MetaTrader 4 (MT4) is the leading trading platform in the forex and CFDs industry and is widely used by forex and CFDs traders. If you conduct a quick search and explore the top forex brokers, you will find that all of them offer MT4 as their platform of choice.
The reason that this trading platform has gained popularity and is the No.1 choice of traders worldwide is the fact that it enables them to execute trades, analyse market trends, and implement automated strategies.
Making money on MetaTrader 4 is not an easy task and requires skill, knowledge, and disciplined execution. Below is an in-depth guide to help you understand how this platform works and how to use it to its full potential.
1. MT4 Basics
Before you get started, take the time to fully understand the platform.
First, explore its features and learn how everything works. Then, familiarize yourself with the interface and practice as much as possible without using real money.
Remember to be patient, take it step by step, and avoid rushing the process. With consistent effort, you’ll build confidence and be better prepared to trade effectively.
- Market Watch: Displays currency pairs and asset prices.
- Navigator: Allows access to accounts, indicators, and expert advisors.
- Chart Window: Provides real-time price charts for technical analysis.
- Terminal: Manages trades, account history, and news updates.
Have a look at these features and try them out by opening a demo account with a forex broker. If you click the “Help” section in MetaTrader 4 you will find detailed guidance on how to use each feature.
2. Choose a trusted broker
There are many brokers out there, but only a number that stand out. If you want to do well on MetaTrader 4, you will need to choose a great broker like T4Trade that has built a great reputation and you can trust.
If you aren’t decided yet, ensure that the CFD broker you select offers low spreads and competitive fees. They provide multilingual support and most importantly can provide you with seamless integration with MT4.
Check online reviews and forums for CFD broker recommendations and make sure they meet your trading needs. A reliable broker can improve your trading experience and chances of becoming more successful.
3. A trading plan is a must
If you don’t have a trading plan yet, then you definitely need one. A solid trading plan is essential. It should include:
- Market analysis: Use both fundamental and technical analysis to identify opportunities.
- การจัดการความเสี่ยง: Decide on stop-loss and take-profit levels for every trade.
- Trading goals: Set realistic profit targets and objectives.
- เวลาทำการซื้อขาย: Choose times where there is high market volatility for better opportunities.
Your trading plan should be like your roadmap, helping you stay focused and disciplined. As you trade more and more, take the time to try out different things and observe what works and what doesn’t. Then, review your plan carefully and change it accordingly.
4. Learn how to use MT4 technical indicators
MetaTrader 4 comes with a variety of technical indicators:
- Moving Averages: Identify trends and potential reversals.
- Relative Strength Index (RSI): Determine overbought or oversold conditions.
- Fibonacci Retracement: Identify support and resistance levels.
- Bollinger Bands: Measure market volatility and trend strength.
5. Expert Advisors (EAs) for MT4 automated trading
EAs are automated trading systems that execute trades based on predetermined algorithms. If you are using EAs, you can first test them on a demo account to understand their trading logic. You can update them based on the changing market conditions.
EAs can be bought and sold online or can be free. When you decide you want to buy an EA, ensure that it has performed well and is compatible with your trading style and goals. Moreover, remember that even the best EAs require monitoring every now
6. Risk management is paramount
Trading is a risky sport, and losses are part of the experience, whether we like it or not. Being smart and minimising your losses is just as important as making profits. Here are a few risk management strategies to have in mind when trading:
- Limit risk per trade to 1-2% of your account balance.
- Try and diversify your trades across different assets or sectors.
- Use trailing stops to lock in profits while minimising losses.
- Avoid using very high leverage, as it can increase your losses, especially when you’re not as experienced.
Effective risk management is important as it will protect your capital and ensure long-term success in trading. While short-term gains might appear appealing, always think ahead and focus on minimising your losses in the long term.
7. Stay Informed
Whether you choose to trade every day or less frequently, keeping an eye on global financial news and events is crucial.
For instance, MT4 offers a news feed feature that can help you stay informed. Additionally, staying updated on current events can provide valuable insights into market trends and sentiment, improving your trading decisions.
Knowing what news may impact the market and when will allow you to adjust your strategies accordingly. Major economic events, central bank decisions, and geopolitical developments can significantly influence the market.
Therefore, staying up-to-date and well-informed is key. In addition, you can also use various tools and resources to track these events and adapt your strategies accordingly. S
Subscribe to reputable financial news sources and consider using an economic calendar to track important events.
8. Control your emotions
Trading success requires emotional discipline so you need to avoid greed and frustration as these emotions can lead you to overtrade.
On the other hand, you need to be decisive and not hope for a reversal when you have clearly experienced significant losses. Don’t hold onto those losing trades in hope of a reversal.
To keep yourself controlled and grounded you should always keep to your trading plan.
9. Never stop learning
Reading books and articles on trading, watching webinars and tutorials and being part of online trading communities for insights and support will keep you focused and allow you to develop your skills and expertise.
You can also invest in courses or learn from experienced traders. For example, T4Trade’s Academy courses are ideal resources to help you grow.
10. Don’t put your eggs in one basket: MT4 Diversify
Trading forex on MT4 is quite popular but avoid limiting yourself to one market. With MT4, you can trade other asset classes, such as commodities, indices, and shares.
Diversifying your portfolio reduces risk and opens up new profit opportunities.
11. Use advanced charting tools
You can utilise MT4’s chart types and timeframes to suit your distinct trading style. Head and shoulders or double tops can help you identify patterns, while candlestick charts will help you monitor price action.
Volume indicators will assist you with market sentiment analysis. You can combine multiple timeframes to gain a clearer view of market trends and make well-informed decisions.
12. Monitor your performance
MT4’s account history feature can help you analyse past trades and calculate key metrics, so you can detect potential weaknesses and improve on past mistakes.
You can use win rate, average profit and loss per trade. Keeping a trading journal will allow you to become more aware of what works and what you can change.
Making money on MT4
Making money on MetaTrader 4 is not an easy task, but is not impossible either.
What you need, however, is to follow some of the above tips and insights we have discussed such as maintaining a solid approach, staying dedicated, and practising discipline.
By understanding the platform, using tried and tested strategies, and practising solid risk management, you can maximise your potential for success.
Open your tailored account with T4Trade
Trading forex with a trusted CFD broker, such as T4Trade, means that you will have the necessary support when and if you need it. Starting small and slowly going bigger and bigger is one way to build your portfolio and explore the markets with certainty.
T4Trade provides 24/5 multilingual customer support, and a dedicated account manager is also available.
If you’re interested, you can register with T4Trade to explore how the broker’s excellent tools and services can help you.
Additionally, head over to their website to discover all the amazing resources they offer, including a wide range of trading instruments, their platforms, and much more.
Disclaimer: This material is for general informational and educational purposes only and should not be considered investment advice or an investment recommendation. T4Trade is not responsible for any data provided by third parties referenced or hyperlinked in this communication.
