Level 3 · Lesson 1 of 12 · 5 min read

Setting Up MT4/MT5: Your Workspace

Download, install, log in, and find your way around.

Researched and written by Laurent

Relatable moment: The first time you open MT4, you will feel like you accidentally opened the cockpit of a Boeing 747. Buttons everywhere, panels you don't understand, charts flashing numbers. Take a breath. By the end of this lesson, you will know exactly what each panel does.

Why MT4/MT5?

MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are the dominant platforms in retail forex. About 80% of brokers offer one or both. They're free, powerful, and available on desktop, web, and mobile.

MT4 is older (2005) but still the most widely used. It's simpler, lighter, and has a massive library of custom indicators and automated strategies (Expert Advisors). MT5 (2010) is the successor with more timeframes, a built-in economic calendar, and depth of market. Both work well for beginners.

Step 1: Open a Free Demo Account

Before you can use MT4 or MT5, you need to open a demo account with a broker. A demo account gives you virtual money ($10,000-$100,000) to practice with, using real market prices. No deposit, no ID verification, no risk.

We recommend starting with XM for your first demo account. They offer both MT4 and MT5, accounts start from $5 (when you go live later), and they're regulated by CySEC, ASIC, DFSA, and FSC Belize (the entity serving most international clients). XM reports more than 15 million registered clients (XM's own figure).

Open a free XM demo account to follow along with this lesson:

Open Free Demo Account

No deposit required. 75.33% of retail CFD accounts lose money (XM's published figure, mid-2026).

Affiliate link. We earn a small commission if you sign up via our link, at no extra cost to you. This helps keep the academy free.

Once you have your demo credentials (login, password, server), you can download MT4 or MT5 from your broker's website or directly from the MetaTrader website.

The 4 Panels You Need to Know

📊 Market Watch

Lists all available currency pairs with live bid/ask prices. Right-click to add/remove pairs. This is your "watchlist."

🧭 Navigator

Access your accounts, indicators, Expert Advisors, and scripts. Think of it as the file browser for trading tools.

📈 Chart Window

The main area. Shows price charts for whatever pair you select. You can open multiple charts in tabs. This is where you do your analysis.

💻 Terminal

Shows your open trades, pending orders, account history, and account balance/equity/margin. The "Trade" tab is the most important.

First Steps After Login

Switch to candlestick charts: Right-click the chart > Properties > Colors (or use the toolbar button). Select "Candlesticks" as chart type.
Set your timeframe: Start with D1 (Daily). Use the toolbar buttons: M1, M5, M15, M30, H1, H4, D1, W1, MN.
Add pairs to Market Watch: Right-click Market Watch > "Symbols" > browse and add the major pairs (EUR/USD, GBP/USD, USD/JPY, AUD/USD).
Set up a chart template: Once you have your chart looking the way you want (colors, timeframe, zoom level), right-click > Template > Save Template. Apply it to new charts instantly.

Keep it clean. Don't add 15 indicators to your chart on day one. Start with a naked candlestick chart. Learn to read price first. Indicators come in Level 5.

Key Takeaways

• MT4 and MT5 are the most popular retail forex platforms, offered by almost every broker.
• The interface has 4 main panels: Market Watch, Navigator, Chart, and Terminal.
• Always start with a demo account. No ID verification needed.
• Customize your layout early so you can navigate quickly when it matters.

Broker Reviews

Your First Forex Chart Setup (MT4/MT5)