Initial Setup – MT4 Guide

Once you successfully complete the installation procedure an instance of the MetaTrader 4 platform will be launched for the first time. This will be your first encounter with the MT4 platform and your screen should look similar to the one from Figure 1. The only difference will be the name of your preferred broker. Our team at TradeForexSA has put together the best Forex brokers available to South African traders.

Figure 1: MT4 Platform

The next normal step will be to fill in the Authorization form (see Figure 2) that allows you to have access to your first MT4 demo account. Depending on the Forex broker you’ve chosen to trade with you’ll receive the login and password credentials via email. Choosing the right server will also be specified in the email.

Figure 2: Authorization Form

If the authorization operation was successful you should see in the bottom right corner of your screen a label showing the connection status. You should see something like in Figure 3. Now, you have full access to the MT4 platform and you’re good to place your first demo trade and can analyze the market.

Figure 3: MT4 Connection Status

In case you don’t have already registered an MT4 demo account or supposed you fill in the wrong login credentials, then you should see in the bottom right corner of your screen a label showing “No connection” like in Figure 4.

Figure 4: MT4 No Connection

Next lesson will teach you how to open an MT4 Demo account.

How to open a MT4 Demo Account

There are a number of ways to open a new MT4 demo account:

  1. The simplest method to open a new MT4 demo account is to follow the process described below:

Go to: Menu >> File >> Open an Account  >>  Select Demo Server

Figure 5: MT4 Open an Account

A new window will appear that will prompt you to select the Trading Server. You have to make sure you choose the server that has in its name the word “Demo” (see Figure 6). Now, your server name might be looking different depending on your chosen Forex Broker.

Figure 6: MT4 Trading Servers

Next, a new window will pop up that shows the account types you can choose from. Make sure you select “New demo account” (see Figure 7).

Figure 7: MT4 Trading Account Type

After clicking the next button, a new window will appear prompting the trader to fill out the personal details to open a new MT4 demo account (see Figure 8). You need to fill out the following information:

  • Name: You can choose either your name or a nickname.
  • Email: Your email address.
  • Phone: Your phone number.
  • Account type: Choosing the currency in which your account will be denominated.
  • Deposit: How big your demo account balance is.
  • Leverage: Your demo account leverage size.

After choosing your account and leverage size don’t forget to tick the box “I agree to subscribe to your newsletter” so the Next button will be activated.

Figure 8: MT4 Personal Details

A new window, shown in Figure 9, will appear giving the trader the login, password, and investor password credentials which will give you access to trade the MT4 demo account. At the same time, you’ll receive an email with your login credentials; make sure you save your password as you’ll probably need it later to login into your account.

After you click the Finish button you’re set to go and place your first trade.

Figure 9: MT4 Account Login Credentials

 

The second method you can open a new Demo account is to go to Navigator tab located on the left side of the screen (see Figure 10) and do right click on Accounts to display the pop-up menu and select “Open an Account.” From here on you can follow the same process as described above. If you can’t locate the Navigator tab, then go to top Menu à View àNavigator.

 

Figure 10: MT4 Navigator Bar-Opening an Account

Logging on to the Account

Usually, after you first complete your MT4 demo account registration, you should already be logged in. If you’re logged out or need to log in with a different account, you can simply go to Menu > File > Login to Trade Account.

Figure 10: MT4 Login to Trade Account

As an alternative, you can manage multiple MT4 demo accounts from the Navigation tab (see Figure 11)

First Charts

Figure 11: MT4 Navigator – Multiple Accounts

When you first open the MT4 terminal your first interaction with the platform will have a visual impact on you. Usually, you’ll see several charts and windows that you might not know how to use them. Next lessons will help you understand how to navigate through the MT4 platform and how to make the best use of its functionalities.

Figure 12: MT4 Initial Chart

 

Next lesson will give you an .

 

Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.