Advantages of the MetaTrader Trading Platform for Your Online Trading Account
Many online trading account owners use MetaTrader as their trading platform. It acts as a link between a user’s computer or mobile device and a currency trading system. MetaTrader is light and does not overload your system, which makes it ideal for forex trading. Let us discuss some of the things you should know about MetaTrader.
About MT4
MT4 (MetaTrader 4) is a trading platform that is popular across the globe. It offers traders everything they need to trade on their online trading accounts under one interface. MT4 comes with various combinations of popular analytical technologies and trading tools. These components allow you to execute complex and simple trading strategies.
Why should you Trade with the MetaTrader Platform?
Downloading and installing MetaTrader is an easy task. The platform comes with numerous trading capabilities and features that are unavailable on other platforms. It gives you access to different tools that you can use to analyze charts and graphs, as well as monitor price fluctuations.
Online trading account holders who use the MT4 platform have an easy time trading orders. Predefined stop losses and targets are implemented immediately. Further, traders can access trailing and pending stop-loss orders with ease.
Online trading account owners using MT4 can leverage professional advisors to automate their trading. They can achieve this with scripts available on the platform that are easy to follow. This information saves traders from having to miss a trading opportunity or staying in front of their mobile gadgets or PC always.
What are the Benefits of Using MetaTrader 4?
MT4 offers automated trading functions, multi-gadget operability, and progressive analytical capabilities. Further, the system comes with a user-friendly interface and gives both novice and expert traders extensive opportunities. Here are some of the benefits of MT4.
Real-time Access to Liquidity and Market Prices
MetaTrader 4 allows traders real-time access to forex quotes. Currencies that traders choose to trade via a broker fall under the Market Watch window. The real-time ask or bid quote is displayed together with the security symbol.
Online trading account owners can also view other details from the Market Watch window. These details are contract size, spread, margin percentage, and margin currency. Further, MT4 comes with the Depth of Market feature that alerts traders on real-time activity in the market.
For example, traders can see the number of sell, or buy orders for a particular currency in the market depth category. This information gives the trader an idea of the market sentiment. What happens if the information demonstrates that the bid side liquidity supersedes the other liquidity side?
In this case, the general trend may be termed as bullish for a currency pair. Often, there are chances that orders will be filled at the prevailing prices when there is enhanced liquidity are high. Experienced traders can use this approach for short term trading strategies.
Multi-trading Orders for Enhanced Flexibility
There are various types of execution modes and trading orders that allow traders to develop and execute their preferred strategy. MT4 allows four versions of pending orders and two market orders. It also comes with three versions of trade implementation modes for increased flexibility.
Risk management methods are critical for foreign exchange trading success. MT4 comes with trailing stops and the take profit order to reduce downside risks.
Fundamental and Technical Analysis Tools of Different Levels
MT4 features a massive number of charting capabilities and built-in technical indicators. It offers considerable tools to help with a price analysis. There are more than 30 built-in technical indicators on MT4 that include, moving average convergence divergence, Fibonacci Retracements, and Relative Strength Index (RSI).
Traders can analyze unlimited charts at once, while each currency pair can be presented in 9 varying timeframes. Online trading account holders can even source extra charts from the MQL4 community. Some traders choose to develop their own indicators.
Take Away
MetaTrader 4 is a versatile platform with high-level customization and flexibility options. It features numerous user-friendly controls, technical tools, demo-trading capabilities, and educational resources. MT4 is a popular trading platform that expert and novice traders can use.
Related Posts
- Spotware cTrader Wins the Best FX Trading Platform Award
- Spotware’s cTrader wins Best Multi-Asset Trading Platform award
- cTrader Supports FIX API Trading with Hedging Accounts
- TradeToolsFX incorporates Autochartist for Binary Options trading on MT4
- Spotware Revamps cTrader Help Centre and Marketing Portal