MetaTrader 4 or MT4 is a trading platform used by most forex traders today. It is a great platform for beginners to start their trading journey on. The platform is available for desktop and mobile devices, making it easy for anyone to have access to their trades anywhere and anytime. In this beginner’s guide, we will focus on how to use metatrader 4 android, the basics, and what you need to know to get started.
Downloading and Installing MT4 on Android
You can download MT4 on Android via Google Play Store. Once you have downloaded and installed the app, open it and select Login to an existing account if you already have an account. If you don’t, select Open a demo account to get started with a demo account where you can practice trading risk-free.
Understanding the Layout
The MT4 layout on Android is similar to its desktop version, but with a more compact design to fit smaller screens. The main parts of the interface are the chart, the market watch, and the trade tab. The chart is where you can view and analyze the price action of a currency pair, while the market watch is where you can track the prices of multiple currency pairs. The trade tab is where you can open new trades, modify existing ones, and close trades.
To place a trade, go to the Trade tab and select the currency pair you want to trade. You can then select either Buy or Sell depending on the direction you want to take the market. Enter the lot size, stop loss, and take profit levels as desired then hit Place Order. If the trade goes in your favor, you will make a profit, and if it doesn’t, you will incur a loss.
Using Indicators and Chart Tools
MT4 on Android offers charting tools and technical indicators that you can use to analyze the market. To access them, click on the chart and select Indicators at the bottom of the screen. You can choose from the variety of indicators available, customize them to your liking, and apply them to your chart. You can also use the drawing tools to draw horizontal and trend lines which can help you to identify support and resistance levels.
Monitoring Trades and Managing Risk
After opening a trade, you need to monitor it to see if it is doing well or not. If the trade is positive, you may consider moving your stop loss to break even or even closing the trade. If the trade is losing, you need to decide whether to cut your losses by closing the trade or wait for the market to turn around. Always remember to use a reasonable risk to reward ratio for every trade and never risk more than you can afford to lose.
MT4 on Android is a great tool to have on your trading journey. As a beginner, it is essential to master the basics before moving on to more advanced strategies. Start by downloading and installing the platform, familiarizing yourself with its layout, placing trades, using indicators and chart tools, monitoring trades, and managing your risks. Remember, the more you practice, the better you become, so keep practicing, and you will master MetaTrader 4 on Android in no time.