Tips

How to use MetaTrader 4 and MetaTrader 5


The Metatrader suite of platforms, which consists of MetaTrader 4 (MT4) and MetaTrader 5 (MT5), are the most popular trading platforms for retail foreign exchange (forex) investors, and is developed by Metaquotes Software Corporation.

Traders all over the world use the Metatrader platform because of its simplicity as well as advanced features, making it an ideal choice for Wiseinvest clients, including WiseSignals subscribers.

Whether you are a beginner or already have experience trading, this article will show you how to use MT4 and MT5.

Desktop and Web Version

The first step to using the Metatrader platform is to download the software to your desktop and mobile devices.

There is also MT4 web, a web-based version, which can be a great option for those who just need to check a position, modify an order, or enter or close an existing trade. (note: MT5 web is also available).

 

how to trade forex using mt5

Starting with the MT4 desktop version, as an example, the software can be downloaded directly from the developer’s website, and is primarily designed for Windows PCs.

There is also a version of MetaTrader for MAC, but it is not a native application and is wrapped within an emulator environment called Wine (which simulates windows on your macOS). Alternatively, if you have a windows emulator already installed on your macOS, such as Parallels, then you can proceed to install the windows version within that environment.

Follow installation instructions

After following the relevant instructions above to download and install the software, depending on your operating system, the next step is to launch the software by finding the application icon that will be installed in your local directory (the exact location is usually shown during the installation process).

Upon launching the MT4 platform, there will be a default layout with information that begins to populate, such as chart and prices, and a prompt should appear with the login screen.

Logging in to the MT4 platform with a demo account

When you are ready to log in to the MT4 platform, you can use an existing demo account that has not expired, provided you have the username and password and choose the relevant broker from the list of server options.

how to trade forex with mt4

Alternatively, if you don’t have an existing demo account, you can setup a free demo account with one of our recommended brokers, or the Metatrader broker of your choice.

Once you have entered your login information successfully, the platform will begin to fully load the broker’s products and related prices which will populate the default charts.

MT4 can be easily navigated using its main menu headers on the top, which include the File, View, Insert, Charts, Tools, Window and Help sections. There are also toolbars where you can access the charts and line studies (drawing objects).

mt4 forex trading

The terminal is another important section of the platform. From the terminal section you can access the lower tabs which include the Trade, Exposure, Account History, News, Alerts, Mailbox, Company, Market, Signals, Code Base, Search, Expert Advisors, and Journal.

There is also a detailed user guide, in case you need any additional help finding your way around the MT4 platform.

Trading

Just like the MT5, the MT4 platform supports common order types, ranging from market orders to pending orders, and you can attach stop-loss and limit-orders to pending orders as well.

By attaching a stop loss  and take profit to your pending order (or market order), once executed, any stop-loss and take profit will also be activated for risk-management purposes.  More advanced features include the ability to add a trailing-stop-loss order. There is also the ability to trade directly from charts, using the quick trading feature to enable one-click trading:

forex trading mt4

Metatrader Mobile app

The Metatrader mobile app is available for Android and iOS devices, directly from the developer. Using the mobile version is much like the web version of MT4, the app is limited in functionality, giving you just the basic options of managing your account, including open positions and orders, and viewing prices and basic charting.

Algorithmic trading

One reason why Metatrader platforms are popular is due to the ability for traders to use algorithmic trading strategies known as “Experts.” Experts are programs that are written in the MetaQuotes Language 4 (MQL4) syntax, from within the desktop platform by using the MetaEditor tool.

Experts can also be tested and optimized over historical price data, through the Strategy Tester section of the platform.

Artificial Intelligence

While there are thousands of Metatader-compatible automated strategies on the internet for over a decade, such as found in the Metaquotes forex signals market, none incorporate artificial intelligence (AI). Wiseinvest has made a powerful entrance into this ripe market for AI, thanks to years of research & development, with the release of our Wise forex signals subscription-based service.

Wise Automated AI trading and AI forex signals

That’s why our clients who subscribe to Wiseinvest forex signals use the Metatrader platform for its simplicity, and not for its automated trading features, which can be overly complex. In addition, most strategies on the market are unable to perform consistently over time. We aim to change that trend as our track record evolves with returns that are targeted above-average.

Regardless of your broker or platform, whether you are a passive or active trader, we are confident that our signals will help bring value to your trading toolbox.

At Wiseinvest, we proud to be a leader in combining AI-powered trading systems for more than 40 simultaneous strategies, to deliver professional-grade trading signals to our subscribers.

The best way to trade forex

There are two ways to invest with our AI in forex:

1. Automated with AI-Trading. Check out the 3 steps to trade automated with our AI.

automated trading with ai bot

Don’t you have a broker account yet? Our AI is integrated to trade automated with the broker Oanda. Click here to open an account.

2. Manually with AI-Signals.

Wiseinvest also provides AI forex signals that perfectly fit into MT4, MT5 and any trading platform. To trade with our AI forex signals, you must simply copy the data you receive from each real-time signal into any forex brokerage account of your choice.

There are five unique variables for each AI signal, and each must be copied exactly, in order to match the performance of the signal as close as possible.

Each AI signal alert consists of the following five data points:

  • Symbol (forex pair)
  • Direction (long or short)
  • Position size (number of units or lots)
  • Take profit (price level to exit with maximum gain)
  • Stop loss (price level to exit with maximum loss)

You can trade forex with our free forex signals clicking here, or with our Premium subscription that provides you unlimited AI signals and automated AI trading in partner brokers. Whether you are a beginner or a Professional forex trader, our AI trading system can help you save time and improve your trading performance. Get started with free AI.

Disclaimer: Forex and Contracts for Difference (CFDs) are complex instruments and come with a high risk of losing money due to leverage. Forex trading is not suitable for everyone. You should consider whether you understand how forex and CFDs work and whether you can afford to take the high risk of losing your money.

The forex brokerages displayed shall disclaim the overall performance of traders in their platforms. Oanda warns that 76.8% of retail forex traders lose money trading CFDs. XTB warns that 80% of retail forex traders lose money trading CFDs. The forex broker Fxcm warns that 69.66% of retail forex traders lose money trading CFDs.

The performances aforementioned are not related to Wiseinvest AI forex trading and AI forex signals system. You can check the performance of our AI forex system on our dashboard.