For forex traders, the first step before they begin trading is the opening of a trading account. A trading account is the gateway that a trader uses to access the broker and as a result the market.
There are numerous live trading accounts on the internet. Metatrader 4 is the most popular of them all. It has robust trading capabilities and can help you the trader make good profits in your trading endeavor.
Here are the steps to follow if you want to open a live trading account on the MT4 trading platform.
Download Metatrader 4 platform
To start trading on a live MT4 platform live account, you need to first download and install it onto your computer.
From your forex brokers website, click on the open new account button. You will be redirected to the Metatrader 4 website and search for the download instructions. Click on the download button and select the computer operating system that you are using whether Windows, Mac or Android.
Once the download completes, you now need to install it onto your computer. Follow the installation instructions prompt on your computer screen. After successful installation, MT4 will then create a shortcut on your computers desktop that you can use to quickly start your access your trading account on MT4.
Open a live account with your broker
After installing MT4 on your computer, you now need a trading account. Metatrader 4 is only a trading platform and you cannot use it to directly access the forex market. To do this, you need a trading account that you can open with a forex broker.
On your preferred forex brokers website, you will click on a button that asks you to sign up for a live trading account. You will then provide your personal identification details as is required by all legitimate forex brokers. You will also be required to provide your tax details and certain identification documents. This is in accordance with financial regulatory bodies instructions.
After confirming that you are who you say you are, your broker will send you credentials that will allow you to access your now live account to start trading.
Login to your Metatrader 4 trading platform
Fire up your already downloaded and installed MT4 platform. Enter the login details as provided by your forex broker and you now have access to your live trading account on your MT4 platform.
You now have access to all the features that are provided for comfortable and profitable trading exercises by MT4. You can access the customizable charts, that are quite friendly. From these charts, you can make your trading decisions easily based on the results of your analysis.
You can now also communicate directly with your broker on issues that are connected to training. You can receive leverage and any kind of trading support you need from your broker.
Once you have funded your account and made profitable trades, you can also easily access and withdraw your profits.
Fund your trading account
Now that you have successfully downloaded and installed MT4 and opened your first live trading account, it is time that you got down to business.
To start taking advantage of the trading opportunities now accorded to you, you need to fund your account. Different forex brokers allow their clients different methods to fund their accounts. From their available methods, select one that is appropriate and convenient for you.
Use your preferred account funding method and add money into your trading account.
You can now make your first trade in the forex market and become an active professional forex trader.
To become a forex trader, you need a forex broker and forex trading account. Forex trading accounts are available on trading platforms with Metatrader 4 being the most popular with forex brokers. Download the MT4 system and get a broker to open a forex trading account with and start your journey to enjoy trading profits.