How to use MT4
Learn the Basics of MetaTrader 4 Trading Platform
MT4 remains one of the most widely used trading platforms in the world because of its simplicity, stability, and powerful charting tools.
Learning how to use MT4 is an important first step for anyone interested in forex or online trading.
By understanding charts, order execution, technical analysis, and risk management, traders can build a stronger foundation before entering live financial markets.
Understanding the MT4 Interface
The MT4 platform is divided into several important sections that help traders monitor the market and manage trades efficiently.
1. Market Watch
The Market Watch panel displays live prices for trading instruments such as:
· EUR/USD
· GBP/USD
· Gold (XAU/USD)
· Indices
· Commodities
Traders can add or remove products depending on their trading preferences.
MT4 Market Watch
2. Chart Window
The chart window is where traders analyse market movements.
Charts can be displayed in different formats:
· Bar charts
· Candlestick charts
· Line charts
Most traders use candlestick charts because they provide clearer market information.
Candlestick charts Bar charts Line charts
3. Terminal Window
The terminal section allows traders to manage their account and trading activity.
Here users can:
· Monitor open trades
· View account balance
· Check profit and loss
· Access account history
Terminal window
How to Open a Trade
Opening a trade on MT4 is simple once you understand the basic order process.
Buy Order
A buy order is placed when traders believe the market price will rise.
Sell Order
A sell order is placed when traders expect the market price to fall.
Before entering a trade, traders usually set:
· Lot Size
· Stop Loss
· Take Profit
These risk management tools help traders control potential losses and lock in profits.
You can place trades through the “New Order” window by selecting either Buy or Sell depending on your market direction.
For faster execution, MT4 also provides a convenient One-Click Trading feature, allowing traders to open positions instantly directly from the chart with a single click.
Understanding Lot Size
Lot size determines the volume of a trade.
Common lot sizes include:
Lot Size | Description |
1.00 Lot | Standard Lot |
0.10 Lot | Mini Lot |
0.01 Lot | Micro Lot |
The standard size for a lot is 100,000 units of currency, and now, there are also mini and micro lot sizes that are 10,000 and 1,000 units respectively.
Smaller lot sizes are often recommended for beginners because they reduce trading risk.
Understanding Charts & Timeframes
MT4 allows traders to analyse the market using different timeframes.
Common timeframes include:
· M1 (1 Minute)
· M5 (5 Minutes)
· M15 (15 Minutes)
· H1 (1 Hour)
· H4 (4 Hours)
· D1 (Daily)
Shorter timeframes are commonly used for short-term trading, while longer timeframes help identify larger market trends.
Technical Analysis Basics
Technical analysis helps traders understand market trends and price behaviour.
Common Tools Used in MT4
Moving Average
A Moving Average helps identify market direction and trend strength.
RSI Indicator
The Relative Strength Index (RSI) measures market momentum.
MACD Indicator
MACD helps traders identify trend changes and momentum.
Risk Management
Risk management is one of the most important parts of trading.
Good traders focus on protecting their capital before trying to maximise profits.
Basic Risk Management Rules
· Never risk too much on a single trade
· Always use Stop Loss
· Avoid emotional trading
· Use reasonable lot sizes
· Follow a trading plan
Automated Trading & Expert Advisors (EA)
MT4 supports automated trading systems called Expert Advisors (EAs).
An EA can:
· Open trades automatically
· Close trades automatically
· Follow programmed trading strategies
· Reduce emotional decision-making
Automated trading is widely used in quantitative and algorithmic trading strategies.
If you are interested in learning more, we also offer advanced customised membership programmes with deeper trading education and personalised guidance.
Demo Trading
Before trading with real money, beginners are encouraged to practise using a demo account.
A demo account allows traders to:
· Experience real market conditions
· Practise using MT4
· Test trading strategies
· Learn risk management
Demo trading helps build confidence without financial risk.
A demo account can be applied for directly through the official MetaTrader 4 website, or by registering through a broker’s official website. Most brokers provide free demo accounts that allow users to practise trading in real market conditions without using real funds.
How to use MT5
MetaTrader 5 (MT5) is a multi-asset trading platform designed for traders who want access to more advanced tools, faster execution, and a wider range of markets. Compared to MT4, MT5 offers additional features for technical analysis, order management, and automated trading.
This platform is widely used for:
· Forex trading
· Gold & commodities
· Indices
· Stocks
· Futures
· Cryptocurrency CFDs
Understanding the MT5 Interface
MT5 has a modern layout that allows traders to monitor markets, analyse charts, and manage trades efficiently.
Market Watch
The Market Watch section displays live prices for different financial instruments.
Traders can:
· Add or remove trading products
· Monitor spreads and price movement
· Open charts directly from the watchlist
Chart Window
The chart area is where traders analyse price action and market trends.
MT5 supports:
· Multiple chart layouts
· More timeframes than MT4
· Technical indicators
· Drawing tools
· Advanced chart customisation
How to Place Trades on MT5
Traders can open positions through:
· The “New Order” window
· One-Click Trading
· Direct chart trading
Before placing a trade, users can configure:
· Lot size
· Stop Loss
· Take Profit
· Pending orders
MT5 also provides more pending order types compared to MT4.
Technical Analysis Tools
MT5 includes a larger selection of built-in indicators and analytical tools.
Popular tools include:
· Moving Averages
· RSI
· MACD
· Fibonacci Tools
· Trend Lines
· Bollinger Bands
The platform also supports:
· Multi-chart analysis
· Economic calendar integration
· Depth of Market (DOM)
Automated Trading & Expert Advisors
MT5 fully supports automated trading through Expert Advisors (EAs).
Traders can:
· Run algorithmic strategies
· Backtest trading systems
· Optimise trading performance
· Use custom indicators
MT5 uses the MQL5 programming language, which is more powerful and faster than the MQL4 system used in MT4.
Key Differences Between MT4 & MT5
1. Market Access
MT4
Mainly designed for forex and CFD trading.
MT5
Built for multi-asset trading including:
· Forex
· Stocks
· Commodities
· Futures
· Indices
2. Timeframes
MT4
Offers 9 chart timeframes.
MT5
Provides 21 timeframes for deeper market analysis.
3. Technical Indicators
MT4
Includes standard technical analysis tools.
MT5
Comes with more built-in indicators, drawing tools, and analytical features.
4. Order Types
MT4
Supports basic market and pending orders.
MT5
Provides additional pending order types and more advanced trade management options.
5. Strategy Testing
MT4
Single-threaded strategy tester.
MT5
Multi-threaded strategy testing with faster optimisation and improved backtesting performance.
6. Economic Calendar
MT4
Does not include a built-in economic calendar.
MT5
Includes an integrated economic calendar directly inside the platform.
7. Programming Language
MT4 → MQL4
Simpler and widely used.
MT5 → MQL5
More advanced and better suited for complex automated trading systems.
MT4 vs MT5 — Which One Should You Choose?
MT4 May Be Better If You:
· Are new to trading
· Mainly trade forex
· Prefer a simpler interface
· Use older EAs or indicators
MT5 May Be Better If You:
· Want more advanced trading tools
· Trade multiple asset classes
· Use algorithmic trading strategies
· Need deeper technical analysis
MT5 is considered the next-generation version of MetaTrader, offering more advanced tools, broader market access, and improved trading functionality compared to MT4.
While MT4 remains popular for its simplicity, MT5 provides a more professional trading environment for traders looking for advanced analysis, automation, and multi-market trading capabilities.
Start your trading journey with confidence and unlock deeper market knowledge with our exclusive membership programmes！
