Demo account MT4
- Published: Wednesday, 25 April 2018 18:21
- Written by Super User
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Demo account MT4
Trading within the Forex and other financial markets is carried out with the help of special programs - trading terminals. One of the most popular is MetaTrader 4. The terminal is installed upon the computer and provides the trader's connection with the broker. With the help of MT 4, the trader makes new trades and receives information on current and completed transactions, as well as all the necessary information upon the price movement and its dynamics over the past time. Terminals greatly facilitate the learning process for beginners, giving the opportunity to open educational demonstration accounts.
Several reasons for opening demo account MT4
To start Forex trading, one must open a demo account firstly, which gives advantages of:
- Studying and understanding the fundamental and technical analysis of the market;
- Understanding and practicing the process of making transactions;
- Testing the advisers;
- Developing one’s own trading strategy and run it without risking real money;
Demo account MT4 is a great opportunity to learn all the nuances of working within this market without the risk of losing money. Trading here needs not real money, but virtual, designated only by numbers, not backed by any monetary investment.
By its functionality, the demo account does not differ from the real one. Working with it, the user gains confidence, all the necessary skills and experience to start profitable trade in the future. The difference is purely psychological in nature. When trading using real money, there are such components as greed and fear, which prevent the trader’s normal working.
When opening a demo account MT4, one can choose any virtual amount to start, but it is recommend starting with the one that is planned to use within real trading.
MetaTrader 4: opening a demo account
As an example, let’s investigate how to open a MetaTrader 4 demo account using InstaForex, the broker can be chosen at the discretion of the future trader. To start working with MT 4 trading platform, one should download its installation from the broker's halt and install the program upon the PC. After that the user should:
- open the terminal and select "Open account" in the "File" menu;
- choose the Demo trading server and click "Next";
- mark the "New demo account";
- fill in personal data;
The program will generate a login and password for logging in. After that one can enter the account by selecting the menu item "File" - "Connect to trading account".
In the windows for authorization, one should enter his/her trading account number, trader's password and click "Login". The trader’s password with the investor password should not be confused. Introducing the investor, one can only observe the transactions, but not to fulfill them. If the authorization is prosperous, a connection icon appears in the right low corner. The red "No connection" icon means that the chosen server cannot be connected.
One may also see a "General error" or an "Incorrect account". In this case, the correctness of the account and password must be checked.
MT4-demo profile: interface
Let's take a closer look at the MetaTrader4 trading terminal itself. At the very top is the main menu with the commands "File", "View", "Insert" and others. Below is placed the toolbar, where there are various icons of commands. Still below there is a chart window, and to the left of it the "Market Watch" and "Navigator" windows.
In the "Market Watch" section, one can see the instruments by which he/she can trade - currency pairs, stocks, gold, oil. At the very bottom is the "Terminal" window. Here, clicking on different tabs, one can find the current open transactions, the history of completed transactions and other useful information.
There is a great opportunity of changing language: the user needs to click the menu item "View" - "Languages".