How to open a MetaTrader 4 demo account? Guidance 2024

Want to start trading but don’t know where to start? The best way to get started is to open a demo account on the MetaTrader 4 (MT4) platform. This allows you to get into trading without taking any risk with your money. Here is a complete guide to learn how to demo trade on MT4.

hours

Updated on 06/05/2024 at 21:01 by Léa

mt4 demo accountmt4 demo account

ONE demo account MT4 is a virtual trading account which allows you to test your strategies and practice trading under real market conditions, but with fictitious money. It’s a great way to learn the basics of trading forex And CFDs without risking your capital.

MetaTrader 4 (MT4) is one of the most popular trading platforms in the world. It is used by most online brokers and offers many tools to analyze the markets and place orders.

Here are the main benefits of using one MT4 demo account :

  • You can test different trading strategies without risk
  • You learn to use everything tools and features of the MT4 platform
  • You trade in real market conditions, but with virtual money
  • You can upgrade to a real account when you feel ready

Creating a demo account on MT4 is very simple and only takes a few minutes. Here are the steps you need to follow:

  1. Download the MT4 platform from your website broker and install it on your computer
  1. Open the MT4 platform and select the option “Open a demo account” in the window
  1. Fill in the form with your personal information (name, e-mail, telephone)
  1. choose means of payment of your account (EUR or USD in general), the handle and the initial amount in your demo account
  2. Confirm the terms and click “Follow“Then”To complete

Your demo account is now created! You receive by e-mail your identifiers (login and password) to connect to the platform.

Your demo account is generally valid 30 days and is provided with a fictitious amount of $10,000 which you can use to practice trading.

The mobile application may be more intuitive than the desktop version, don’t hesitate to test what suits you best!

Once your mt4 demo account is created, you can start trading the markets. How to place yours first order in demo on MT4:

  • In the window”The market observatory“, right click and select “Show symbols” to see all available instruments. You can also click the “+” at the bottom of the list to add the desired symbol.
  • Click on the instrument you want to trade to open it in one graphics window
  • Right click on the diagram and select “Trade“Then”New order” (or use the shortcut F9)
  • In the window”Order“, select order type (on market or waiting)THAT volume (in batches)THAT admission price and Stop Loss and Take Profit levels If necessary
  • Click on “Sell“or”Buy” to validate your order

Your order has now been placed! You can follow the progress in the tab “Terminal” at the bottom of the platform.

You can also to change Or close your location at any time by making a right click on it.

Some more tips trade well in demo on MT4 :

  • Start with small amounts to limit your risk, even if it’s fictitious money (we stay close to real trading conditions, that’s the whole point)
  • Always set one Stop loss to protect your capital and Take profit to secure your winnings
  • Hold one trade journal to rate your trades and analyze your performance
  • Backtest different strategies and settings to find what suits you best
  • Be patient and disciplined, trading is a marathon, not a sprint!

There are different order types on MT4 depending on your trading strategy:

  • THAT market orders allows you to open a position immediately at the market price
  • THAT pending orders (limit or stop) allows you to open a position later at a predetermined price
  • THAT Stop Loss orders guarantee to automatically close your position if the market moves against you to limit your losses
  • THAT Take profit orders allows you to automatically close your position if the market moves in your favor to secure your gains

Open a trade on MT4

To place one pending order on MT4proceed as for a market order, but select the type “On hold” and fix yours admission price.

You can then validate your order, which will only be executed if the market price reaches your set price.

Edit an order on MT4

To change a pending order before execution, you must create one right click on it in the tab “Terminal” and select “Edit or delete an order”.

You can then changee entry price, Stop Loss, Take Profit or volume.

Close a position on MT4

To close a market order, make one right click on your open position in the tab “Terminal” and select “Close position”.

Close position MT4Close position MT4

Your position will then be closed at the market price.

When you master trade on your demo account and you have confidence in your strategycan you move to youn real account to trade with real money.

The best trading brokersThe best trading brokers

The procedure is similar to opening a demo accountbut you will have to provide identity papers and make an initial deposit.

Choose yours broker MT4 by comparing spreads, commissions, services And regulation. Among the most popular brokers compatible with MT4 we can cite:

  • Vantage FX: ASIC regulated Australian broker, spreads from 0.0 pips on RAW account, more than 300 tradable instruments including 44 forex and cryptocurrency pairs. 24/5 customer support and comprehensive analysis tools.
  • Axis: FCA regulated English broker, spreads from 0.0 pips on Pro account, more than 130 instruments including forex and metals. Minimum deposit of $0 and leverage up to 500:1. Access to tools such as Autochartist.
  • AvaTrade: Regulated Irish broker, minimum deposit of $100, access to more than 250 instruments including cryptocurrencies. Variable spreads from 0.9 pips. Unique features such as limited risk accounts.

Remember that trading involves risks, so always start with one demo account to practice and learn before trading with real money.

trader demo accounttrader demo account

Set yourself some realistic goalsand manage your risk and your capital. With practice and discipline, you will be able to progress your trading and aim for long-term profitability.

For us, trade with demo on MT4 is one of the best ways to start trading forex And CFDs.

Good luck with your MT4 adventure!

download investx app banner investx app downloaddownload investx app banner investx app download

Leave a Comment