The Beauty of the Metatrader 4 Forex Trading Software
This article looks at the benefits of using the Metatrader 4 Forex trading platform.
The increased number of brokers in the Forex world has equally led to an increase in the different types of trading platforms available for use by traders. However, just as it is with most online services, not every Forex platform is effective and can be trusted. The Metatrader 4 platform, however, is undoubtedly the most popular Forex trading software out there; and, importantly, one that meets the needs of the majority of traders.
This platform, designed by Metaquote Software, is one that is free to use, and it equally offers unlimited open source capabilities. It is considered as the Android OS of the Forex trading world.
Features of the Metatrader 4 Forex Trading Software
At first glance, this Forex trading software may not impress that many people, as it doesn’t have all the flicks and shiny tweaks that are common to most platforms; but a closer look reveals that this software offers many powerful features like a multi-lingual trading interface, so many types of indicators and analytical tools, a wide range of expert advisors and unlimited charting ability. It also offers fast and accurate performance.
Apart from the indicators available by default on the platform, a trader can write a customised indicator and install it on the Metatrader 4 platform. This explains why there is virtually a custom indicator for every activity you can think of in trading. This is one advantage that the Metatrader 4 platform has over competing software.
The Metatrader 4 Forex trading software also allows you to use expert advisors and strategy testers, which will allow the trader to perform a quick back test on real historical data. The multi-window view is also a huge advantage with the Metatrader 4 platform.
On this Forex trading software, you can also have as many accounts as you want stored on the platform, and any time you want to log into any of the accounts, simply click on the particular account and you will be logged in to it. You do not have to type anything after saving the account on the platform the first time. You do not have to worry about differentiating between a demo account and live accounts, too, as the accounts are denoted by green and yellow colour codes.
With every update, the Metatrader keeps getting better. Presently, it is now possible for a trader to carry out a trade with a single click on the instrument of their choice – something referred to as one-click-trading. You can also modify stop loss or take profit orders by simply dragging the lines across the charts to any location of your choice, thereby making trade management a lot simpler for traders.
The simplicity of the Metatrader 4 platform is one major aspect that has made it a very popular choice among traders. However, the simplicity of the Metatrader doesn’t mean you should not try it out on the demo account first, before using it live, as it could look confusing to someone using it for the first time.
Get a free Forex PDF PLUS:
- 14 Video Lessons
- Free One-on-One Training
- A 5000$ Training Account
- In-House Daily Analysis
- Get FULL ACCESS