MetaTrader 4 (MT4) is one of the world’s most popular platforms for forex trading, renowned for its user-friendly interface, custom indicators, and automated trading capabilities. If you’re new to forex, starting with MT4 provides a solid foundation. This guide explains how to set up MT4, open your first trade, and optimise your trading strategy from day one.

Key Takeaways

• MT4 is a free trading platform ideal for beginners and advanced forex traders.
• It allows charting, technical analysis, and real-time order execution.
• Starting on MT4 involves choosing a broker, opening a demo or live account, and installing the platform.
• Use MT4 in conjunction with education from a Forex Course for better results.
• Risk management is essential—start with a demo account before trading real money.

Step-by-Step: How to Start Forex Trading on MT4

1. Choose a Regulated Broker

Select a broker that offers MT4 with strong regulation (e.g. FCA, ASIC, CySEC). Ensure they provide:

• Demo accounts
• Competitive spreads
• Good customer support
• Local currency account options

2. Create Your Trading Account

• Go to the broker’s website and register.
• Choose between a demo (virtual money) or live (real money) account.
• Submit KYC documents if you’re opening a live account.

3. Download and Install MT4

• Download MT4 from your broker’s website or the official MetaQuotes site.
• Install it on your PC, Mac, or mobile device (Android/iOS).
• Log in using your account credentials provided by the broker.

4. Learn the MT4 Interface

Familiarise yourself with:

• Market Watch (for live currency prices)
• Navigator (for indicators, EAs, scripts)
• Terminal (to manage trades, balance, history)
• Chart Window (to analyse forex pairs using tools like RSI, MACD, Ichimoku)

5. Place Your First Trade

• Right-click on a pair in the Market Watch.
• Click New Order.
• Set:
  • Trade size (lot)
  • Stop-loss and take-profit levels
  • Order type (market or pending)
• Click Buy or Sell to execute the trade.

Why MT4 Is Ideal for Beginners

Feature	Benefit
User-friendly Interface	Easy navigation and order execution
Technical Tools	Dozens of built-in indicators and drawing tools
Customisation	Install custom scripts, indicators, EAs
Mobile Compatibility	Trade on the go with Android and iOS apps
Historical Data	Backtest strategies before going live

Fundamental vs Technical Use on MT4

Analysis Type	Application on MT4
Fundamental	Use news calendars via broker plugins
Technical	Use indicators like Bollinger Bands, RSI, Ichimoku
Combination	Combine economic events with trendlines and volume

Case Study: Learning MT4 With Structured Mentoring

A student who joined the Traders MBA Forex Course began with no MT4 experience. After two weeks of structured lessons, live mentorship, and weekly trade reviews, they were able to execute trades confidently, use indicators like MACD and RSI, and track economic events to validate setups. Their first profitable trade came after practising risk management techniques using a demo account.

Frequently Asked Questions

Is MetaTrader 4 free to use?

Yes, MT4 is completely free to download and use, whether on desktop or mobile.

Can I trade real money on MT4?

Yes, once you open a live account with a broker and deposit funds, you can trade real forex markets using MT4.

What is the minimum deposit for MT4 trading?

It varies by broker but typically starts from $100. Always check broker requirements.

Is MT4 better than MT5 for beginners?

Yes. MT4 is simpler and more widely supported, making it ideal for beginners in forex trading.

Can I use MT4 on my phone?

Absolutely. MT4 has a mobile app for both iOS and Android with most core features included.