Trading on mt4 is one the easiest ways of earning the extra dollar through forex. How do you buy and sell over the mt4 trading platform? All you need is simple:
Get the mt4 trading platform. Understand how to navigate through the platform through the interface. Next, follow these five simple steps:
First, choose a product and manage risks. After holding the product for some time, decide to buy more of the product or other currency pairs.
Alternatively, you can sell the pair. Next, you should monitor your account position. Lastly, you can close the trade. Let’s take a deep dive into the article and find out how to maximize your win from the trading process.
Step 1: Choose a Product
The first step to gaining from forex trading is to pick a currency pair. The mt4 interface gives you an option to select a currency pair(s) from several options. To pick a currency pair, access the platform via its mobile platform.
If you are on android, move to the Playstore and download Metatrader 4 from MetaQuotes. You can as well find the app on Windows, Linux, or the Appstore.
Then, navigate to the Quotes section. You will see a three-column table. The first column shows the currency pairs. This can be a six-lettered word, in uppercase, slashed or not into two equal parts. For example, USDCAD.
The other two columns represent the average lowest or highest prices achieved for the day. For example, if a USDCAD row reads 1.3164 on the lower end, it means the following:
To buy a unit of the USD (US dollars), spend 1.3164 CAD (Canadian dollars). The sample logic applies to the other numerous currency pairs. Pick one of the pairs and proceed to step 2.
Step 2: Manage Risks
Here, you should follow the flow of your currency pair. To operate with fewer risks, diversify the portfolio by buying various currency pairs. Alternatively, set a stop-loss order on your currency pair.
A stop-loss order means you give room for the prices to fall to a particular minimum. When the prices hit a certain mark, the broker should stop trade on your currency pair. You can as well use a robot to automate the stop-loss order process.
Step 3: Determine the Portfolio Size
After choosing your desired price, you can decide to buy more of the commodity or spend on other currency pairs. The trick is to retain what you can manage or sell when the prices promise you a lucrative profit.
Alternatively, you can decide to sell part of your portfolio. You can do this when you predict the price to have hit its peak on the forex metatrader 4 charts.
Step 4: Monitor Position
After buying more of a currency pair, you can revisit your portfolio. Then, undertake a careful examination of activities on your portfolio.
For example, are there open positions? Do these positions promise real-time profit or losses? Also, you can inspect if there are pending stop-loss orders and act accordingly.
Step 5: Close the Trade
After managing the currency pair for some time, you can finally decide to release the product. If there are unclosed trade due to stop-loss orders, you can end the trade by selling the product. On the other hand, you can end the trade by initiating a take profit order.
After ending the trading cycle, you can compute your gains and restart the trading process on the same currency pair or a different one. The more exciting part is that the mt4 platform accelerates your trading by giving you an all-in-one interface for effective forex trading.
The mt4 interface enables you to speed up your trading by starting the right processes. You can examine the charts and initiate a stop-loss or profit-take event. Using the user-friendly platform improves your trade by enabling you to take action at the right time.