What is MT4
You will use MT4 at Blackstone Futures. So what is it? MT4 or MetaTrader 4 is a platform for trading which is developed in 2015 by the Meta Quote. Although it is mostly associated with forex trading, you can use the MetaTrader4 for trading on various markets including indices, forex, commodities, and crypto currencies through CFDs.
The MT4 is popular mostly because of the fact that it is easy to customize to your own preference of trading. It can as well be used in automating your trade utilizing algorithms which are close and open trades on your behalf as per the set parameters.
Below is a guide on the way to access and utilize the MT4
Create an account
To use the MT4 offering, you will have to create a live account first. Once you do that, you can then go ahead and set up an MT4 which is live from the dashboard. There are a variety of instructions on the way to do this on the MT4 download page.
After the account is created, you will then download MT4 to pick a device that you are going to use. Once the MT4 is downloaded, you can log in with your account credentials
Open a position
To use the order window when you are ready to start trading, you will be required to go to tools and then go ahead and click on the new orders. It will be able to bring up the window for orders. On the other hand, you can as well press the F9 on the keyboard.
Though at first the order window might seem to be quite daunting, the following might be a guide to the components.
- Symbol: It is a menu which is dropdown, allowing you to be able to select the market that you will be able to trade on
- Volume: It is for a CFD account and it is the contracts numbers that you would be able to trade in
- Stop loss: If you require to utilize a stop to be able to close the trade if it ends up moving against you, then you need to enter the level which is desired. It is able to stop on MT4 which are the same as the forex trading platform basic stops.
- Take profits: If you would wish to utilize a limit to lock in the profits, you will have to enter the level that you want at this particular point
- Comment: It refers to a small space which you can leave a comment regarding a certain trade; or for a trade management purpose that is more advanced.
- Type: Utilize the instant execution if you would wish to place your trade when you select either the buy or the sell. On the other hand, you can select the pending order if you would wish to choose the level where your trade is able to open. That is where you will decide way forward.