MetaTrader 4 (MT4) is an industry-standard trading platform that facilitates users with easy-to-use tools for charting and technical analysis. It has many benefits, including advanced charting features, multiple timeframes, and customizable indicators. Unlike desktop clients, the smartphone-based variant of MT4 allows traders to stay connected on-the-go. If you own an Android device, you can download the MT4 app for free. However, navigating through such a complex platform may seem daunting at first. We’ve put together this comprehensive guide for mastering metatrader 4 for android.
Downloading and Installing MetaTrader 4 (MT4)
Before diving into the trading, you first need to download and install the MT4 application on your Android device. You can do so by visiting the Google Play Store and searching for MetaTrader 4. Once downloaded, follow the prompts to complete the installation process.
Account Login
After you complete the installation, launch the app, and select Login. To log in, you will need to create an account with a broker or use an existing account. Once you have the necessary account credentials in place, enter those credentials in the relevant text boxes and tap Sign In.
Keep in mind that you need to connect to a broker’s server to trade in live markets. To switch between different servers, go to Settings, enter the relevant data, and save the settings.
Charts and Trading Tools
Metatrader 4 for android comes with advanced charting tools and a wide range of indicators. You can access your preferred charting tools by tapping the Chart icon or by tapping the Plus icon for adding additional indicators. You can enter your preferred timeframe and customize other chart settings as per your preferences.
Executing Trades and Managing Positions
To open a new position, tap the New Order icon. You can select either a Buy or a Sell order and choose the appropriate asset from the drop-down menu. Specify the trade’s size (lot size) and leverage, and then enter the relevant stop-loss and take-profit levels. Keep in mind that you need to have sufficient funds in your trading account to execute your orders.
MetaTrader 4’s mobile version provides different options for order execution modes, including Instant execution, Pending order, and Stop order. Once you have set up your trades, monitor and manage your positions via the Trade tab. You can also check your account’s performance, view transaction history and access other account details via the History and Account Info tabs.
Security
Metatrader 4 for android supports highly-secured data encrypting security protocols. However, keep in mind never to save your login information on public devices; always ensure to log out from the application once you complete your trading activities. Additionally, use strong authentication methods for your trading account to ensure additional security.
Short:
Using the MT4 for Android can take your trading to a new level; it allows you to manage your trades on-the-go and stay connected to the markets, no matter where you are. Follow the above comprehensive guide and learn to master the Metatrader 4 for android application. Keep in mind that mastering a platform requires individual practice, so always ensure to use demo accounts before investing in live markets. By learning to use the Metatrader 4 for android, traders of all levels can gain access to advanced charting and technical analysis tools that can help create a winning trading strategy.
