MetaTrader4 (MT4) is a popular online trading platform that can be used to automate your trading. Its simple UI (user interface) gives you access to advanced technical analysis and flexible trading systems.
MT4 is extremely popular primarily due to it being highly customisable to your individual trading style. It can also be used to automate your trading, using algorithms which open and close trades on your behalf according to a list of preset execution parameters.
To use MT4 you will first need to create a verified and approved Global Prime account. Once your application is approved you can start trading using MT4 - with either a Demo or Live trading account. You can use the Global Prime Client Portal to manage your MT4 account and/or create additional MT4 accounts.
So, ready to dive in and see what MetaTrader is all about?
After creating an account, you can download MT4 to your chosen device. MT4 is available for download within the Client Portal.
Please remember that your MT4 account password is different from your Client Portal password.
1. Launch the MT4 platform. The icon shortcut should be available on your desktop once you have downloaded and installed MT4.
2. Connect to the Global Prime server. You can find the server name and account credentials in the email we sent once your account was approved.
3. Select ‘Existing trade account’ to login.
4. The following details will now be required:
5. You should now be logged in.
You can verify you are logged in by looking at the 'Journal' tab and the icon in the status bar at the bottom of the screen.
When you trade on MT4 with Global Prime, you need one password to login and trade on the MT4 platform, and one to login to the Client Portal.
In the Client Portal, you can fund your MT4 account quickly and easily, manage your passwords and view your account balance. You can also view all your trade positions via Trade Receipts.
1. Launch the MT4 platform. The icon shortcut should be available on your desktop.
2. In the ‘Navigator’ section on the left of the platform you should see the account you first logged in with. The Navigator window can be toggled on and off using Ctrl+N.
3. Select the account you want to access and enter the following details:
4. You should now be logged in.
You can verify this by looking at the ‘Journal’ and the icon in the status bar at the bottom of the screen.
Fund your MT4 account through the Global Prime Client Portal.
Once you’ve logged into your Client Portal, use the ‘Deposit’ button to access available deposit methods. Select the MT4 account you wish to fund and follow the deposit prompts from the selection deposit type.
Additionally, you can also fund your MT4 account from another MT4 account using the Transfer menu option. You can instantly transfer funds between MT4 accounts - including cross currency transfers.
If you already have a demo or live MT4 account at Global Prime you can open a second account via the Client Portal.
Goto Trading Accounts and request a new account. Select either a Live or Demo account and follow the prompts.
You can use these new credentials to login to MT4 as described above.
Note: You don’t need to download and reinstall the MT4 platform again. If you do reinstall MT4, you may lose any preferences you’ve set up previously.
When you’re ready to place a trade, go to ‘Tools’ and click ‘New order’. This will bring up the ‘Order’ window.
Quick Tip: Alternatively, you can press F9 on your keyboard.
Once you’ve done that, you’ll be presented with the order window.
While the order window can seem daunting at first, here’s a quick guide to all the components:
Symbol – this drop-down menu allows you to select which market you would like to trade
Volume – for a CFD account this is the number of contracts you would like to trade
Stop loss – if you want to use a stop to close the trade if it moves against you, enter your desired level.
Take profit – if you want to use a limit to lock in profits, enter your desired level
Comment – a small space to leave a comment about a particular trade; or for more advanced trade-management purposes
Type – choose ‘instant execution’ if you want to place your trade the moment you select either ‘Buy’ or ‘Sell’.
Chart – MT4 charts are displayed in the bid-price. The candles are formed using the bid-price
Depending on what type of trade you are placing, you are presented with the following options:
MT4 offers instant execution. Enable maximum deviation from the quoted price – trades can sometimes be rejected if prices move suddenly as you place them. If you would still want to place the trade within a certain price range, check the box and fill out the ‘maximum deviation’ in pips (from the current price) that you would be willing to accept
When you’re ready to place your trade, click ‘Buy’ if you think the market will rise in value, or ‘Sell’ if you think it will fall. This will place your trade.
Type – choose the type of order you want to place, from ‘Buy limit’, ‘Sell limit’, ‘Buy stop’ and ‘Sell stop’.
At price – select the price level at which you want your order to be triggered
Expiry – check this box to specify a date and time for your order to expire if the market does not reach your ‘at price’
Place – click this button when you are ready to place your order
To monitor your open positions and pending orders, open the ‘terminal’ window by pressing Ctrl + T, or by clicking ‘View’ in the toolbar and selecting ‘Terminal’.
Goto the ‘Trade’ tab.
You can close a position or delete a pending order by clicking the small ‘x’ on the far right of the profit column.
To modify stops or limits on open positions and pending orders, open the ‘Terminal’ window (Ctrl + T) and navigate to the ‘Trade’ tab. Right click on the position or pending order you’d like to edit, then select ‘Modify or Delete order’ to bring up the order window.
You will then have the option to modify or add stops and limits to your position. When you are finished, click the red ‘Modify’ button to confirm your changes.
MT4 offers a range of tools you can use to customise charts. Here’s how to:
MT4 includes a number of ‘objects’ you can use to draw on charts.
To draw, simply select the object you want from the toolbar and click on the chart. The width and positioning of some objects are adjusted by moving your mouse as you click on the chart, while others open a separate window.
To edit or remove an object, right click on the chart then select ‘Objects list’ from the menu. This will open a window that displays a list of all the active objects shown on the chart. Select your chosen object from the list then click ‘Edit’ to customise the indicator settings or ‘Delete’ to remove.
You can add indicators such as RSI, stochastic oscillator and Bollinger bands to charts. Drag your chosen indicator from the ‘Navigator’ window and drop it on top of a chart.
Alternatively, you can add indicators to a selected price chart using the menu bar. Click ‘Insert’ then ‘Indicators’ and choose your chosen indicator from the drop-down menu.
To edit or remove an indicator that is displaying on a chart, right click within the chart window then select ‘Indicators list’ from the menu. This will open a window that displays a list of all the active indicators shown on the chart. Select your chosen indicator from the list then click ‘Edit’ to customise the indicator settings or ‘Delete’ to remove.
To change the time frame of a price chart, simply right click on the chart, select ‘Time Frame’, then choose your preferred option from the drop-down menu. Timeframes range from one minute to monthly.
You can also change the time frame of a selected price chart using toolbar buttons.
To set up a price alert, open the ‘Terminal’ window then navigate to the ‘Alerts’ tab. Right click within this window and select ‘Create’ from the menu. This will bring up the ‘Alert editor’ window where you can customise your trading alert.
To view your trade history, open the ‘Terminal’ window and navigate to the ‘Account history’ tab. You can change the date range by right clicking within the window and selecting a preferred date period from the options presented.
To view the full detail of a trade - head over to the Client Portal and goto the Trade Summary menu item. Locate and select a trade and you will be presented with a full trade receipt showing who filled your trade, execution speed, movement in price before and after the trade and more.
We hope this brief guide to using MT4 is useful and get's you going ready to start trading.