Forex has always been dynamic, and, from time to time, harsh market, where billions and trillions of dollars are traded daily. Given the astonishing numbers and money, stress is an inevitable part of the whole process. Many broker companies try to make the market as convenient as possible in order to attract a greater number of customers and do their best with offering the latest technologically advanced features which should lift the burden from traders a little bit. The essential and primary tool for trading is the platform, and many Forex brokers try to offer one or more multi-functional platforms for their customers and users. According to statistics, there is a clear winner among the many platforms that have evolved along the rising popularity of Forex trading. Traders need a high-quality platform given that it represents the space of all happenings. The Meta Trader 4 platform has been the best platform for the past several years and still is. Almost all (over 90%) brokers offer this powerful software to their customers. Let us see what the platform really has to offer.
What is the MT4 and How Does it Work?
The Meta Trader 4 is an award-winning and most popular Forex platform in the entire market. Besides a real live account, it also includes a free demo account for beginners. The demo account has become a common thing these days but let us not forget that the MT4 was one of the pioneers of this idea. You can download the software for free from the MT4 website. Install the convenient platform and provide personal information to register. After completing your registration, you will be able to see all the features on a user-friendly interface. Navigation on the MT4 is very simple, and most of the traders get easily used to the platform. If you registered with a demo account, you would be given virtual money to practice your trading skills and to familiarize yourself with the platform and its features.
The MT4 Interface
The Meta Trader 4 has a clear interface displaying two major apps: a market watch app with available currency pairs and the exchange rates on the left and a graphic chart displaying trend and market movements on the right. The chart offers an option to view past movements of currency values which can come in handy in studying the market. Still, traders should bear in mind that data from the past do not dictate future trend movements and that they can only be analyzed and not used as a 100% guarantee for future trades. The MT4 also displays a list of open, pending, and closed trades, showing the difference in pips of the bought currency pair. A pip is usually set at the fourth decimal (e.g. 0.0001), whereas on the Meta Trader 4 platform it is placed at the fifth decimal.
Free of Charge
Traders do not have to pay any fees or commissions for using Meta Trader 4. The platform charges only the spread (the difference between the bid and the ask price). That is how the broker and the platform make their profit.
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MT4 also offers the Stop Loss and Take Profit options which reduce the risk of loss and suggest traders when to exit a trade. Traders set the limit at Stop Loss and Take Profit themselves by entering the amount at which they want to sell a currency pair. The software will do the rest and automatically exit a trade according to the parameters set by traders.
Mobile Trading With MT4
Mobile trading has become a big deal in the Forex industry and many traders even prefer to trade on the go over the desktop variant. Mobile trading gives easier access to the platform and does not limit trading to the in-house setting. Many want to be able to take a glance at their trades during breaks at work, vacation, etc. The only advantage of desktop trading is that traders can focus in a quiet environment and can take some time to think about their strategies. Nevertheless, many prefer to combine both variants; trading at home, and observing the progress of their trades on the go. That is a perfect solution for many deeply involved and committed traders. The MT4 offers downloadable mobile versions suitable for all forms of smartphone devices, e.g. Android, iPhone, iPad, and even Blackberry. Also, a web-based platform has been developed which does not require any downloads, but just an online login.
MT4 and Forex Automated Trading
The platform offers more than just the above mentioned basic features. Automated trading is one of the highest technological advancements in the Forex industry. The MT4 comes with features such as trading signals and Expert Advisors (or Forex robots). These options are computer automated and programmed to make smart decisions instead of traders. “They” decide when to buy and sell a certain currency pair. They are based on mathematic and algorithmic calculations. Robots have been developed by experienced traders and experts who base their calculations on numerous market indicators and strategies. Some traders are huge fans of this option, while others take a pass and rather trade independently on the basis of their own calculations. The biggest advantage of automated trading is that these robots are deprived of human emotions and will not hesitate to make a call when the right time comes.
MT4 Forex Brokers
There is no Forex trader who has, at least, not heard of the MT4. Most probably, every Forex trader had an account on this platform at one point of trading, while the majority still has. The platform established itself in the industry, and almost all Forex brokers include the platform as a part of their service package. Only a small fraction of brokers rely on self-developed platforms. A trading platform has to be impeccable given that it is the hotspot for Forex traders. The MT4 gained an impeccable reputation due to smooth and high-quality performance. It is the favorit platform of the majority of Forex brokers, and they take a lot of pride in presenting the platform as part of their service.