If you have just started using the forex MetaTrader 4, there are various things you should know. Read on to figure these out.
Depositing Funds in Your Forex MetaTrader 4 Account
When operating a real forex MetaTrader 4 account, you will need to fund it first. In this case, you will need to log into your account to deposit cash. The process is simple, and all you will need to do is choose the add funds option and follow the instructions as [provided by your broker.
In the deposit section, you will see different deposit methods that you can use. Choose one the best that fits your needs. Many brokers provide a vast range of deposit methods to cover the multiple payment procedures that traders.
After funding your Forex MetaTrader 4 account, you can launch your MT4 platform and start trading. Once you launch the platform, you should receive a cue to key in the authorizing login and password that your broker provided on opening your account. Make sure that the details on the server section correspond with the details you have from your broker.
What You Should Know about the Forex MetaTrader 4 Investor Password in Your Account
Once your broker gives you the credentials to your account, they will include Your account identification, main, password, and an investor password. While the investor password is similar to any other ordinary password, knowing how it works is crucial when using a real account.
Your main password allows you access to your entire account, but the investor password only allows Read-only access. What this means is that you can use it when you want to display your trading results to other traders.
You can also use it if you want other traders to analyze your trading strategy without allowing them overall access to your trading account. The investor password is popularly used by traders who allow other traders to imitate their trades.
Remember, each password offers traders varying authorizations in their trading account. The ain password allows you all trading authorizations. With the main password, you can gain access to every section of your account, launch new trades, and close or change prevailing trades. You can only view your account history and open trades with the investor password.
While you cannot share your main password with other traders, you can share your investor password with any of your preferred traders. In case you want to restrict access to your account, all you need is to change your password.
Where can You Access the Investor Password?
Often, your broker creates the investor password automatically once you open a forex MetaTrader 4 account with them. You can access the password from the email your broker sends you on verifying your account. You can also find it in the MT4s mailbox. Sometimes you can even develop the password on your own, especially if you already have the main MetaTrader 4 password.
What Every Trader Should Know
Launching a real forex MetaTrader 4 account is a major step that you should consider well before opening your account. A live or real account, allows you to execute the risk that comes with the financial markets. It is critical to understand the trading process before trading on a real account.
Practice on a Demo Account before Trading Live
The proper way of learning how to trade using the forex MetaTrader 4 platform is by using a demo account. With a demo account, you can view what works and what does not within a no-risk trading environment. You start trading with virtual funds without experiencing actual losses, and this is an excellent approach before you can use a real trading account.
A demo account is essential even for experienced traders. For example, experienced forex traders may not want to risk actual capital when they invest some of their money into stock CFDs trading. A demo account becomes necessary in this case. The trader can use the demo account to understand the CFD market before venturing into live trading.
Avoid trading on an actual forex MetaTrader 4 with funds that you cannot afford to lose. Exercise caution and begin with small trades. Remember, a demo account will never prepare you enough for the anxiety that comes when your cash is at risk.