In 2005, MetaQuotes developed MetaTrader 4 (MT4). As well as forex trading, MetaTrader 4 can be used to trade indices, cryptocurrencies, and commodities through CFDs, as well as forex and indices.
The fact that MT4 can be customized based on individual trading preferences makes it extremely popular. Using algorithms, you can automate your trades by opening and closing them according to a list of set parameters.
MT4: How do you use it?
You can follow the steps below to enter and use MT4 on IG.
Set up an account
You must create an IG account before you can use IG’s MT4 platform. Adding a live MT4 account to My IG is as easy as 1-2-3. We have a page that explains how to download MT4 with more instructions.
You can download MT4 to your device after creating an account. MT4 can be accessed with your IG credentials once you have downloaded it.
Open a position
You can place an order by going to ‘tools’ and clicking ‘new order’. When you click this, the ‘order’ window will appear. The alternative is to press F9.
A new window will appear once you’ve completed this.
It may seem overwhelming at first, but here are quick explanations of each component:
- You can select a market by choosing the appropriate symbol from this drop-down menu
- CFD Volume – the contractual volume you’d like to trade on a CFD account
- Enter a stop loss level if you want to close a trade if the stock is moving against you. Basic stops on MT4 correspond to those on the IG platform
- You can enter a take-profit level here to lock in profits if you wish.
- For advanced trade-management, a comment can be left on a particular trade; or a small comment can be left on the trade itself
- If you want your trade to be executed immediately after you select either ‘buy’ or ‘sell’, select ‘instant execution’. The ‘pending order’ option is also available if you want to choose the opening level for your trade
The trade type you place will determine which options you have:
- Trades can be rejected if prices suddenly change as the trades are being placed if this option is enabled. The maximum deviation (in pips) in which you would be willing to accept the trade if you want to still place it within a certain price range is entered next to the box.
- You can either buy or sell – you should click ‘buy’ when you believe the market will increase in value, or ‘sell’ when you believe it will decrease. This will place your trade
- Order Type – Depending on the type of order, you can place a ‘buy limit’, a ‘sell limit’, a ‘buy stop’, or a ‘sell stop’. Learn how to tell a stop order from a limit order
- Choose the price level to trigger your order at (note: some types of orders will trigger at market level regardless of whether your chosen price level is breached) Choose the price level at which your order should be triggered.
- In the event your order does not reach your ‘at price’ by the specified date and time, check this box.
- Place your order by clicking this button when you are ready
Ensure that pending orders and positions are monitored and closed
If you press Ctrl + T or click ‘view’ in the toolbar and select ‘terminal’, you can view your open positions and pending orders. Next, select ‘trade’ from the drop-down menu. By clicking the small ‘x’ on the far right side of the profit column, you can close positions and delete pending orders.