HOW TO TAKE A TRADE ON MT4 USING AN ANDROID PHONE (Forex Tutorial )
3 STEPS TO TAKE YOUR FIRST FOREX TRADE WITH THE MetaTrader 4(MT4) ON YOUR ANDROID PHONE/ DEVICE?
YOU CAN OPEN A TRADE FROM THE CHART SCREEN AND/OR THE QUOTE SCREEN OF YOUR PHONE.
Opening a trade from the quote screen of your phone.
- First, you want to make sure you downloaded the MT4 Trading platform on your phone /device from the Play store.
1. On this panel highlighted blue on the bottom left of the screen you would see your “QUOTES”. A list of assets and their prices, e.g. EUR/USD
2. How do I pick my first trade from here?
– Tap on the currency quote you want to trade in,
– Select new order from the panel.
3. You are on the Money screen.
–First, you should see “INSTANT EXECUTION”
-Next is where you enter the amount of currency/contract you want to buy – so let’s go ahead and change that to 1.00
-On the third line, you can find a red horizontal line and a Green horizontal line. that is where you enter your stop loss(SL) and take profit(TP).
NB. The stop loss is a risk management tool that allows you to protect your capital from unwanted losses.
The Take profit allows for a trade to automatically close in profits, even when you are not there.
- Opening a trade from the chart screen of your phone.
Make sure you are on the chart screen
1. On this second panel highlighted blue on the bottom left of the screen you can see the charts of the selected asset/currency.
2. Select the New order icon at the top right corner.
3. Follow Step 3 of the previous method.
Click here to view video
By ELETU MUFTAU
Business Development officer