Instructions to download and install Metatrader 4 on your phone
The majority of Forex trading today is done on the Metatrader 4 platform (aka Mt4). Therefore, to trade foreign exchange (trade Forex), you need to download the Mt4 software to your mobile phone (or computer).
1. Install Metatrader 4 on Mobile Phone
In this article, I will show you how to install Metatrader 4 on your Android phone. First you click on the Plays Store Icon (or Google Plays) as the image below and enter Metatrader 4 (or MT4) in the search screen
Click the Install button, then wait for minutes for the software to install on your phone.
After installing the software, the Metatrader 4 interface is as image. Click the icon to launch the software. After the Metatrader 4 open, click Accept button on the first screen.
The first screen of Metatrader 4 is currency pairs. You can add or remove the currency pairs which you want to trade on this screen. Everybody often trades USDJPY, USDCAD, USDCHF, EURUSD, EURJPY, GBPUSD, GBPJPY, AUDUSD, NZDUSD and Gold (XAUUSD).
Also, you can trade crypto currencies, stocks...depending on whether the exchange you created your account on is available for trading that product. I will guide you on how to add, remove, install currency pairs, indicators... in the next part of this article.
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| The popular trading currency pairs screen |
The second screen is the Japanese candlestick pattern screen of the trading currency pair that you chose.
In this screen you can see the current price of the currency pair, based on the old price of the currency pair to predict the price up or down.
You also can add tools which help predict the trends of price such as RSI, Bollinger Band... or use measuring tools like Fibonacci, trendlines...
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The 3rd screen shows your cash total. On this screen you can see all your trades by day, week or month. You can see your trading status with a profit or a loss at the times or your money at the current.
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| Click this icon to show your account status |
Normally, we are only interested in screens 1,2 and 3 and the other screens we will not need to be concerned about.
So I introduce you to the installation and main interface of the Metatrader 4 trading software. Currently there is a Metatrader 5 version with more advantages, but most people are still using Metatrader 4 for trading because there are currently many automated trading systems which are called EAs (Expert Advisors) on the market base on Metatrader 4. They makes trading easier and more automated. We will discuss these sections later.
To install Metatrader 4 for the Iphone on the iOS platform, you do the same as above, by accessing Apple's Apps Store.
2. Guide to using Metatrader 4 for basic forex trading
In this part, I will guide you to use Metatrader 4 software to perform basic Forex trading on your phone. Because the Forex market is closed, I will use BTC to illustrate the transaction.
The Forex market (including the currency pairs, the stocks, the indices, the commodities, gold and oil, etc.) only trades on weekdays from Monday to Friday. Saturday and Sunday have no transactions. The Coin market trades 24/7 on all days.
A. Select currency pair to trade
The first screen is a list of trading currency pairs. Because today is Sunday, the market is closed, so I will trade BTC (bitcoin). There is no BTC product on the screen so I need to add it.
Click the + (plus) button on the right corner of the screen below to add the currency pair you want to trade.
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| Click Plus button to open a new trade |
Type BTCUSD into the chat box. We will be trading the Bitcoin exchange rate against the US dollar. Click on the BTCUSDm icon below.
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| Type any currency pairs you want to trade, for example: BTCUSD |
The price frame will show the currency pair you just added. This screen shows your trading currency pairs. Such as ETHUSDm, XAUUSDm...
B. Basic manipulations for trading on Metatrader 4 software.
Normally, there will be 2 types of transactions: immediate trading at the current exchange rate or placing orders as expected. To make an instant transaction of your chosen currency pair, do the following:
B1 - Instant trade at current market price
Click Sell if you think the price will continue to go down or Buy if you believe the price will go up.
If you want to see the chart to more accurately predict the price of BTC against USD before making your decision, click on the following button:
The price chart screen will appear. Based on this price chart, you can perform technical analysis to make a decision or predict the price level that the currency pair may reach.
This is a Japanese candlestick chart. There are many types of charts depending on your habits. The picture above is a 1D time frame BTCUSD chart (daily frame).
If you want to see the price chart in another time frame, click on the clock icon in the right corner.
If you want to trade another currency pair that was added to the previous list, click on the $ icon next to the watch.
On this screen, you can also execute trading orders by clicking the + (plus) button in the right corner and execute instant trading orders when the order window appears.
B2 - Trading on pending orders (limit orders)
Suppose the BTCUSD price is 19092.35. You predict the BTCUSD price will return to 18445 but you don't have time to watch to enter the order. Therefore, you can execute a Buy Limit order to place a buy order at the price of 18445.
When the price reaches that level, the account will automatically match the buy order for you without you needing to enter to click buy.
To execute this command, do the following: Click the + (plus button in the top right corner to open the command.
Click on the first line, the trading window will drop, select Buy Limit.
Enter the price that you think the Buy Limit Order will be matched in the price box. In the picture is 18445.00
At the bottom left is the Stop Loss price. If the market goes against your prediction of that price, the trade will automatically close and you will get lost.
In the lower right is the Take Profit price. If the market goes in the right direction that you predict, at that price the trade will automatically close and you will get profit. Press SET to execute the command.
Note: Make it a habit to always place Stop Loss (SL) and Take Profit (TP) when placing orders and be disciplined. Remember that the money in your pocket is yours and if you are wrong, you must be ready to cut losses to preserve capital.
Do the opposite of the Sell Limit Order.
B3 - Close or edit executed trade orders
Assuming you have made a Sell-Order before (step 2) and are profitable, you want to make a profit because you do not have a Take-Profit Order (TP) available. Or you want to set a Stop-Loss (SL) and Take-Profit (TP) on an order that you placed at the previous market price. Please do the following:
Press and hold on the currency pair that is trading for a while until the following screen appears.
If you want to close the order, click on Close. Then your trade will close and you will make a profit according to the price difference at the time you close the order compared to the time you opened the order.
If you want to edit the trade (set SL, TP) click Edit, the screen will appear.
Edit the price you want to Stop-Loss on the left and the price you want to Take-Profit on the right, then press Edit.
And here is the result of the trade just made.
This is a basic forex trading guide on Metatrader 4. You should practice trading with a Demo Account first to avoid making mistakes that cause losses to your account.
Note: Always trade with the minimum lot (0.01) until you are really proficient and have been trading for a profitable period of time. More lots have big profits, but the risk of account burning is also much higher.
Good luck!