Up to now you have read about the Forex market and currency pairs you trade on the Forex.
Now you need to prepare yourself for trading. You need trading tools and that is Forex trading account and Forex trading platform.
After you finish this trading guide you will have a demo account and trading platform which you will use in trading.
- 1 Install Metatrader 4 on PC and Smartphone
- 2 How to Use Metatrader 4 Trading Platform
- 3 How to Set up Charts on the Forex Trading Platform
- 4 Change Time Frame on the Forex Trading Platform
- 5 Forex Trading Account
- 6 Open Demo Account on the Forex Trading Platform
- 7 Painful Tricky Question About Demo Account
- 8 Open Live Account on the MT4 Trading Platform
- 9 Trading Indicators on MT4 Mobile
Install Metatrader 4 on PC and Smartphone
To start Forex trading as a beginner you need to download a trading platform on your PC and smartphone. First download on your PC and practice on PC before moving to smartphone.
The reason is on a PC which is much easier to handle and learn on compared to a smartphone which has limited functions.
Downloading a Forex trading platform can be done two ways. First is to select Forex broker and download the broker’s trading platform. For that you need an account with that broker.
Second way is to download a free trading platform from Metaquotes website. For that you do not need an account.
So, if you are just looking to download a trading platform without an account and hasle with documentation I suggest you check this article on how to download and install Metatrader 4 on PC and smartphone.
How to Use Metatrader 4 Trading Platform
After you download a trading platform you need to learn what to use and when to use in trading.
Trading platform is a tool you need to use to open trading orders. And Metatrader 4 is used for that.
First you need to get around and see which steps you need to take in order to open an order.
First you have a chart window where the Forex currency pairs are shown. In the chart window you analyze the currency pair and determine the future direction.
To determine the right direction you need to use tools to analyze the chart. And those tools are located in the upper part of the MT4. There are quick toolbars.
There you can find time frames, drawing tools, indicators, expert advisors etc..
But, there are other windows below and on the left side. Those tools are also important to use.
I suggest you visit the following article and check how to use Metatrader 4.
How to Set up Charts on the Forex Trading Platform
When you check how to get around Metatrader 4 it is time to set up the charts in the trading platform. You need clean charts ready for analyzing the currency pairs.
Charts can be set up with different colors. You can have a colored background, white or black. And the candles or bars you see on the chart can be colored differently.
The chart set up has a few important things you should set up. Those are:
- Candles or bars
These are a few things you should check and set up so you can continue with analyzing.
To explain to you why each of these points are important I have prepared a video for you. In the next article you can find more details how to set up charts in Metatrader 4. I suggest you read it.
Change Time Frame on the Forex Trading Platform
Up to now you have a trading platform and set up the chart ready for analyzing.
It is time to show you how to analyze the different time frames. Time frame is a time period where each candle or bar represents one time frame.
- 1 minute
- 5 minutes
- 15 minutes
- 30 minutes
- 1 hour
- 4 hours
- weekly and
- monthly time frame
Time frame depends on the trading style. If you are trading on the short time frame then it is best to use a short time frame. From 1 minute to 15 minutes.
If you are trading intraday then you could use 30 minutes up to 4 hours time frame.
And if you are a swing trader then daily and larger time frames are better.
But sometimes you want to have other time frames like 2 minutes, 2 hours which are not standard time frames in the MT4.
To get those time frames I have made an article which explains how to change time frame in MT4.
Forex Trading Account
Lets now open a new trading account. First demo and then live account.
These two accounts are accounts you will need in trading on the Forex.
First demo account where you will learn all that is needed. Where you can test as much you want and test whatever you want.
Then a live account where you can make money trading on the Forex and then transfer the money to your bank account.
Open Demo Account on the Forex Trading Platform
Demo account is a crucial part in trading journey from a beginners stage. You need to open a demo trading account to test all that is needed.
To open a demo account you can find a broker that will give you a demo account which you can register in the dashboard of your account with that broker.
To get the access you need to register with that broker.
But there is another way, and that is for free without a broker. You can open a demo account in the free MT4 trading platform and start trading. You specify how much money you want to have on the demo trading account and which leverage.
I have made an article for you where you can follow step by step to open demo account on the Metatrader 4.
Painful Tricky Question About Demo Account
You will see when you start using a demo account that few of the questions will pop up.
Like, how much money can I have on the demo account. Or, how long can I use a demo account before going to a live account?
And when you lose all money on the demo account you will want to reset the account balance to start over.
All those questions are normal questions, but some of them can be tricky because they are not easy to understand and to solve them.
That is why you have one place with the most asked questions and answers for them. I have created an article that lists all those questions and I have answered them.
Read more about demo account questions.
Open Live Account on the MT4 Trading Platform
When you are done with the demo account it is time to start trading on a live account. With real money you invest and then withdraw with profit.
It is not easy to shift from the demo account to a live account because of fear of losing the money you have invested.
But, when you are ready to make that step and open a live account then you need to prepare a few things.
The documents you need to open a live account are usually your personal ID, some document that can be used to verify your address.
The whole process is done with a broker. You need to have a broker to open a live account so take your time and find Forex broker.
When you register with a broker you need to open a live account inside the account dashboard. Usually the broker gives you an account dashboard to get around easily and to make administration easier.
Then you need to fund your live account with money. That money is your investment which you want to increase by trading.
When you open a trading account you will have an account ID and password with server details. These three details are needed to enter into a trading platform to start trading.
These details and steps are the same for the demo account and for the live account.
So, if you have an open demo account with a broker then you know all the steps.
But, sometimes it can be hard to make all of that on your own.
That is why I have made a step by step process to explain to you all what you need to know.
Read more about steps you need to take to open real trading account.
Trading Indicators on MT4 Mobile
Majority of us are using mobile phones in everyday life and as a trader you have the MT4 Forex trading platform installed on your mobile phone.
Even the mobile version of MT4 is slightly limited in terms of how many indicators you can have, but there are enough of them for analyzing Forex currency pairs.
If you are using MT4 on your smartphone and you need help on how to add a trading indicator on the MT4 I have prepared a guide. It is a video guide, but you have also written a guide to help you add indicators on the MT4 mobile.
You need to click on the indicators menu and select which indicator you want to use. Inside certain indicators you have settings you need to select.
When you are done with the settings you need to apply that indicator on the chart.
In a few steps you are done adding a trading indicator to the MT4 platform.
Here is the article: Add Indicators to MT4 Mobile