What is MT4?

MetaTrader 4, also known as MT4, is a popular trading platform among  forex traders due to its advanced charting capabilities, technical analysis tools, and automation features.

The platform offers a comprehensive suite of tools tailored to traders of all experience levels. These include a flexible trading system that allows users to customise their strategies, powerful algorithmic trading capabilities for automated execution of trades, and Expert Advisors (EAs) that can help streamline trading decisions based on pre-set rules.

In this article, we'll walk through how to use MT4, from installation to placing trades. 

How to open an MT4 account? 

These are the steps to open a demo or live account with MT4:

1. Apply for a demo account 

2. Proceed with a live application by clicking “Complete application now”. We will email you once your live account has been created. 

3. Create an MT4 password within the admin portal. Remember your MT4 password can be different to your admin portal password. 

Download and installation 

1. Download MT4: Depending on your computer's operating system download the relevant installation file: 

2. Install MT4: Run the downloaded file and follow the installation prompts. Once installed, open the platform and log in with your CMC account credentials.  

3. Select the trade server from your CMC account opening email or in your admin portal and click next. 

4. Click Existing trade account and enter your MT4 account log in and password. 

5. Click Finish and check the bottom right-hand side for your connection status. 

To log in to a different account click File > Log in and enter your other CMC account credentials it will be added to your account list in your navigator. 

Note: “Invalid accounts” means you may have entered your details incorrectly. Go back to your admin portal to set a new MT4 password or contact our customer support team. 

Find a product 

1. Add a product: If you are unable to locate a product you want to trade in Market Watch, you may need to add it to your product list. Simply right-click any product and select Symbols. The products will be categorised according to product type and grey symbols are not in the list. Double-click the greyed-out product to add it to the bottom of your product list.

2. You may also add all available products by right-clicking inside the market watch and select show all.  

Opening a position 

2. Select an Instrument: In the 'Market Watch' window, double-click on the instrument you want to trade. 

3. Set Order Parameters: In the 'Order' window, set your trade size in MT4 lots, stop-loss, take-profit, and other parameters. 

4. Place the Order: Click 'Buy' or 'Sell' to open your position. 

Placing pending orders 

1. Open Order Window: Double-click on the instrument in the 'Market Watch' window. 

2. Choose Order Type: In the 'Order' window, select 'Pending Order' from the 'Type' drop-down menu. 

3. Set Parameters: Enter the price at which you want the order to be executed, along with stop-loss and take-profit levels. 

4. Place the Order: Click 'Place' to set the pending order. 

Monitoring positions 

1. Open Terminal Window: Press Ctrl + T or go to 'View' > 'Terminal' if not present at the bottom of the screen. 

2. View Positions: In the 'Trade' tab, you can see all your open positions and pending orders.

Modifying Stops and limits 

1. Open Terminal Window: Press Ctrl + T or go to 'View' > 'Terminal' if not present at the bottom of the screen. 

2. Modify Orders: Right-click on the position or order you want to modify and select 'Modify or Delete Order'. Adjust the stop-loss and take-profit levels as needed and click 'Modify' to apply changes. 

Customising charts 

1. Open Chart: Drag and drop one of the products from the 'Market Watch' window into an empty space to open a new chart or onto an existing chart to replace it. 

2. Add Indicators: Double-Click on the 'Indicators' button in the toolbar or right-click on the chart or click on the + sign to expand your view of indicators. Once you have located the desired indicator drag and drop it onto the open chart or right click the indicator and select “attach to chart”. Set your desired settings and click “OK”. 

3. Draw Tools: Use the drawing tools in the toolbar to add trend lines, Fibonacci retracements, and other graphical objects.

4. Change Timeframes: Use the 'Timeframes' toolbar to switch between different chart timeframes (e.g., 1 minute, 1 hour, daily). 

5. Customise Chart settings: Right-click the chart and select properties to change the chart colours, change chart type and other settings such as show ask line. You may save your chart templates by right-clicking the chart and selecting Templates > Save Template to quickly load them on new charts that you open. 

View account history: 

1. Open Terminal Window: Press Ctrl + T or go to 'View' > 'Terminal' if it is not present at the bottom of the screen. 

2. Select Time Period: Navigate to the Account History tab of the Terminal and right click and select your desired time period. 

3. Check Account History: All closed trades during the selected period will appear in your navigator including the opening and closing price, time and realised P&L as well as deposit 

4. Download Statement: Generate a trade report by right clicking anywhere in the Account History tab and select “Save as report” or “Save as detailed report”. Please note your official CMC account statement for Live accounts is available in the admin portal. 

Set alerts:

1. Open Terminal Window: Press Ctrl + T or go to 'View' > 'Terminal' if not present at the bottom of the screen. 

2. Alerts: Navigate to the “Alerts” tab of the navigator and right-click anywhere and select “Create” 

3. Set: In the Alerts Editor select your desired action, product, condition, price & value and select “OK”. Your Alert will be added to a list and can be paused or deleted by right-clicking the alert. 

MT4 Add-ons and Automated Strategies

CMC Markets offers a wide range of free add-on indicators and features provided by third parties for MT4.

For more information check this article on Automated Trading on MT4.