MetaTrader 4 (MT4) remains the gold standard for retail forex and CFD trading. Despite newer platforms hitting the market, Metatrader 4 reliability, customizable charts, and automated trading capabilities keep it the preferred choice for millions of traders worldwide.
However, for a beginner, the interface can look like the cockpit of an airplane. To help you navigate your first steps, we have compiled this step-by-step tutorial in a convenient FAQ format.
How do I get started with MetaTrader 4?
Before you can trade, you need the software. While you can download a generic version from the developer (MetaQuotes), it is highly recommended to download the platform directly from your chosen broker.
Most brokers offer a branded version of MT4 that comes pre-configured with their specific servers and currency pairs. simply navigate to your broker’s website, find the “Platforms” section, and download the installer for your operating system (Windows, Mac, iOS, or Android).
How do I log in to my account?
Once installed and launched, you need to connect the platform to the market.
1. Click File in the top left corner and select Login to Trade Account.
2. Enter your Login (this is usually your account number sent via email).
3. Enter your Password (Trader password).
4. Select the correct Server from the dropdown menu. This is crucial; if you select the wrong server (e.g., a demo server for a live account), you won’t be able to log in.
How do I place my first trade?
There are several ways to open an order window, but the standard method is pressing the F9 key on your keyboard. You can also right-click on a chart and select Trading > New Order.
When the order window pops up, follow these steps:
• Symbol: Ensure you are trading the currency pair you intended (e.g., EURUSD).
• Volume: Select your lot size. Be careful here—standard lots (1.00) are large. Beginners often start with micro lots (0.01).
• Stop Loss & Take Profit: It is vital risk management to set these immediately. Input the price levels where you want to exit the trade automatically.
• Type: Choose “Market Execution” to buy/sell immediately at current prices, or “Pending Order” to set a price you want to enter at later.
• Action: Click Sell by Market or Buy by Market.
How do I monitor and close my positions?
Once a trade is active, it appears in the Terminal window at the bottom of the screen under the Trade tab. This section shows your Balance, Equity, and Margin.
To close a trade manually:
1. Go to the Trade tab in the Terminal window.
2. Find the open position you wish to close.
3. Click the small “x” on the far right of that row, or right-click the order and select Close Order.
Start with a Demo
The best way to learn MT4 is without financial risk. Most brokers provide free demo accounts that function exactly like live accounts but use virtual money. Spend time navigating the “Market Watch” window and testing different chart timeframes before committing real capital.