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