Meta Trader Software is the best forex trading platform for beginners used till date for Forex Trading. The user interface of this simulated forex trading is very familiar and easy to understand by the beginners also. The menus and toolbar of this best forex trading platform for beginners makes the task as few clicks. The menus provided in this online forex trading platform are as listed below.Please note there are several forex trading platforms you can use as your forex trading station but currently MT4 is the best forex trading platform for beginners , so follow step below wrote by Fxstay team and learn how you can trade with this forex platform .
Best forex trading platform for beginners Metatrader 4 Menu
• File Menu
• View Menu
• Insert Menu
• Charts Menu
• Tools Menu
• Window Menu
• Help Menu
Menus are shown in the figure below.
File Menu: In this menu, you can login, open an account, open new charts to work with, manage profiles, collect data and charts, save history data in CSV and HTML format. This menu also has “print preview” and “print” option so that charts can be printed and print preview can be send before the print command is send. With the login command of this menu, you can login to your trade account and start trading. The command named “Open an account” allows creating a demo account if you are only a guest user. Demo accounts do not need any deposit. These accounts are helpful in learning trading techniques. File menu contents are shown in the figure below.
View Menu: The commands included in the view menu are data window, Marketwatch, language, toolbar, status bar, charts bar and full screen mode. With the data window, you can see the price and information about indicators. Status bar is present in the lower portion of the Metatrader software and is used to enable to disable the status bar. The command named “charts bar” opens the charts in the workspace quickly. Marketwatch is also termed as signal window and is used to display the current quotes. Languages option helps to switch to the language of any country you want. You can set the language of your country with just one click but to display everything in your preferred language the software needs to be restarted. View menu contents are shown in the figure below.
Insert Menu: This menu has the collection of commands such as technical indicators, line studies, channels, Fibonacci, shapes and arrows. Andrew’s Pitchfork, Cycle lines, text and text label are located in the last of the Insert Menu. Shapes allow selecting any area in the chart. Shapes are geometrical figures such as triangle, rectangle and ellipse. Arrows are symbols such as check symbols, price symbols and stop symbols that allow selecting important points in a chart. Text command is used to add comments on the chart and the command named “text label” is used to add comments on the window coordinates. Text label do not move if the chart scrolls. Technical Indicators such as Accelerator Oscillator, Alligator etc are grouped in the “Indicators” sub menu. Insert menu contents are shown in the figure below.
Chart Menu: This menu includes the commands such as Indicators list, bar chart, candlesticks, line chart, foreground chart, periodicity etc. Indicators list show the list of indicators. You can change the settings of any indicator by selecting it or you can also delete it from the list. Bar chart show the sequence of bars, candlesticks display the sequence of candlesticks and in the line chart, broken line is used to represent close prices. With the periodicity command of the Chart menu, you can select the timeframe. Chart menu contents are shown in the figure below.
Tools Menu: Tools menu is used for setting your terminal according to your requirements. The commands in this menu are New Order, History Center, Global Variables, Metaquotes language editor and Options. New Order button is used to place new orders. New orders could be market orders or pending orders. History center shows the history data. This command is used to edit the quotes used building charts. The shortcut key to “History Center” is F2 button.
Global variables are used when information is needed to be exchanged. Global variables window can be accessed from the Tools menu. You can add a global variable, delete or rename existing global variables through the “Global Variables” window. Double click the left mouse button in the corresponding cell to change the value or name of any global variable. Tools menu contents are shown in the figure below.
Window Menu: Commands of Window menu are not too important in trading and include only Cascade, Tile Horizontally, Tile Vertically and Arrange Icons. The command named “Tile Horizontally” is used to arrange the charts horizontally and “Tile Vertically” is used to arrange the charts vertically. Window menu contents are shown in the figure below.
Help Menu: This menu is used to help the users to learn this trading software. This menu has only 2 commands: Help Topics and About. The command “Help Topics” contain the full user guide for the users and “About” command tells about the company and its contact details that is why metatrader 4 is the best forex trading platform for beginners. Help menu contents are shown in the figure below.