Venturing into the forex world is something that can feel exciting, liberating, and empowering, especially if you choose to use a mobile application. Having the freedom to trade from anywhere can make you feel like you are in control of your destiny, but a word of caution is always needed.
To make sure that you optimize your chances of forex success, we need to take a closer look at what it really means to trade on the go. Keep reading, and we will guide you through everything you need to know about the powerful world of MetaTrader 4 Mobile.
What is MetaTrader 4 Mobile?
The MetaTrader 4 trading platform has a versatile mobile app that can be used across a wide range of mobile devices, allowing traders to place trades from anywhere in the world. While it is most commonly used for forex, it can also be used for trading crypto CFDs, indices, and commodities, should you wish. By providing a comprehensive range of indicators and charting options, the mobile app is designed to remove some of the friction from the trading world, allowing traders to quickly enter and exit key positions without having to be confined to a conventional office space.
To understand how to get the most out of this tool, we need to take a closer look at how to get it up and running.
Setting Up Your Mobile Account
First, you will need to choose a regulated MetaTrader 4 broker so that you can place trades. If you are completely new to forex trading, you should know that you will not be able to trade through the app without first hiring the services of a broker.
Next, you register for your online account within the MT4 app, making sure to neither share nor reuse your password. You will be sent your account number and server name via a secure email to the address you have provided, and you will also be asked if you want to make use of a demo account.
Starting with a demo account so that you can practice forex trading strategies without risking real money is a proven way to build your skills and gain experience. We will come back to how you can get the most out of this option later in this guide.
Getting Familiar With the Interface
Before you can even start to think about placing trades, you need to get familiar with the mechanics of the app. Taking your time to work through a tutorial, as opposed to rushing to place a trade, is the pragmatic thing to do, regardless of your experience with forex trading.
The app will have a quotes screen that shows prices in real-time, as well as a charts screen that shows a visual representation of how currency pairs are evolving. There will be options to select different timeframes and to add a variety of indicators. Examples include RSI, Bollinger Bands, and Moving Averages.
There will also be a trade screen where you can see all of your open positions and pending orders at a glance. In addition, it will also display your current balance, equity level, and margin levels across all trades. This allows you to monitor your entire forex trading portfolio in one place.
Lastly, there will be a history screen that displays past trades and allows you to see your profit/loss statements over different periods of time. Systematically and periodically reviewing this data can help you shape the direction of future forex trading strategies.
Placing Trades & Building Strategies
To place a trade, you first need to select a currency pair so that you can choose a new order. You will then be asked to choose key details, such as:
- The volume of the trade you want to make for a given currency pair
- The stop loss, so that you can protect yourself if the market moves against you
- The take profit limit so that your trade automatically closes at a set profit target
The app will be able to guide you through the specific buttons to press to take your trade live, allowing you to gradually learn the mechanics as you go. If in doubt, begin with a demo account and focus on using stop loss limits to protect the overall value of your portfolio.
Leverage Built-In Tools to Stay Ahead
Options like Eurotrader will provide you with a free demo account that gives you the time and space you need to fine-tune your trading strategies without risking real money. You can also import real-world data and different levels of market volatility to better understand how your strategies would have performed in real-world scenarios.
In addition to demo account practice, it’s advised to use the MT4 app’s integrated newsfeed so that you can understand financial triggers. A detailed understanding of economic events and how they tend to evolve will help you to refine your use of price alerts and to anticipate changes in markets. For example, a scheduled budget announcement by a G7 country is an event that could certainly shift the value of many markets. Having a calendar of such events can help you define your long-term strategies.
The Last Word
Mobile forex trading is both accessible and flexible, but it still needs to be carried out in a way that is sustainable and responsible. Setting limits, starting with a demo account, and monitoring past performance will ensure that you can systematically build and improve your skills.
