Here is a quick rundown of the MT4 mobile trading platform for your smartphone.
MT4 is also known as MetaTrader4.
The MT4 app lets you check your charts and trades on the go.
I don’t do any analysis on the mobile app. I find and make trades on my desktop where I can fully see how the pair is acting on a large screen, but I do use the MT4 mobile platform for checking how trades are doing and/or updating orders. If you trade exclusively from your phone, you are at a big disadvantage compared to traders who are trading on computer monitors and can see the bigger picture.
Navigating the MT4 Mobile App
The three horizontal lines in the upper left corner are your Main Menu.
From that menu, click Manage Accounts to add a new Live or Demo account. Input the information provided by your forex broker.
Quotes shows a customized list of forex pairs. Click the + button to add pairs. Click the Pencil button to customize the list and delete pairs you don’t want to see.
Click your back button on the phone, or in the upper left corner to move back to the last screen.
Click Charts to open a chart. Click the + to see a crosshair.
Click on f to add an indicator.
Click the $ sign to change the currency pair on the chart. The options shown are from the Quote list.
Click the Clock to change the time frame of the chart.
Click the Square (with a + in it) to bring up a trade screen.
Click Trade in the Main Menu to also bring up a trade screen. Select the type of order (market, limit, stop, buy, sell). Choose your position size. 0.01 is a micro lot. 0.1 is a mini lot. 1.00 is a standard lot. Below this are the current bid and ask prices. Below this, input your stop loss and target prices.
Orders show up on the Trade screen, via the main menu. Click on an order or trade to see the full details, such as stop loss, target, entry time, and so on.
Press and hold on an order to bring up a pop-up menu. Here you can modify or delete the order.
Press and hold on a trade to bring up a pop-up menu to Close the trade. You can also select Modify to change your stop loss or profit target. You can also slide your finger from the far right to the left to access a little menu where you can also edit a trade.
If you are new to forex, check out the Forex Trading Introduction Course before putting any capital at risk.
Cory Mitchell, CMT
Disclaimer: Nothing in this article is personal investment advice, or advice to buy or sell anything. Trading is risky and can result in substantial losses, even more than deposited if using leverage.