Are you starting to trade in the forex market? If yes, then you must open your trading account on the MetaTrader 4 (MT4) platform. This setup will provide you with steps for creating an MT4 trading account and some tips to start trading in the foreign exchange market.
Avoid these Mistakes when Creating an MT4 Account
- Opting for an irregular forex broker.
- Putting in a weak password when creating an account.
- Insert incorrect personal identification and financial information.
- Hastily reviewing all the account details before proceeding with the account verification.
- Not monitoring your trading account on a regular basis.
Download MetaTrader 4
To initiate trading on MT4 software, first of all, you have to download and install it on your system. To download MT4 on your system, follow these steps.
- Open the Forex broker website and click on the open new account tab.
- Now, you will be redirected to the MT4 site here; search for the download instructions.
- Then click on the download button and choose the computer operating system that you are using, like Windows OS, MacOS, or Android OS.
- Once the download is completed, install it on your system by following the installation instructions prompt on your system’s screen.
When the installation process is complete, you will see a shortcut on your system that you can use to access your trading account on MT4.
NOTE: MT4 software is designed for Windows and Android operating systems. However, using the Apple operating system with MT4 is quite complicated because most of the brokers instruct you to use another software that lets the MT4 work within the Apple operating system.
Create your Account on MetaTrader 4
After downloading MT4 software in your system you now have to open a trading account on MT4. It is recommended to choose a licensed and reputable forex broker due to the safety of your personal identification, business and financial accounts. However, most of the brokers fulfill KYC: Know your Customer and AML: Anti-money laundering morals that require a demanding purpose of your identity before you can trade.
On your chosen Forex broker site, hover over to a tab that asks you to sign up for a live trading account. Follow the requirements stated on the site regarding your personal identity data, including your name, address, email address, and phone number.
After that, choose your preferred account type, like standard or mini. Now, choose the base currency that you use in trading and then set your leverage level. Then, agree to the terms and conditions and submit your identity and financial verification, including tax details, passport, driver’s license, etc. documents. It is in accordance with financial monitoring bodies’ instructions.
Once your credentials have been verified, your account will be given a green flag to access the Forex market and start trading via the MT4 trading platform.
Add Funds to your Trading Account
When you create your trading account on MetaTrader 4, you now have to add funds to it. Foreign exchange brokers don’t charge for deposits or withdrawals. However, every broker differs in the payment method to fund their account. Some brokers may only allow the trader for a direct wire transfer from their bank. Some brokers also include credit and debit cards and other payment methods like PayPal, Skrill, and others, along with local payment substitutions.
Just select the one for the funding method that is convenient and meets your trading needs, and add money into your trading account.
NOTE: keep in mind that payment intermediaries will often charge fees for their services independent of your broker. They will encrypt this personal data and may require a double authorization procedure to verify your identity.
How to Log in to MetaTrader 4
After successfully creating and setting up your account on MT4, you will get an email with your account details. The emails include your account ID, password, and account server. Now, you have to put these details to log in to your MT4 terminal.
Follow these steps to log in to your MT4 terminal.
- Open the MT4 program and click on the File button you will see at the top of the terminal.
- Tap on the login to trade account tab to open the login window.
- Now enter your log in credentials that you get from the mail.
Once you log in to your trading account in the MetaTrader platform, you can now make your first trade in the forex market and become an active professional forex trader. You have access to all the features that offer comfortable and profitable trading exercises. You can access the customizable chart and parameters that make your trading decisions easily based on the results of your analysis.
Furthermore, you can communicate directly with your broker. With that, you can get leverage and any sort of trading support you want from your broker.
Tips to Start Live Trading on the MetaTrader 4 Platform
The beginner’s forex traders often fall by the wayside within their first few months of trading. So, what’s the reason why so many beginners fail? It happens because they have not prepared properly for the task. Also, they approach trading as if it were the newest form of online gambling and quickly lose their money.
So, if you have already created your MetaTrader 4 account and want to be a successful foreign exchange market trader, then you must follow these below mentioned tips.
- Research: Do your research on the forex market as much as you can. Learn about fundamental and technical trading analysis, trading strategies, and risk management techniques.
- Practicing Demo: Keep practicing the demo session to become accustomed to trading and fine-tune your strategy. Expert traders attribute achievement to hours of practice.
- Organize your Trade: A trader must make a well-organized strategy that guides their decision-making procedure from opening a position to closing it.
- Keep Calm: Always set forth with small positions and work your incline. Do not worry if you miss an opportunity, as there will always be another one, but keep calm.