After launching the Forex live trading feature on the Olymp Trade Forex app, recently, Olymp Trade has also offered a Forex trading feature on MetaTrader 4. In this article, I will guide you to register and trade Olymp Trade Forex on MT4.
How to register and install Olymp Trade MT4
First, you need to log into your Olymp Trade account. If you do not have an account, you can quickly register at the box below:
For traders who already have an Olymp Trade Fixed Time Trade account, simply create an additional MT4 account for trading. There are 2 types of Olymp Trade MT4 accounts: Standard and ENC. These two account types have different swaps, commissions, and spreads. If you do not understand how to choose the account type, you can contact the support team for advice.
How to register an Olymp Trade MT4 account
After logging into Olymp Trade, you can use this account to login and open an Olymp Trade MT4 account via this link: https://metatrader.olymptrade.com
Fill out the following information: (1) the type of account you want to trade (2) password. Click on “Open an account” to register for an Olymp Trade MT4 account to trade with real money.
Here is the snapshot after I finished creating a Demo account. Finally, click on “Open MetaTrader 4” to start trading on MT4.
How to customize charts and open orders on Olymp Trade MT4
You need to enter your account number and password to log into Olymp Trade MT4.
Here are the charts after you log in.
(1) Currency pairs for trading.
(2) The price charts of the currency pairs you are trading.
(3) Time frames
(4) Chart customization toolbar.
To customize the chart, right-click on the chart and select “Properties”.
In the new window that appears, you can customize the candle color, background color, and other parameters.
To open an order, select the “Trading” tab and click “New Order”.
After clicking, the order-opening window appears, including:
Symbol: The assets that you want to open an order.
Volume: Transaction volume.
Stop Loss: The stop-loss.
Take Profit: The take-profit.
On the “Type” tab, for “Market Execution”, you will open an order at the present time with the price of the asset at the current position. If you want to trade right at that point, then just choose “Sell by Market” or “Buy by Market”.
To open a pending order, on the “Type” tab, change to “Pending order” and press “Place” after selecting the price.
Pending orders include the following 4 types:
- Sell Stop: waiting to sell an asset at a price lower than the current one.
- Sell Limit: waiting to sell an asset at a price higher than the current one.
- Buy Stop: waiting to buy an asset at a price higher than the current one.
- Buy Limit: waiting to buy an asset at a price lower than the current one.
A pending order on MT4 is used when you predict an asset’s price will move to a fixed value, or when you want to buy/sell at a different price from the current asset’s price.
In one word
Now, you may understand basically how to use Olymp Trade MetaTrader 4. In general, Olymp Trade MT4 is suitable for investors who often trade with pending orders. Make sure you have mastered the necessary basics in Forex trading before trading with real money on MT4.
In particular, remember to always set the stop-loss for all trades. It is seen as a function to minimize risk. Wish you success.