Forex Trading Platform

by May 26, 2021Forex Trading for Beginners

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.

Forex trading platform

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.

Forex trading platform

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
  • Indicators
  • Grid

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.

Setup Metatrader 4 Chart - Chart EUR/USD

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.

You have:

  • 1 minute
  • 5 minutes
  • 15 minutes
  • 30 minutes
  • 1 hour
  • 4 hours
  • daily
  • 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.

Setup Metatrader 4 Chart - Chart EUR/USD

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.

Metatrader 4 demo account - demo account information

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.

Metatrader 4 demo account - demo account information

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

Indicator list on the MT4 mobile

Off Quotes in MT4 Message

You will experience issues in trading Forex where you cannot open a trade or close the trade because off quotes messages.

That message represents a price change in the market which is different from the price you want to open a trade.

The price change can happen because you have lost an internet connection and in the meantime the price changed so you need to change the request.

Other times when this error appears is when there is a highly volatile market and the price changes quickly. You cannot send a request to open/close the trade that quickly so you get off quotes message.

 

Off quotes in MT4

If you experience this problem, keep in mind that it is a normal thing, but it should not happen all the time.

If you experience an off quote error there are ways you can fix the error. You can read more details in the following article where I explain what the off quotes mean and how to fix off quotes in MT4.

Fix Common Error in MT4 on PC and Mobile

When the Internet connection is lost on your PC or mobile phone you will experience a common error which means there is no internet connection.

WHen that happens the data exchange between MT4 and broker server cannot be done so the MT4 stops working.

Usually, the problem happens because of a lost Internet connection, but sometimes it can happen because MT4 enters into error and you need to restart the platform.

common error on mt4

There are other possible causes of the error and there are several ways to fix the common error.

Restarting the MT4 platform or restarting Internet connection usually helps, but sometimes you need to do more.

Check the article where you can see what are the ways how to fix the common error in MT4 on PC or mobile.

Fix Metatrader Login Problem

When you try to log in the MT4 or MT5 you can get authorization error or connection failed error. Those errors are connected with wrong login details like account ID, password or server.

Each time you register an account on the mT4 you get a message with account ID, password and server. If you are using Metaquotes free account and MT4 then you get only account ID and password.

So, when you enter them correctly you get the access. But many times traders enter the wrong password which creates a metatrader login problem.

Metatrader login problem - invalid account ID

By being careful when entering login details correctly you can avoid this issue.

But, if you find yourself with this problem then you can read a guide on what is causing this error and how to fix it.

I have also made a video also to help you fix the metatrader login problem.

How to Close Trade in MT4 Mobile

If you are using a smartphone you will need to learn how to close a trade in MT4. It is a simple process, but there are other options you have.

You can close one order at the time. You can close all orders with one click. But there is an option to partially close orders.

For example you can close half position of one trade by simply changing the lot size during the closing process.

Close Trade in MT4 mobile

Check the article where I have explained all the steps you need to close order in TM4 mobile or partially close orders.

MT4 Not Enough Money Error

If you ever experience a problem in trading where MT4 shows you a message that you do not have enough money you should read the article How to fix MT4 not enough error.

Account balance thousand dollar

The main reason behind this error is not having enough money on your trading account. Second reason is not having enough margin to open the desired trade size. 

And margin is closely connected with the account balance. So pay attention to having enough money in your trading account.

How to Update MT4

Sometimes MT4 will not update automatically on the latest version and you will need to do that manually.

The process of updating is easy and you need a few seconds to do that.

MT4 update manually - run as administrator

Simply go to the folder where the MT4 terminal is and click the right mouse button and run as administrator.

If you want to see more details on how to check the version and build version then I suggest you check the article about how to update MT4 manually.

Metatrader 4 Demo Market Closed

Trading a live or demo account on the Forex market has limitations and the limitation is that you cannot trade on the weekend.

Forex market for retail traders like you is closed so you cannot open or close any trade on the weekends.

From Friday evening until Sunday evening you cannot trade.

If you try to trade you will get the error “Market is closed“.

Metatrader 4 Market is closed Message

To continue trading you need to wait until Monday.

But, sometimes the market can close because brokers have technical issues with the demo server or it is midnight when the swap is done.

That is the time when you cannot trade for a few minutes.

Check the article metatrader demo market closed where I explain in more detail what means market is closed and when you can expect to trade on the Forex market.

Add a Broker to MT4

You can add your broker to the MT4 platform by searching it between available servers on the MT4 platform.

You can to the same on MT5 or mT4 android

By adding a broker toMT4 you can trade demo or real account.

Add broker to MT4 by typing broker name

To start adding a broker to mT4 go to File -> Open an Account. 

Then you will have a new window where you need to enter the broker name and find a server you want to connect to.

If you want a more detailed explanation with steps read the article with steps.

Read more: How to Add Broker to MT4

How to Change MT4 Password

To change MT4 password you need to go to Tools->Options and in the Server tab select button change.

It is important to follow guidelines for a new password to be able to change it in the MT4.

Menu for changing MT4 password

When you enter a new password you can see in the Journal tab a message that confirms the password is changed.

If the password is not changed check have you fulfilled all the conditions for a new password.

If you want to see step by step instructions on how to change passwords on MT4, MT4 android and MT5 for master and investor password I suggest checking the following article.

Read more: Change MT4/MT5 Password on Desktop and Android

“Disclosure: Some of the links in this post are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. This does not cost you anything extra on the usual cost of the product, and may sometimes cost less as I have some affiliate discounts in place I can offer you”

Frano Grgić

Frano Grgić

A Forex trader since 2009. I like to share my knowledge and I like to analyze the markets. My goal is to have a website which will be the first choice for traders and beginners. Market analysis is featured by Forex Factory next to large publications like DailyFX, Bloomberg... GetKnowTrading is becoming recognized among traders as a website with simple and effective market analysis.

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Forex Trading

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4. Forex Trading Basics
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