In today’s world, a mobile phone is no longer just a communication device. It has evolved into a powerful tool that can be used for different purposes. The same goes for currency trading, where software applications can help you execute trades and monitor your investment portfolio at the comfort of your mobile phone. One of the most popular trading platforms that allow you to do this is Metatrader 4, specifically designed for Android devices. In this comprehensive guide, we will teach you the ins and outs of mastering metatrader 4 for android so you can start trading currencies like a pro.
First things first, you need to download the Metatrader 4 application and create an account with a reputable forex broker. Once you have done that, you can log in to your account, and you’ll see the terminal’s default layout. The terminal has four main tabs: Rates, Charts, Trade, and History, and below is a quick rundown of what each tab does.
The Rates tab displays a list of foreign currencies paired with their current bid and ask prices. You can tap on any currency pair to view its chart. The Charts tab shows you the price chart of the currency pair you selected. You can customize the chart to display different time frames, indicators, and other drawing tools.
The Trade tab is where you can execute trades. Here, you can choose the currency pair, set your desired entry and exit points, set stop losses and take profits, and add your trading volume. You will see the estimated profit and loss of your trade, and once you’re satisfied with your settings, you can tap on the buy or sell button to execute the trade.
The History tab records all your previous trades. You can view the date, time, currency pair, entry, exit, profit/loss, and other important details of your trades, which can help you analyze your trading performance and identify your strengths and weaknesses.
Next, let’s talk about customizing your Metatrader 4 terminal to suit your trading needs. Metatrader 4 allows you to create custom indicators, expert advisors, and scripts that can automate your trading, develop sophisticated trading strategies, and even backtest them. You can also download free or paid indicators and other add-ons from the Metaquotes market. To do this, go to the Market tab, choose the product you want to download, and purchase or install it to your terminal.
Another useful feature of Metatrader 4 is the use of push notifications. You can set up alerts to notify you when a particular price level is reached, when a new order is placed or closed, or any other trading activity that you want to monitor. To do that, go to the Alerts tab, set up your alert settings, and tap on the ‘Test’ button to make sure you get the notification.
Lastly, it’s essential to keep up-to-date with relevant news, economic events, and market analysis relevant to your trading. Metatrader 4 provides you with a news tab that shows you the latest news from different sources that you can customize. You can also access market analysis, market insights, and other forex market news from your broker.
Short:
In this comprehensive guide, we’ve covered the essential functions of Metatrader 4 for android and how you can customize it to suit your trading needs. We hope that this guide will help you navigate the forex market, execute profitable trades, and ultimately maximize your returns. Remember, mastering Metatrader 4 takes time, patience, and practice, but with the right mindset and tools, you can become a successful trader. Happy trading!
