Let’s get to know the platform. The MT4 platform offers professional and fast financial market trading. Let’s take a closer look at it. The platform consists of 4 distinct regions — Market watch, navigation, charts, and terminal. At the top of the screen, you will find main menu offering you access to most of the wide range of features which the platform offers. You can login to your account and open trades, and access charts and indicators all from the navigation menu. To the left of the screen, the market watch sidebar provides the latest price information on the dozens of the tradable curreny pairs showing the symbol, latest bid, and ask price for each pair.
At the bottom of the platform screen are a series of tabs you can use to keep track on all the latest activity that includes trade, account history, alerts, messages, and journal. You will find the chart area in the center of the screen. The chart area offers you a number of ways to quickly get at information. To see a new chart of any pair, right click on the pair from the market watch sidebar and select chart window. This will bring up a new chart. To switch between the charts, use the tabs at the bottom of the chart area.
To open a new trade, click directly on the pair, which you like to trade either from the market watch sidebar or from an open trade chart. Next choose the volume which you want to trade. This is recorded in lots of 100,000 units of the base currency. Next, choose to either buy or sell the currency pair. You will receive a confirmation message and a position will be opened. To find and display your open position, click on the trade tab at the bottom left of the platform. You will see all of your open positions displayed here. By clicking on any of your positions, you will get the option to close it or modify it. To close your order at any time, click on the yellow close button.
Technical analysis offers a set of tools which you can apply in your trading. The basic tools that the technical analyst uses are trendlines, moving averages, support and resistance levels, and Fibonacci ratios. These tools can be combined with price templates, candlestick chart analysis, technical indicators, channels. Begin by familiarizing yourself with several currency pairs. Conduct a general technical analysis for each pair, define a trend, and then map the trading opportunities. From here, you progress to select the specific pair and the specific opportunity which you want to trade in relating your strategy.
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