Instructions and trading effectively with MT4 app

Using the MT4 app fluently is one of the first lessons newbies need to learn. In particular, the MT4 versions on computers and phones are quite different. Learn Forex Trading article below will provide detailed instructions on experiencing the MT4 application. Let’s follow along!

What is the MT4 app? Outstanding features of the MT4 platform

MT4 app is the mobile application of the MetaTrader 4 (MT4) trading platform. It allows users to access and manage their trading accounts on mobile devices such as smartphones or tablets. 

The MT4 application provides the ability to monitor the forex market and execute transactions. At the same time, traders can use features from anywhere and anytime. This is to create convenience and flexibility for traders.

Main features of MT4 app

• The MT4 app allows running programs on the platform, also known as Expert Advisors (EAs) or forex robots. They can monitor transactions automatically with algorithms pre-programmed by traders.
• MT4 indicators are available and can be customized. This includes placing orders, canceling orders, taking profits, and cutting losses.
• The “Depth of Market” feature allows checking market liquidity.
• The market Prices function provides real-time market quotes.
• Allows to perform transactions with just 1 touch.
• Fully integrated with popular technical indicators such as trend lines, MACDs, RSI, Stochastic, and Fibonacci. At the same time, it also supports accurate market fluctuation analysis.
• Can process a very large number of commands at the same time.
• Ability to set custom indicators and cycles at different times.
• MT4 app ensures safe and complete storage of all data.
• Have an internal email system to receive and exchange information between users.
• Users can use the MT4 copy trade strategy to optimize profits.
•  MT4 helps hide trading IP addresses, reducing the risk of information theft.

See more: Let MT4 help you solve all your trading difficulties

Detailed instructions on how to use MT4 on your phone

MT4 app is one of the prominent applications in the forex market. This is an indispensable tool for a true trader. Here are the details on how to use MT4 on your phone:

Instructions for downloading MT4 to your phone

• Open the app Store on your phone (can be App Store for iOS or Google Play Store for Android).
• Search for “MetaTrader 4” and select the official application of MetaQuotes Software Corp.
• Click the “Download” or “Install” button to download and install the application to your smartphone.
• Open the app after installation and log in to your MT4 account.

Instructions for adding currency pairs to the MT4 app

When you first log in to the MT4 app, it initially displays a number of specific currency pairs. To conveniently monitor prices, you should add all desired currency pairs to the price list. Do it by tapping the + icon at the top right of the screen:

• If you want to delete or arrange currency pairs as desired, tap the pen icon at the top right. Right next to the + symbol.

• Once you touch that, if you want to delete it, select the trash icon. Then tick the currency pair you want to remove. For sorting currency pairs, just tap the 3 dashes icon. Then continue to move the pair up or down according to your preference.

However, if you are a newbie, you can create an MT4 demo account.

How to display charts in the MT4 application 

Method 1: Tap on the currency pair you want to view and swipe left to open the corresponding chart.

Method 2: Touch and hold for a long time on the currency pair for which you want to display the chart. Then a navigation panel appears and select “Open chart”.

How to place orders on the MT4 platform

Tap on the currency pair, then select “New order”.

Here, a table will open including the following sections: order types used for trading, stop-loss points, take-profit points, and order execution (buy or sell).

After clicking “New command”, you will see a table as described below:

• These are the order types used in forex trading.
• This is where you can set your stop loss. This is important to avoid risks and protect your account.
• You can set a take profit point, where you set the price you want to reach when the trade is successful. If the price reaches your desired level, the exchange will automatically execute the order for you.

Types of trading orders on MT4 and how to use them

• Market Order: The default on the MT4 app is market execution orders. When you press Buy or Sell, your order will be matched with the market price at that time.
• Buy Limit: Use when you want to buy at a price lower than the current price. Place a Buy Limit order at your desired price. This order may or may not be matched depending on whether the market reaches the price you set or not.
• Sell ​​Limit: Use when you want to sell at a lower price than the current price. Place a Sell Limit order at your desired price. This order may not be filled depending on whether the market moves toward the price you set or not.
• Buy Stop: Choose when you want to buy at a price higher than the current price. Place a Buy Stop order at your desired price. This order may or may not be matched depending on whether the market reaches the price you set or not.
• Sell ​​Stop: Choose when you want to sell at a price higher than the current price. Place a Sell Stop order at your desired price. This order may not be filled depending on whether the market moves toward the price you set or not.

See more: How to register ICMarkets broker account

Benefits of trading on the MT4 app

• Popularity of MetaTrader4: The MT4 app is one of the most popular platforms in the trading community. It became iconic and almost all brokers offer it. Proficient use of MetaTrader 4 brings great advantages. You can easily find it at most exchanges.
• Simple and friendly interface, easy operation: MetaTrader 4’s interface is designed to be simple and easy to see. Along with function buttons and windows arranged for user ease of use. Although not considered pleasing to the eye, its clarity is more important than aesthetics. Especially in the financial industry where information is in large quantities.
• In addition, operating on the MT4 app is also very convenient. Functions such as zooming in and out of charts, and selecting currency pairs. Chart settings are all made easy. Clarity helps users not take too much time to get used to the platform.
• Large Community: Due to the popularity of MT4, the community using this platform is very large. Many forex forums and blogs are related to MetaTrader 4. This gives a great advantage, as you can easily find answers or solutions to any problem you are facing. Participating in the community also helps you improve your background and trading knowledge.

Conclude

Above are all instructions for using the MT4 app on phones that Learn Forex Trading provides. Traders can explore more for themselves to understand better. If you have any questions, please comment below for us. Good luck!

Frequently asked questions

How to place a pending order (Limit or Stop) on the MT4 app?

In the order window, you can choose the order type as Limit or Stop. Then enter the necessary information such as price and stop loss/take profit level.

How to check the trading history on MT4?

In the menu, select “History” to view details of performed transactions and detailed information about them.

What do I need to do to set up price alerts on MT4 software?

You can select a currency pair, then tap and hold to display the alert option. Here you can set up price alert conditions.