MetaTrader 4 Gold Trading Software
The best gold software is the MT4 software. This is one of the most common gold software that is used almost by every other trader as well as almost every online broker.
In this guide we shall explain the MetaTrader 4 Interface so that beginner traders wanting to begin learning this Gold charting software, can then begin from this lesson.
Best Online Gold Software - MetaTrader 4 Workspace
Form the above screen shot of the this software there are several tool-bars as well as chart window.
You can download this online gold trading platform from your broker's website. Now after you download it, then you will need to learn one or two things about this gold trading platform:
The first thing is how to setup this gold trading software after you download. For example if you download the MT4, you will need to go to a broker first, register for a practice trading account then after you sign up for a demo xauusd account you'll be provided with a link where to download the MT4.
Now once you download this gold trading platform, guessing you don't know much about Desktop computers, Open your Web Browser >>> Go to tools on tops left corner of your browser next to "file", "edit", "view" & click on tools, select download folder place, (shortcut: once you open your webbrowser click CTRL+J or CTRL+Y), a download pop up will appear with links to downloaded items. Choose the software that you have just downloaded.
Installing MetaTrader 4 XAUUSD Trading Software
To setup this software after you've downloaded, launch the download from where you downloaded, from there an installation wizard pops up and all you've to do is to follow the setup instructions. After setup the platform will run automatically just like any other software. Read guide How to install MetaTrader 4 platform.
You can open MT4 from the begin menu>>> Programs or from the desktop shortcut that pops up as a desktop icon marked MetaTrader 4 after set up.
Demo XAUUSD Account Opening & Sign in
To open an account in MT4 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 click sign in from the drop-down menu that appears.
Once youlogin to the platform you'll get access to charts & other technical analysis tools such as technical indicators that you will then use to place trades within the xauusd market while connected to your gold broker's servers.
Gold Platform Menu Bar & ToolBars
Menu Bar in MetaTrader 4 for Navigating within the Software
Menu bar is used to operate and navigate this gold trading platform from one single panel. From this panel you can set how to view tool bars, chart, data window & even use the file tab to open a xauusd account - & also sign in to your account.
Form the menu bar you can click on view tab & select toolbars like in the above pictured image, these menu bars can be used to set up charts, indicators, time frames, & others things like drawing gold trend lines and Fibonacci retracement levels and Fibonacci expansion levels. To learn how to customize this trading platform go to this MT4 Gold Platform Lesson Section.
Now that we have looked at the tool-bar and menu bar, we shall look at the main work-space interface of the MT4 platform - MetaTrader 4 Gold Software - MetaTrader 4 Gold Trading Platform.
Best Online Gold Platform - MT4
Market Watch window - This window is used to show a stream of the exchange rates that's obtained from your xauusd trading broker. In this market watch window you can right click anywhere on this panel to choose show all trading financial 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 trading instruments if you are only interested in 4 trading instruments.
Data Window - Used to setup 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.
Charts Panel - This is where the price moves will be drawn.
Charts Tab - Navigation from one trading instrument to another is easy, just flip through the charts tab as illustrated above.
Terminal - This window is used to display a sstatement of your trades, profits & loses that you have made in your live xauusd trading account or demo xauusd trading account. To enlarge this window panel and view the open trades, just hover mouse on the terminal panel toolbar until the cursor changes, click & hold down the mouse button and then move cursor upward.
Connection bars - These are used to explain connection to the internet, red bars mean no internet connectivity, green bars explain there is net connectivity.
Exchange Rates Graph - this shows the exchange rates for gold that you are trading so as to explain if the exchange rate is going upwards or downward.
Why MT4 is Best XAUUSD Software
In online gold market there are many gold platforms available around the internet. But among the top gold softwares best gold platform is MT4, it is the best Gold software because of the following reasons:
Low Bandwidth Connection Requirement
Not everyone can afford the best internet connection, the T1, the satellite, ADSL or Fiber Optic internet connection: furthermore, these are not freely available to some residential areas and may be limited to office buildings. This is why it is best to choose a gold software that requires the minimum band-width, the MT4. Even with the best connection, sometimes the connection might not be available & you may need to use an alternative connectivity like the dial up or modem. MetaTrader 4 is the least expensive if you are on a modem. To even reduce further the inter-net bandwidth usage go to market watch (Shortcut Keys press CTRL+M), Right Click on any trading instrument, Select "Hide all", now the trading platform will only stream the xauusd trading price quotes for the pairs you only need and conserve your bandwidth even further. Especially when using a mobile phone or i Pad or a Tablet where you are paying for phone credit this can save your credit. This is one of the reason why MT4 is considered as one of the best gold trading platforms online.
The easier it is to connect the easier it is open & close trades on time.
Provided by all Brokers
Another reason why this Gold software is considered as one of the best gold trading platform is because MetaTrader 4 is liked by most traders all brokers provide it. Once as a investor learns the MT4 platform there is no need to re-learn when you switch to another xauusd trading broker. You can still use the same MT4 of the new gold broker without the need to learn a new platform all over again.
Easy Technical Analysis
The other thing that makes this the best gold platform is ease with which you can set up the technical analysis technical indicators on the xauusd charts. Even those using various web traders will do their technical analysis in MT4 and then place their gold orders on their web trader.
Technical traders can also install custom technical indicators on this software, making it easier to add more technical analysis tools onto this software. Others also install automated Expert Advisors on this gold trading platform so as to trade automatically with these programs referred to as automated Expert-Advisor Gold Bots.
Best Charts
The MT4 has the best gold platform charts representations available & implements many chart time frames from which a investor can select.
Simplicity
Overall the simplicity of this software & the fact that any investor can learn how to use MT4 within one hour makes this the best software for new and experienced xauusd traders.
According to gold trading platform reviews of the top gold trading platforms MT4 is the best gold trading platform. Therefore, traders looking for what is the best gold software can begin trading with the MT4 software as it is the best software & it's very easy to learn.
MT4 Gold Platform - MT4 Gold Software - MetaTrader 4 Gold Trading Platform
