13

Categories

May 16, 2016

Question:MT4 and MT5 - Most asked Questions & Answers for Forex Beginners

Answer:

fbs mt4 metatrader4 trading platform fx forex cfd

A number of investors ask the same questions when it comes to MT4 and MT5 trading platforms.

Do you also have some questions to ask?

Check out the Questions and Answers below to improve your knowledge today!

How do I place a pending order?

Step 1: If you want to place a pending order, please open the “Order”” window in one of the following ways:

  • Right click on the Market Watch window or on the “”Trade”” tab of the terminal window and select “New order” from the context menu; or
    press the F9 button; or
  • Use the Tools -> New order menu sequence; or
  • Right-click on the chart window and select Trading -> New order from the context menu; or
  • Double-click on the currency pair in the Market Watch window.

Step 2: Then you can choose “Pending order” from the drop-down list:

What does “10 points” refer to on the MT4 and MT5 platforms?

On the MT4 and MT5 platforms, 10 points/pips is the same as one ”standard” pip.

The MT4 and MT5 platforms assume that the last decimal place is a point/pip despite the fact that most currency pairs are quoted to four decimal places in the market (or to two decimal places for JPY pairs).

Prices are quoted at five decimal places (and three for JPY pairs) but the platform continues to assume that points/pips are calculated to the last decimal place, when in reality there is a further subdivision of a point/pip.

Why are there different server names for the same account type and what do they mean?

Normally brokers split the servers in the past to maintain optimum server efficiency.

This does not affect the functionality of your account.

How do I access the History Center on the MT4 platform?

In order to download quotes from the History Center, please follow these steps:

  1. Increase the ”Max bars in history” in MetaTrader 4 by clicking on Tools->Options->-Charts entering ‘9999999999999’.
    • Be aware that using larger volumes of data will increase the load on your PC.
  2. Go to History Center in MetaTrader 4 by clicking on Tools->History Center.
  3. Then please choose the timeframe for the particular instrument you’re interested in (for example, double-click on EURUSD|1 min), double click on it and press “Download”.
  4. MetaTrader 4 should now download the full history of M1 quotes for the specific instrument selected directly from the History Center and import it into MT4.”

How do I generate an account statement on the MT4 platform?

If you want to restore your history, please right-click within the Account History tab and select the option “All History”.

You can then print it by selecting ”Save as Detailed Report”.

Please be aware that these are HTML files and you can paste the contents into Excel using Paste special->Unicode text.”

Ask FxPro Support Team for more

What time does my MT4 or MT5 platform show?

MT4 and MT5 platforms show Eastern European time (EET).

During British Summer Time (BST), however, platform time is Eastern European Summer Time (EEST, GMT+3).

How can I open a trade on the MT4 platform?

There are several options.

  • Right-click on the Market Watch window or on the ”Trade” tab of the terminal window and select “New order” from the context menu; or
  • press the F9 button; or
  • use the Tools -> New Order menu sequence; or
  • right-click on the chart window and select Trading -> New Order from the context menu; or
  • double-click on the currency pair in the Market Watch window.

Once the “Buy” or “Sell” button is pressed and your broker confirms the deal, your long or short position is open.

How can I close my trade on the MT4 platform?

Please right-click on your open position, and then select ”Close Order”.

Then, please click on the yellow close order button.

How can I partially close my trade on the MT4 platform?

Please right-click on your open position, and then select ”Close Order”.

Then you can change the order volume to the amount you wish to close.

After that, please click on the yellow close order button.

Can I manage multiple accounts on MT4 and MT5 platforms?

You can access several accounts through MT4 and MT5.

However, you can only be logged in to one account at any given time on any one platform.

If you’d like to be logged in to more than one account at the same time, you’ll need more than one instance of MT4 or MT5 installed on your PC.

Am I able to log in to more than one account simultaneously on one MT4/MT5 platform?

MT4 and MT5 don’t allow you to log in to more than one account at a time.

If you’d like to log in to more than one account simultaneously, you can download another instance of the platform onto your PC and save this in another directory.

You’ll then be able to run two instances of the platform.

What version of the MT4/MT5 platform do I have installed on my PC?

To find out the current version of the platform you have installed, please open your platform, from the top menu navigate to “Help” and choose “About”.

This will indicate the version and build of the platform you have installed.

Is it possible to access my MT4/MT5 account from different computers?

Yes. You can access your MT4/MT5 account from different computers at the same time.

This also includes using mobile versions of both platforms.

Ask FxPro Support Team for more

How do I download historical data on my MT4 platform?

In order to download quotes from the History Center, please follow these steps :

  1. Increase the ”max bars in history” in MetaTrader 4 by clicking on Tools->Options->-Charts and entering ”9999999999999”.
    • Please be aware that using larger volumes of data will increase the load on your PC.
  2. Then please go to the History Center in MetaTrader 4 by clicking on Tools -> History Center.
  3. You can now choose the timeframe for the particular instrument you’re interested in (for example, double-click on EURUSD|1 min). Double-click on the instrument and press “Download”.
  4. MetaTrader 4 should now download the full history of M1 quotes for the specific instrument selected directly from the History Center and import it into MT4.

Which operating systems are MT4/MT5 compatible with?

The MT4 and MT5 platforms are compatible with the following Windows operating systems: Vista, XP, Version 7 and 8.

However, please note that neither platform can be used with Windows NT.

How do I uninstall and reinstall the MT4/MT5 platforms?

  1. If you have any profiles\templates\indicators\EAs that you’d like to maintain, please back up those files first. You should find them stored in C:\Program Files\MetaTrader 4.
  2. It’s also advisable to back up the MT4 logs folder before uninstalling the application so that you keep a copy for your records. The default location is C:\Program Files\MetaTrader 4\logs.
  3. You can uninstall MetaTrader 4 through the Control Panel and delete the MetaTrader 4 directory from Program Files.
    • Please be aware that in Windows Vista and Windows 7, when a programme tries to write to a file within Program Files, Windows transparently redirects the operation so that the file actually gets stored within the current user’s area.
  4. The location is usually C:\users\\AppData\Local\VirtualStore. AppData is a hidden directory, so you may need to change your folder settings to make it visible.
    • Please ensure MT4 is fully removed also from this location.
  5. To reinstall the platform, please download the MT4 set-up file and go through the installation process.

Once the installation is complete, cut the folders of the profiles\Templates\Indicators\EAs that you backed up (step 1), if applicable, and paste them back in to MetaTrader folder in Program Files.

Ask FxPro Support Team for more

Which time zone do the MT4/MT5 charts follow and how can I change it to my local time?

Chart times follow the server time, which is set at Eastern European Time (EET).

This is normally set to GMT+2. However, during British Summer Time (BST) platform time is GMT+3.

Unfortunately, you can’t change the time zone to your local time as it’s set by the server.

How do I access the History Center on MT5?

Unfortunately, the History Center is not available on the MT5 platform.

How can I generate an account statement on my MT5 platform?

To restore your history, please right-click within the History tab and select the option “All History”.

To save the statement, right-click within the History tab and select Report and the type of file you want the statement saved as.

You can save the statement as an XML file, which can be opened in Excel.

Alternatively, you can save it as a HTML file, which you can open on your web browser.

Can I download historical data on MT5?

Unfortunately, historical data is not available to download via the MT5 platform.

How do I take a screenshot?

  1. Select the window you want to send the screenshot of.
  2. On the upper right-hand side of your keyboard there should be a button named: print screen (or an abbreviation of it, such as PrtScn):
  3. While you have the relevant page open, please press on the print screen button.
  4. After that please open a Word/plain document and press the buttons Ctrl+V to paste the screenshot into your document (see image below).

If your email programme supports it, you’ll also be able to paste the screenshot directly into the email.

Post Tags

4.5 rating based on 6 ratings
4.5/5 6

FxPro is an award-winning online foreign exchange Forex broker and offers multiple trading platforms.

About 1 million trading accounts for investors from 173 countries worldwide.

Start trading Forex and CFDs with a wide range of desktop, web and mobile trading platforms, including MetaTrader4, MetaTrader5, cTrader and FxPro Edge.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  1. In my opinion, MT4 is still the best solution just because dozens of additional indicators, tools and extensions have been created by enthusiasts for this version. Of course, the newer version also has special advantages, but, as I just found from another comparison, it does not support all the things created for MT4. The explanation was a bit of a compatibility problem due to differences in the programming languages ​​used in MT4 and MT5 (I’m not an expert, so I could be wrong, the source is here: ). Thus, traders will have to either continue to use MT4, or switch to MT5, but also forget about all these tools. At the same time, this transition period will be shorter if brokers suspend the provision of an older version or find a way to solve the compatibility problem.

  1. I have very nice experience with fxpro, especially because they make withdrawal process easier offering low fees and a lot of payment methods. After requesting the withdrawal money comes to my account in a few hours. Other services are very good as well.

  2. As well as any broker, Fxpro has advantages and disadvantages. But in general I believe that for today it is one of the best and most reliable brokers in the market. They offer quite flexible conditions and wide range of modern and functional platforms. I prefer Ctrader. Withdrawals are fast and deposits are insured and covered by the compensation fund. The main disadvantages are slippages and freezes during the news. But I never trade on news and I do not recommend it to you. This is my opinion about Fxpro and I wish everyone success in trading!

  3. I’m still a novice on Forex. Thanks to FxPro educational materials I learned a lot about Forex trading. Really great website with a lot of useful information, everything easy and clear.

  4. One of the best brokers in my practice. The trading platform works well, the broker doesn’t hamper the trading and they provide a lot of useful information and tools for traders. Good choice both for novice and advanced traders.

  5. I am quite satisfied with the broker’s services. Have been client of fxpro for a couple of years so far. They offer very good opportunities for algorithmic trading. Highly recommend this brokerage company.

  6. I trade with fxpro for half a year. Everything is ok. The spreads are quite low. No problems with the connection and execution. The orders open and close without large slippages. Withdrawals are fast. To my mind, FxPro is a good broker.

  7. I work with FxPro because they do not interfere in my trading and I can use all the EA’s without any restrictions. I have no questions to the platform. MetaTrader works fast and stable without strong slippages. Deposit/withdrawal process is also quite fast. For example, last week I withdraw 230 dollars during the working day. All services are working at the proper level, an excellent brokerage company with extensive trading opportunities.

  8. Trading with them since 2014, very good broker in terms of execution, trading conditions and costs as well as customer service. Withdrawals are smooth without any delays. Surely, not scam. You can safely work with them.

All Forex Brokers

  • IFC Markets
  • FxPro
  • IronFX
  • Axiory
  • FBS
  • Land-FX
  • MyFX Markets
  • Titan FX
  • Traders Trust
  • XM
  • LMFX
  • FXDD
  • ForexClub
  • KVB Kunlun
  • Tradeview
  • EightCap
  • FXOpen
  • HotForex
  • FXGiants
  • LQDFX
  • Fortrade
  • CM Trading
  • InstaForex
  • FXPRIMUS
  • ForexMart
  • Valutrades
  • AvaTrade
  • Yadix
  • RFXT
  • easyMarkets
  • JustForex
  • Swiss Markets
  • FXTM
  • HYCM
  • FP Markets
  • SimpleFX
  • IC Markets
  • Evolve Markets
  • Tickmill
  • Markets.com
  • Z.com Trade
  • UFX
  • Anzo Capital
  • LiteForex
  • 4xCube
  • OctaFX
  • Tifia
  • XTB
  • AAAFx
  • NordFX
  • FXGlory
  • Capex
  • ClickTrades
  • TopstepFX
  • HotForex ZA (South Africa)
  • XMTrading

All Crypto-Currency Exchanges

  • CEX.IO
  • HitBTC
  • Paxful
  • BitMEX
  • C-CEX
  • Binance
  • Cryptopia
  • YObit
  • Wisebitcoin
  • Bibox
  • BKEX
  • CoinPark
  • CoinEx
  • IRONX
  • CoinField
  • bybit
  • Bitpanda

This website uses cookies

By using our site, you acknowledge that you have read and understand our Privacy Policy (Cookie Policy), and our Terms of Service.