Trading gold on MetaTrader 4 (MT4) is a great way to diversify a portfolio, hedge against inflation, and take advantage of short-term price movements. But if you’re looking to trade gold on MT4, there are some important considerations to remember.
Why Can’t I Trade Gold on MT4?
You can’t trade gold on MT4 if you did not add XAUUSD (Gold ) asset symbol in your Market Watch section. Additionally, in rare cases, your broker can temporarily or permanently remove the Gold symbol so you can not trade this asset.
Steps on how to add gold assets in MT4 or MT5 platform:
Here are the steps to add symbols in the MetaTrader 4 platform:
- Open the MetaTrader 4 platform and log in to your account.
- Click on the “Market Watch” window at the bottom of the screen. If the window is not visible, go to the “View” menu and select “Market Watch.”
- Right-click anywhere in the “Market Watch” window and select “Symbols.”
- In the “Symbols” window, click on the “Add” button.
- A new window will appear where you can search for the symbol you want to add. You can search by symbol name or by the name of the broker.
- Select the symbol you want to add and click on “OK.”
- The new symbol will appear in the “Market Watch” window. You can drag and drop the symbol to any position you like.
- Double-click on the new symbol to open a chart for it.
One of the most important things to understand when trading gold on MT4 is that you can’t do so without first adding XAUUSD (Gold) asset symbol to your Market Watch section. The platform doesn’t recognize any other currency pair for trading gold. So, if you want to trade gold on MT4, add the Gold asset symbol in your Market Watch section before starting.
Another potential issue with trading gold on MT4 is that certain brokers may temporarily or permanently remove the Gold symbol from their platforms. This means that even if you have added the Gold asset symbol in your Market Watch section and are ready to start trading, it may just not be available at the time due to decisions made by the broker. Usually, this happens due to instability in the price of gold or low liquidity in the market. In such cases, there isn’t anything traders can do except wait and see if their broker adds back the Gold asset symbol.
Lastly, it’s important to remember that while trading gold on MT4 can be profitable and exciting, it does come with associated risks like any other form of investment activity. As such, traders should always be aware of these risks before getting started and ensure they understand how markets work before attempting any trading activity involving precious metals.
All in all, while trading gold on MT4 can be an effective way to diversify a portfolio or hedge against inflationary forces, it’s best done after taking into account all relevant factors, such as adding the XAUUSD (Gold) asset symbol into your Market Watch section and being aware of any potential limitations imposed by brokers at any given time. Knowing these details will help traders make informed decisions when dealing with this type of investment activity and potentially increase their chances of success when venturing into this lucrative sector.