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