This MT4 tutorial is designed for new Forex traders, covering the essential steps needed to start trading.
MetaTrader 4 (MT4) is the most widely used software for trading Forex, gold, and other commodities. Almost all Forex brokers support MT4. Therefore, if you are stepping into the world of Forex trading, learning MT4 is a must. MT4 is available for both desktop computers and smartphones, but this guide focuses on the basic operations for the desktop version.
Installing and Logging In
MT4 is provided free of charge by most Forex brokers. You can easily download and install it, whether for demo accounts (using virtual money) or real accounts (using actual funds).
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Download MT4 from your chosen broker.
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Run the installer and click Next until the installation is complete.
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Open MT4 and log in with your demo or real account to start trading.
Displaying the Account Management Panel
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Go to View → Navigator, or press Ctrl + N.
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This panel allows you to log in to your account (demo or real) and switch between multiple accounts from the same broker.
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Double-click an account to log in; once logged in, MT4 will remember your accounts for future sessions.
Logging Into Multiple Accounts from Different Brokers
Each MT4 installation is generally tied to one broker. To use accounts from multiple brokers in a single MT4:
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Open the Account Management Panel (Ctrl + N).
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Right-click Accounts → Open an Account.
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In the popup, click + to add your broker, then press Scan (e.g., FXCM, ThinkForex, HotForex, Forex.com).
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Select the appropriate server and log in as usual.
Adding or Hiding Trading Products
After logging in, you need to select trading instruments, such as:
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Forex pairs (28 popular pairs)
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Gold, Silver, Bitcoin
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Stocks, indices, oil, coffee, cocoa, etc.
To show or hide products:
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Go to View → Symbols, or press Ctrl + U.
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Check Show to display or Hide to remove instruments from the list.
Hiding unused instruments improves MT4 performance and loading speed.
Opening a Chart
You can open charts in two ways:
Method 1: Separate Tabs for Each Instrument
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Right-click a symbol → Chart Window.
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Each instrument opens in a separate tab, updating simultaneously.
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Pros: Observe multiple instruments or multiple timeframes at once.
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Cons: More simultaneous data may slightly reduce MT4 performance.
Method 2: One Chart at a Time
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Close all charts. Drag and drop the desired symbol onto the chart area.
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Click the maximize icon to view full screen.
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Pros: Optimizes loading speed and simplifies switching between symbols.
This is my preferred method for desktop MT4.
Customizing Your Chart
After opening a chart (e.g., EUR/USD):
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Chart type: Bar, Candlestick, or Line
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Zoom in/out: magnify or shrink chart
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Display current price on the right edge
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Chart shift: create space on the right side (required for Ichimoku indicator)
Key Areas:
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A: Tools for drawing lines, Fibonacci, text labels, vertical/horizontal lines
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B: Timeframes (M = minute, H = hour, D = day, W = week, MN = month)
Changing Chart Colors
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Right-click the chart → Properties (or press F8).
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Go to Colors tab → select Color Scheme (e.g., “Black on White”).
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Customize candle colors: white = bullish, black = bearish.
Adding or Removing Indicators
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Go to Insert → Indicators.
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Indicators are categorized into Trend, Oscillators, Volumes, etc.
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Popular indicators: Ichimoku, MACD, SMA, RSI.
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To remove an indicator: Right-click → Delete Indicator.
Displaying the Spread
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Right-click any product → tick Spread.
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Spread is displayed in 1/10 pip units (e.g., 1.9 pips = 19).
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Monitoring spread helps prevent entering trades during high spread periods.
Placing Orders
1. Go to Tools → New Order (or press F9).
3. Pending Order:
Select Type → Pending Order
Choose Buy Limit, Sell Limit, Buy Stop, Sell Stop
Set Volume, Price, Stop Loss, Take Profit, then click Place
Conclusion
This guide covers the essential MT4 operations for beginners:
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Account login and management
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Selecting instruments
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Opening and customizing charts
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Adding/removing indicators
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Displaying spread and placing orders
With these basics, new traders can start trading Forex confidently on MetaTrader 4.
Thank you for reading and sharing!
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