If you are a forex trader, you are probably well aware of the Metatrader 4 (MT4) platform. It is one of the most popular trading platforms used by traders worldwide. The great news is that it is available for Android mobile devices, which allows you to trade from anywhere at any time. However, it might take some time to get used to the mobile version of the software. This guide will help you master metatrader 4 for android, from installation to using its features effectively.
Installation and set up
The first step in mastering Metatrader 4 for android is to install it on your mobile device. Open Google Play Store, search for Metatrader 4 and download the app. After successful installation, open the app and enter your account login details. You will be directed to the platform, where you can customize your settings to suit your preferences. For example, you can set up alerts, adjust chart settings, change the language, and more.
Market Watch
The Market Watch is the section of the Metatrader 4 for android platform where you can access all the available trading instruments. It includes currency pairs, commodities, indices, and cryptocurrencies. You can easily add or remove instruments by tapping on the menu icon, selecting symbols, and making your desired changes.
Charts
Charts are an essential feature of Metatrader 4 for android as it allows you to analyze market trends and make trading decisions. You can set up a new chart by tapping on the plus icon in the upper right corner of the platform. From here, you can select the desired instrument, set your preferred chart type, and apply other settings like indicators and periods.
Orders and Trades
Placing orders is the primary reason traders use the Metatrader 4 for android platform. You can execute any type of order, including market orders, pending orders, and stop-loss/take-profit orders. The order execution is as simple as selecting the relevant currency pair, choosing the order type, entering the order specifics, and clicking on buy or sell. The trades section allows you to view all open and closed trades, monitor your equity, and review your order history.
Advanced features
Metatrader 4 for android has several advanced features that you can use to enhance your trading experience. One of the most useful features is the Expert Advisors (EAs). An EA is a trading robot that can make trading decisions and execute orders on your behalf. You can also automate your trading strategies by setting up specific criteria for entry and exit orders through the platform’s Automate trading function.
Short:
Metatrader 4 for android is an excellent tool for traders who are always on the go. By mastering the platform using this comprehensive guide, you can trade efficiently and effectively from anywhere, anytime. Familiarizing yourself with the installation, customization, market watch, charts, orders and trades, and advanced features will allow you to take full advantage of the platform’s capabilities. Happy trading!
