Congratulations! If you’ve made your way to this lesson, it means that you’re now ready to open a demo or live MT4 trading account. And because BabyPips.com is the bee’s knees, we’re here to guide you through it.
First, you should know that MetaTrader 4 (MT4) is simply a trading platform used by tons of traders and brokers. Traders use it to view real-time currency prices, open or adjust orders, get technical and fundamental analysis, and open Youtube videos. We’re half kidding about the last part. Meanwhile, brokers use the MT4 platform to reach a broader audience.
What’s good about the MT4 platform is that it offers boatloads of currency pairs and indicators that you can choose from. Not only that, but its customizable charts are so newbie-friendly that any six-year old kid can spot breakout patterns from it.
Mechanical traders can also plug in their EAs in the MT4 platform. This makes it easy for them to track trade opportunities.
The MT4 platform can’t be accessed through a website though. You have to install the platform on your computer or your phone before you can gain access to your trades and currency prices.
Want to open your account now? Here’s how:
Step 1: Setting up your account
a) Download and install MT4.exe
b) Carefully fill in the account details.
Step 2: Record your account details
a) Record and keep a copy of your account login information before exiting the registration process.
b) With MT4, you are able to create and access multiple accounts without exiting the program. Please pay attention to which account you are using before placing trades and orders.
As much as we’d like you to go forth and make live pips, we HIGHLY ENCOURAGE you to try demo trading first. This way you’ll get the feel of the platform without putting any of your hard earned capital at risk. Besides, unlike in live trading, you can always add to your capital or open a new one if you blow out your account or if your demo account expires.