What is MetaTrader 4 and how do you use it PSO (2024)

FAQs

What is MetaTrader 4 and how do you use it PSO? ›

MT4 allows you to access all Forex quotes in real-time and execute trades simultaneously. You can also view additional details about a currency pair, including its spread, margin, contract size, and the number of buy and sell orders. If the bid is greater than the sell, the market trend is considered bullish.

MetaTrader 4 (MT4) is a trading platform developed by MetaQuotes in 2005, which is most often associated with forex traders. MT4 is highly customizable, and it can also be used to automate your trading with algorithms that open and close your trades according to set parameters.

Yes, the minimum deposit is $100. We'd always recommend making sure you have more than the minimum available, to afford you more flexibility with your strategy. Start trading on MT4 by opening an account, or practice first using virtual funds with an MT4 demo.

There are several ways to enable the orders window in MetaTrader 4. The easiest way is to right-click on an instrument from the "market" list and select "new order". If the selected instrument is already in the main platform window (on the chart), all you have to do is click the F9 button.

Once you register with a specific broker you will be able to trade through their version of MT4 and any profits you will be able to withdraw from the broker's Client Portal, and not the MT4. The MetaTrader 4 platform doesn't come with a built-in feature where you can deposit or withdraw funds.

But traders should note that they cannot trade the live markets with real money without signing up with a broker. MT4 is a medium that lets traders place orders to trade the live markets. These orders are then automatically sent to the broker so that they can be executed. MT4 on its own cannot execute trading orders.

MT4 can help traders of all levels execute even complex trading strategies with a combination of 2 market orders, 4 pending orders, 2 stop orders, and a trailing stop. The platform also supports three execution modes (instant, request, and market), boosting flexibility.

Does MetaTrader 4 cost money? MetaTrader 4 is completely free to use, whether you have a demo or live account. That said, you can still incur trading costs charged by your broker (or market-maker) in the form of spreads and commissions when you buy or sell securities such as forex and CFDs.

Why did the US ban MetaTrader? ›

The two MetaTrader apps were banned on Apple's App Store in 2022 for their alleged use by fraudsters targeting the US citizens and residents.

How Much Does An MT4 License Cost? For each White Label, Metaquotes charges an upfront, flat fee of $5,000, as well as a monthly support fee of $1,750 a month ($1,000 for the desktop version of MT4 and $750 for the mobile MT4 trading platform.)

Yes, you can definitely trade forex on MetaTrader 4 – in fact, it's one of the most widespread uses of the platform. According to the MetaQuotes website, MT4 was designed specifically for forex traders. Many brokers, including us, also recommend MT4 as a forex trading interface.

Setting Stop Loss and Take Profit

This means that you're able to set your Stop Loss level below the current market price and Take Profit level above current market price. It's important to remember that a Stop Loss (SL) or a Take Profit (TP) is always connected to an open position or a pending order.

MT4 is highly suitable for beginner traders due to its simpler and more straightforward interface.

A take profit order is the exact opposite of stop loss orders. This order type tells your broker to close the position, once the price reaches a certain point. The order is executed automatically.

Does MetaTrader 4 take a commission? The MT4 platform developer never charges you any commissions, but brokers can charge you commissions and spread fees from within the MT4 or MT5 platforms, depending entirely on the account type you open — which varies by broker.