Metatrader is an online trading platform that allows traders to access the global financial markets. Metatrader 4 for android is a trading app that enables traders to securely trade Forex, CFDs, and other financial instruments on the go. This comprehensive guide seeks to help you master metatrader 4 for android.
1. Getting Started: The first thing you need to do is download and install the Metatrader 4 app from the Google Play Store. Once you have the app installed, you need to create a demo account; this allows you to practice trading without risking real money. To create a demo account, select the ‘Open a Demo Account’ option and follow the prompts. Once you have created your demo account, you will be taken to the main trading screen, where you can access charts, trading tools, and other features.
2. Customizing the App: It’s essential to customize the app to suit your trading needs. The app allows you to customize the chart types, indicators, and toolbars. To do this, select the ‘Settings’ option on the main screen, and then navigate to the ‘Chart Settings’ menu. Here, you can customize the chart types, add indicators and customize the toolbars. You can also change the color schemes and font sizes to suit your preferences.
3. Placing a Trade: Once you are familiar with the app and have customized it to your liking, you can start trading. To place a trade, select the instrument you want to trade from the ‘Market Watch’ section of the app. Tap on the instrument, and a trading screen will appear. Here, you can select the lot size, stop loss, and take profit levels, and then place your trade. The app also allows you to place pending orders, which are orders that will be executed once a certain price level is reached.
4. Analyzing the Markets: The app comes with a wide range of analytical tools to help you with market analysis. These tools include charts, technical indicators, and drawing tools. To access these tools, select the ‘Analytics’ option on the main screen. Here, you can access charts, add indicators, and draw trend lines and other technical analysis tools.
5. Managing Your Trades: The app also allows you to manage your trades on the go. To manage your trades, select the ‘Trade’ option on the main screen. Here, you can view your open trades, check their performance, modify your orders, and close your trades.
Short:
Mastering Metatrader 4 for android can help you trade Forex, CFDs, and other financial instruments on the go. By following the steps outlined in this comprehensive guide, you can learn how to use the app to customize charts, place trades, analyze markets, and manage your trades. With practice, you can become a confident and successful trader.