Introduction to MT4 Interface
The following image below shows the main MetaTrader 4 software inter-face. As a beginner bitcoin trader trying to learn how to execute cryptocurrency orders in the online cryptocurrency market, the main tool for trading the btcusd market is the MT4 software software. This MT4 software is the software which you will connect to your broker with and execute bitcoin trade transactions & monitor your bitcoin account balance from the MT4 platform.
The Cryptocurrency MT4 platform software is provided for free through the various bitcoin broker sites. This MT4 platform looks like the cryptocurrency example illustrated below:
The Main Areas of this MT4 software as shown above are:
- MetaTrader 4 Navigation Menus
- Toolbars
- MetaTrader 4 Bitcoin Chart Window
- MT4 Navigator Window
- MetaTrader 4 Market Watch Window
- MetaTrader 4 Terminal
- MT4 Connection Bars
For this MT4 guide we shall look at a brief introduction for each of these learn cryptocurrency MT4 platform:
1. Navigation Menus
The MT4 navigation menus are:
- File Tab
- View Tab
- Insert Tab
- Charts Tab
- Tools Tab
- Window Tab
- Help Tab
These are the main MetaTrader 4 navigation menus which can be used to navigate the MetaTrader 4 platform. As a beginner bitcoin trader you can start by just clicking any of these MT4 navigation menus to familiarize yourself with various MT4 buttons that are arranged as MT4 sub menus within these MT4 navigation menus.
These MetaTrader 4 navigation menus will be discussed & covered in details in the next MetaTrader 4 guides about navigation menus.
2. ToolBars
The MetaTrader 4 toolbars are used to manipulate MetaTrader 4 charts, either by placing MetaTrader 4 indicators, MetaTrader 4 line studies, change MetaTrader 4 chart time frames and load MT4 template from a listing of saved MT4 templates.
The MetaTrader 4 toolbars will be discussed on other MT4 guides that will outline each MetaTrader 4 button on this MT4 toolbar and how to add & customize these MetaTrader 4 toolbars.
3. Chart Window
This MT4 chart window is the main area where MT4 charts are portrayed & a trader can analyze the bitcoin trend direction of a MT4 chart whether up or down, place MT4 chart indicators for technical analysis & even place orders from these MT4 bitcoin charts.
4. Navigator
MetaTrader 4 Navigator will contain information about MetaTrader 4 accounts, whether practice or real, this MT4 panel also will have a list of all the MetaTrader 4 technical indicators as well as MT4 EAs and scripts.
One can select which MT4 account to sign in by expanding the Accounts menu, choose an MT4 indicator by expanding the MT4 indicator menu or choose an MT4 EA by expanding the EA menu.
5. Market-Watch
MetaTrader 4 Market watch is used to show streaming bitcoin price quotes for MT4 instruments. This can list as many quotes that are provided by your MT4 broker or a few chosen by a bitcoin trader. To save inter-net band width, right-click inside the MT4 market watch window and select 'Hide All', to hide the MT4 symbols that you aren't transacting on this MetaTrader 4 platform and save on inter-net band width.
6. Terminal
This is MT4 window that is like the bank account trade area for your MetaTrader 4 bitcoin trades, on this MetaTrader 4 window you can view your account balance, profit & losses statement, equity, margin used and also to retrieve a copy of all your MT4 bitcoin trades history.
This MT4 panel also will list all open bitcoin trade transactions and calculate all the profit and loss in real-time as the charts move up or down.
7. Connectivity Bar
MetaTrader 4 connection bars - Red bars are for no connectivity, green bars show that there is connection to the servers and MT4 bitcoin trade orders can be set. These MT4 connection bars should always be green when one logged into their MT4 practice bitcoin account or MetaTrader 4 live account.
The MT4 software main areas form the MT4 software interface and will be the main areas to be covered in detail in next learn MT4 guides. For now it's best to download MT4 platform software & familiarize yourself with the MetaTrader 4 platform inter-face.
Why Bitcoin Software is Required for Placing Bitcoin Transactions with Brokers
Bitcoin software is the software which is used to access the btcusd market and analyze these bitcoin price movements using charts and cryptocurrency technical analysis tools. There are various reasons why one requires to use a good bitcoin platform. A good bitcoin platform can determine if a as a trader you make profit or not.
So why does a trader need a good Bitcoin Software:
To connect to the Broker Server:
To place a bitcoin trade order one needs to use a bitcoin platform which will connect to the servers of their cryptocurrency broker & this will allow them to open and close bitcoin trade orders. Good bitcoin platforms will connect with ease to the brokers' servers & allow traders to place bitcoin trade orders at any time from desktop computer PC.
To analyze charts using technical analysis tools
To place a buy or sell bitcoin order a trader needs to first interpret the direction of bitcoin using charts. This is why all good bitcoin softwares provide cryptocurrency trade technical tools such as bitcoin price charts, indicators and various different time frames from which trader can analyze bitcoin price moves using the time frames of their choice.
From the above bitcoin platform interface, the summary of all data required by a trader is provided on this MetaTrader 4 platform inter-face
- Connection - connection to the broker servers
- Charts - price graphs that illustrate bitcoin prices
- Tool bars - toolbars to add tools & analysis indicators on bitcoin charts
- Market Watch - for displaying available instruments on MetaTrader 4
- Data panel - provides MT4 bitcoin account data and other technical indicator data
- Exchange rates - shows current market bitcoin price on a bitcoin chart
- Menu bar - Shows all menu items in the MetaTrader 4 software
