Forex trading will never be complete without tackling MetaTrader 4 as the best trading platform you can ever use. Ever since it was launched in 2005, there are so many Forex traders who love to use this trading platform mainly because of its features and it has an easy to use interface. MT4 is a trading platform that can be used in financial instruments other than Forex. It can be used to trade indices, stocks, CFDs, and commodities. If you ever find a reputable broker to help you handle your trades, it is quite sure that they will also offer you an MT4 trading platform.
Diverse Features
One of the highlights of the benefits offered by MT4 is its diverse features. This trading platform is able to provide exceptional analytical capabilities, can be operated on different devices, and allows automated trading. For newbies trying to get a hold of using a trading platform, they will get no trouble when using MT4 because it has a user-friendly interface that provides utmost convenience to traders of any level.
Real-Time Access of Market Prices and Liquidity
MT4 is so amazing because it allows the trader to gain access to different Forex quotes, allowing them to do trades in real-time. You can find the currency or the security that you are trading at the Market Watch section of the trading platform. You can also find there the actual time of the ask or bid price.
Traders using MT4 can also easily see important details such as the margin currency, contract size, margin percentage, and the spread at the Market Watch window. There is also a Depth of Market feature that allows traders to see the actual activities in the market. For instance, you can check the number of the buy or sell orders of a particular currency pair together with their corresponding prices in the market.
Different Trading Orders in MetaTrader 4
In MT4, you can get to have different types of trading orders and execution modes that will help you enhance your flexibility as a trader. There are four pending orders available in MT4, two market orders, and three trade execution modes.
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Risk management is very important in trading. Therefore, the use of stop orders, take profit orders and trailing stops greatly helps in reducing the downside of trading. Using these orders, you can protect your capital from drifting apart without the need to constantly stay in front of your computer for monitoring.
Technical and Fundamental Analysis Tools
MetaTrader 4 comes with various trading tools and indicators to better facilitate your analysis of the prices in the market. In MT4, there are 30 built-in technical indicators that are ready to be used whenever you like. Some of the most commonly used indicators include Fibonacci Retracements, Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and the On-Balance-Volume (OBV).
There are nine timeframes in MT4 that can help you with your trades. It ranges from a minute to a month. If you still need more charts, you can access some at the MetaQuotes Language 4 (MQL4) community.
