Module 1: Introduction to MetaTrader 4

MetaTrader 4, commonly known as MT4, is a globally recognized trading platform primarily used for forex, CFDs, and other financial instruments. It was developed by MetaQuotes Software and released in 2005. MT4 is popular due to its user-friendly interface, advanced charting capabilities, support for automated trading, and widespread broker compatibility.

MT4 allows traders to execute trades manually or through Expert Advisors (EAs). Its ability to handle technical analysis, real-time price feeds, and algorithmic trading makes it a robust tool for both beginner and advanced traders. Compared to MT5, MT4 is more lightweight and specifically optimized for forex trading, though it lacks certain features like depth of market (DOM) and more timeframes.

Module 2: Setting Up MetaTrader 4

• Downloading MT4: Go to the official MetaQuotes website or your broker's site. Choose the version for Windows, Mac, Android, or iOS.
• Installation: Run the setup file and follow on-screen instructions. For Mac users, additional steps like using Wine or PlayOnMac might be required.
• Creating an Account: Upon launching MT4, you can either log in with an existing account or open a new demo/live account through the File menu > Open an Account.
• Navigating the Interface
  • Menu Bar: Contains all essential functions.
  • Toolbar: Quick access to tools like indicators, charts, and trading features.
  • Market Watch: Real-time prices of selected assets.
  • Navigator: Access accounts, indicators, EAs, and scripts.
  • Terminal: Manages trades, news, alerts, and logs.
  • Charts: Visual representation of asset price movement.

Module 3: Understanding the MT4 Interface

Customizing the workspace improves trading efficiency. You can right-click on any panel to configure options. Market Watch can be expanded to show spread, high/low, or time. The Navigator allows quick access to all trading tools. The Terminal at the bottom shows trade status, balance, equity, margin, and logs.

You can also save your workspace as a profile to switch between different trading layouts. The Chart Window can be altered in terms of colors, grid, and indicators, which can be saved as templates for future use.

Module 4: Opening and Managing Trades

To open a trade:

• Click "New Order" or press F9.
• Select the symbol, volume (lot size), and choose Market or Pending Order.
• Set Stop Loss and Take Profit levels (optional but recommended).
• Click "Buy" or "Sell" to execute..

Order Types:

• Market Order:Immediate execution at current price.
• Pending Orders:
• Buy Limit: Buy below the current price.
• Sell Limit: Sell above the current price.
• Buy Stop: Buy above the current price.
• Sell Stop: Sell below the current price.

You can modify trades via the Terminal by right-clicking on an open position and selecting "Modify" or "Close."

Module 5: Charting and Technical Analysis

MT4 supports candlestick, bar, and line charts. You can change timeframes from 1 minute to 1 month. Technical tools include:

• Trendlines and Shapes
• Fibonacci Retracement
• Channels and Arrows

Common Indicators:

• Moving Average
• Relative Strength Index (RSI)
• MACD
• Bollinger Bands

You can drag indicators onto charts from the Navigator or select them from the Insert menu. Templates allow saving your preferred chart setups.

Module 6: Using Indicators and Expert Advisors (EAs)

MT4 supports both built-in and custom indicators. To add a custom indicator:

• Go to File > Open Data Folder > MQL4 > Indicators and paste the .ex4 or .mq4 file.
• Restart MT4 and it will appear in the Navigator.

Expert Advisors automate trading strategies. EAs can be tested using the Strategy Tester. You can enable EAs by clicking the "AutoTrading" button.

Module 7: Backtesting Strategies

To backtest an EA:

• Go to View > Strategy Tester.
• Choose the EA, symbol, and timeframe.
• Select model type: Every tick, Control Points, or Open Prices.
• Set the date range and start.

Results will show performance metrics, balance curve, and logs. Optimization allows testing multiple input combinations.

Module 8: Account Management Tools

In the Terminal > Trade tab, you can view open positions, profit/loss, and equity. Use the Account History tab to see past trades. Right-click to generate detailed reports.

Use margin and leverage responsibly:

• Margin: Collateral for your open trades.
• Levarage: Amplifies exposure but also risk.

The Journal and Experts tabs help troubleshoot issues.

Module 9: Using MT4 on Mobile Devices

Download MT4 from the App Store or Google Play. After installation:

• Log in using your broker’s server and credentials.
• Use the Quotes tab for live prices.
• Trade tab for open positions.
• Charts tab for analysis.
• Settings to customize your layout.

MT4 mobile supports basic indicators and order types. Charts can be rotated and customized.

Module 10: Tips, Shortcuts & Common Errors

Useful Shortcuts:

• F9: New Order
• Ctrl+M: Market Watch
• Ctrl+N: Navigator
• Ctrl+T: Terminal

Common Issues:

• "No Connection": Check internet and broker server.
• "Order Rejected": Check margin, volume, or market hours.
• Resetting MT4: Delete config files in Data Folder.

Backups: Save templates, indicators, and profiles regularly.

Module 11: Resources and Final Thoughts

Trusted Brokers: Use regulated brokers with low spreads and MT4 support.

Free Resources:

• MQL5 Market for EAs and Indicators
• Forex forums for community support

MT4 vs MT5: Consider switching to MT5 for stocks, futures, and depth of market. MT4 remains ideal for most forex traders.

Final Tips:

• Always demo test new strategies.
• Keep up with economic news.
• Practice risk management: never risk more than 1-2% per trade.