MetaTrader 4 and MetaTrader 5 are the platforms where the vast majority of retail forex trading happens. They are not the only platforms — but they are the industry standard, available at almost every regulated broker, and the platforms this entire curriculum assumes you are using. Getting comfortable with the interface before you place your first trade is not optional — it is how you avoid making operational mistakes under pressure.
MT4 vs MT5 — Which to Choose
MT4 launched in 2005 and remains the most widely used retail trading platform in the world despite its age. MT5 launched in 2010 with expanded features — more timeframes (21 vs 9), more order types, more built-in analytical tools, and support for a wider range of assets beyond forex. However, MT4 has the larger community, more available indicators and Expert Advisors, and is more universally supported.
For pure forex trading: either platform works equally well. MT4 is more widely supported by brokers. MT5 has more built-in tools. If your broker offers both, start with MT4 — the interface is identical at the core level and the larger community means more resources are available when you have questions.
Installing the Platform
Your broker provides a download link for MT4 or MT5 on their website — specifically their branded version of the platform, pre-configured to connect to their servers. Download and install their branded version rather than downloading from the MetaQuotes website directly. The core platform is identical — the branded version simply has your broker's server addresses pre-loaded.
MT4 and MT5 are available for Windows, macOS (via Wine compatibility layer or broker-provided native versions), iOS, and Android. The desktop versions offer the most complete feature set. Mobile versions are useful for monitoring trades but limited for analysis and order management.
Connecting to Your Account
On first launch, the platform will prompt you to connect to a server. Select your broker's demo server from the list to practice, or the live server when you are ready to trade real capital. Enter your account number and password — both provided by your broker on account creation. A green icon in the bottom right corner confirms a live data connection.
1. File → Open an Account (new account) OR Login to Trade Account (existing) 2. Search for your broker name 3. Select Demo or Live server 4. Enter account number and password 5. Green connection indicator = connected
Reading the Chart Window
The chart window is where you will spend most of your time. By default, MT4 opens a chart showing EURUSD on the H1 (one hour) timeframe. The horizontal axis shows time. The vertical axis shows price. Each candle represents one hour of price movement — the open, high, low, and close of that period.
Right-clicking anywhere on the chart gives you access to the properties menu where you can adjust colors, grid lines, and chart type. Use the toolbar at the top to switch between bar charts, candlestick charts, and line charts — you will almost always use candlestick charts.
Key Windows and Panels
The Market Watch panel (View → Market Watch or Ctrl+M) shows all available trading symbols and their current bid/ask prices. Right-click any symbol to open a chart or place an order.
The Navigator panel (View → Navigator or Ctrl+N) shows your accounts, indicators library, Expert Advisors, and scripts. Drag any indicator from the Navigator directly onto a chart to apply it.
The Terminal panel at the bottom (View → Terminal or Ctrl+T) shows your open trades, account history, news, and alerts. This is where you will monitor active positions and review closed trades.