Technological advances have clearly made it very easy for us to buy food, order a taxi, deliver goods, all from our Android phone without leaving home. in the same way We can earn double profit from forex trading on android phone. Let’s learn how to trade forex on android phone easily with this Metatrader 4 application.
- Download and install Metatrader 4 Application.
Metatrader 4 application developed by leading company Metaquotes is The most popular forex trading platform in the world. and is used by most traders today. You can get the Metatrader 4 application via the download link at Favorite forex broker siteBesides that, you can also easily search through Google PlayStore search. Just type “Metatrader 4” and the correct search results will be displayed.
Download and install the Metatrader 4 application following the normal Android application installation procedure on your smartphone. Make sure there is enough space to install the application. If necessary, delete it. Applications that are currently running from the background of the phone for a smooth installation. After successful installation open the application
- Practice simulating demo trading or log in to a real trading account.
The Metatrader 4 application has two modes: demo account mode and real account mode. When you first open the application You will find Metatrader 4 demo account mode. If you are a beginner trader just continue trading on the demo account. Metaquotes has set up a virtual fund of 100,000 USD as free training material. You can practice your skills using the Metatrader 4 application, test strategies or learn market analysis for free.
If you feel that you don’t need practice and want to do real trading right away. Open the three-line symbol in the upper left corner of the application. Then a different feature option will appear, as shown in the image on the lower left. Click the blue “Manage Account” option. You will be taken to a new window as shown in the image on the right.
The Metatrader 4 application does not facilitate registration. real trading accountSo you need to register with a broker before you can actually start trading Forex on Android phones.
After having an account with a broker Once again, open the Metatrader 4 application, then click “Manage Accounts”, then select an option. Enter your broker’s server name, Metatrader username and password you received from your broker to start trading forex on your Android phone.
- Explore the features of the Metatrader 4 application.
The Metatrader 4 application features for demo and real accounts are the same. There are six (6) main windows, namely:
- quotation: List of forex pairs prices to follow. You can add pairs in this section by clicking the plus sign (+) at the top right of the screen.
- chart: Show live price graph The default view is portrait (vertical view), but you can change it to terrain (Landscape view) by activating the phone system’s auto-rotate function and tilting it. to get more accurate market analysis We recommend that you display real-time charts. terrain.
- trade: List of transactions in progress. You can see which transactions were lost. Which transactions are already profitable, set a target Stop Loss and Take Profit and close the trade (turn off).
- history: History of past transactions
- news: the latest economic news It appears only if your forex broker is connected to certain news outlets.
- chat: Live chat with Metatrader user community managed by Metaquotes to enable this feature. You must be registered with the community.
In a nutshell, here’s what the Quotes, Chart, Trade and History window looks like:
- Selection of pairs, time frames and technical indicators on the Metatrader4 app.
After knowing the main features, we next need to explore the Metatrader 4 application components used in forex transactions, buy and sell orders can be done through the price window. You can tap on one of the pairs in the Quotes window and then select the “New Order” option from the options that appear. However, ordering from the Quotes window is risky. This is likely because you haven’t done enough analysis.
so that the analysis can be carried out in detail. Transactions should only be made from the chart window. Tap the pair symbol in the price window. then select an option “Open Chart” after the chart window appears. Tilt the phone to make the chart appear. terrain. Then tap the chart once to display rows of options on the right and left side of the screen. Here’s an example:
The left sidebar shows various timeframe options from 1 minute (M1) to 1 month (Monthly). The right sidebar offers various options. in order from above Each symbol has the following functions:
- plus sign Used to create buy/sell orders.
- f . Symbol Used to add or remove technical indicators.
- object symbol Used to draw trends, channels, Fibonacci, Elliott waves, patterns (rectangles, triangles, etc.). The method of drawing is the same as the method of drawing objects in the desktop version of Metatrader 4.
- cross symbol Used to add crosshairs to the chart. This is helpful in increasing the accuracy of market tracking.
- Three symbol bars, a candlestick and a line. In the bottom right row change the chart type between bar graphs (bar chart) candlesticks and line charts (line chart).
Now, after knowing the details of these features You can start choosing a time frame. Install technical indicators do market analysis then start trading
- Start Trading Forex on Android Phones
To add technical indicators above the chart Tap the f symbol in the navigation bar at the top right. After this display will appear.
You can add new technical indicators by clicking on the f+ symbol. To delete or edit indicator parameters You can tap on the name of the installed indicator. (In the example above: Bollinger Bands and Relative Strength Index) if the indicator is installed according to the correct parameters. Return to the chart window by clicking the arrow in the upper left corner.
The result of installing the Bollinger Bands and Relative Strength Index (RSI) indicator on the EUR/USD chart with a 15-minute time frame (M15) can be seen in the image below. ) while the RSI lines are in the subwindow below Bollinger Bands and the RSI in this example corresponds to the default parameters. However, you can change the line color or other parameters.
From this chart view We can start trading forex on Android phones, the rules are simple:
- buy: If the candlestick crosses the middle Bollinger Bands line above or the RSI line crosses from the 30.00 threshold and above, close the position when the RSI line approaches 70.00.
- sell: If the candlestick crosses the center line of Bollinger Bands down or the RSI line crosses from the top 70.00 to the bottom. Close the position when the RSI line approaches 30.00.
Is it really that easy!? Let’s try to practice together via mobile phone. has enormous potential Because you can take advantage of the time in line or traffic jams. To earn forex trading on android phone