the Accounts menu, choose an MT4 indicator by expanding the MT4 indicator menu or choose an MT4 EA by expanding the EA menu.
5. Market Watch
MetaTrader 4 Market watch is used to show streaming currency quotes for MT4 currency pairs. This can list as many quotes provided by your MT4 Forex broker or a few chosen by a trader. To save inter net bandwidth, right-click inside the MT4 market watch window and select 'Hide All', so as to hide the currencies that you are not transacting on this MT4 platform and save on inter-net band width.
6. Terminal
This is MetaTrader 4 window panel that is like the bank account trade area for your MT4 currency trade transactions, on this MT4 window you can view your trading account balance, profit and losses statement, equity, margin used also retrieve a copy of all your MT4 forex trade transactions history.
This MT4 window panel will also list all open forex trade transactions & calculate all the profit & loss in real-time as the forex currencies move up or down.
7. Connection Bar
MT4 connection bars - Red bars are for no connectivity, green bars show that there's connectivity to the servers and MetaTrader 4 forex trade orders can be placed. These MetaTrader 4 connection bars should always be green when one logged into their MT4 practice account or MT4 live account.
These MetaTrader 4 software main areas form the MT4 platform interface & will be the main areas to be covered in detail in next learn MetaTrader 4 guides. For now it's best to download MT4 software software and familiarize yourself with MT4 software interface.
Why Forex Trading Software is Required for Placing Currency Transactions with Forex Trading Brokers
Forex platform is the software which is used to access the currency market and interpret these currencies using forex charts and forex technical analysis tools. There are various reasons why a trader requires to use a good platform. A good software can ascertain if a as a trader you make profit or not.
So why does a Forex Trading trader need a good Trading Software:
To connect to the Forex Broker Trading Server:
To place a forex trade order a trader needs to use a trading software which will connect to the trading servers of their forex broker & this will allow them to open & close forex trade orders. Good trading platforms will connect with ease to the brokers' servers & allow forex traders to place forex orders at any time from desktop computer.
To analyze forex charts & currencies using forex technical analysis tools
To place a buy or sell forex order one needs to first analyze direction of currency pair using forex charts. This is why all good trading softwares provide forex technical tools such as forex price charts, indicators & various different chart timeframes from which trader can analyze forex price moves using the forex chart time frames of their choice.
From the above trading platform inter-face, the summary of all data required by a trader is provided on this MetaTrader 4 platform interface
- Connection - connection to the broker servers
- Charts - price graphs that display forex prices
- Tool bars - tool-bars to add tools & technical analysis indicators on forex charts
- Market Watch - for displaying available financial instruments in MT4 platform
- Data panel - provides MT4 forex account information and other technical indicator data
- Exchange rates - shows current market price of a currency pair
- Menu bar - Shows all menu items in MT4 software
