I work with Meta Trader 4

Here is another infamous trading platform provided by Meta Quotes. Some of you may found this platform very useful because they also provide a platform for your iPhone and PDA. I will try to shorten the introduction for this trading platform, as they have too many function, some of them I do not even know how to use them. Basically, I like this platform because its free to use. Data feed from broker are always free. The most important is, I need their automated trading system facilities. I will be focusing on this 1 in the near future, to build a trading robot in an open blog and it will be free for the public to use it. You'll be able to understand the basic programming in automated trading system by following this blog.

The layout of MT4(Meta Trader 4) is very simple and easy to understand. The Navigator window will show you whether you're on a demo/live trading account. A demo account, the icon is in green color, or it will be gold in color if its a live account. Terminal window is where all your trade statistic situated. All your buy/sell orders will be situated here. The above screenshot shows I'm lossing 14pips. Quote board is in the Market Watch window. By double clicking the Bid/Ask price of desired trading pairs, the trading window will pop up.

This is a order window. You can key in your trade parameter here like lot size in Volume column, your stop loss, take profit and also comment on your trade. Finally, by clicking Sell/Buy button to execute your position instantly.

You can choose to place pending order by changing the value in Type column to Pending Order. You can place your execution price, and other parameter just like a market order. Some of you may not understand how pending order works. I decided to touch up a little bit here:

Buy stop : When current ask price is lower then your desired buy price
Buy limit: When current ask price is higher then your desired buy price
Sell stop: When current bid price is higher then your desired sell price
Sell limit: When current bid price is lower then your desired sell price

There is 1 very useful column here. By ticking the Expiry column, you can also put an expiry date to your pending trade. After the expiry, trade will be automatically deleted.

The best part of Meta Trader 4 is to have an investor password. If you are having a share account, or managing other's account, you can always publish your investor password. By accessing to the account with investor password, you can see all the running trades on the chart. All statistics are available. The only thing that the investor couldn't do is to execute any transaction.