Forex Trading Made Easy Courtesy of Tools & User-Friendly Interface on Metatrader 4
When you’re searching for a premium broker, a significant amount of thoughts needs to be given to the trading platform being deployed by the broker and one of such is the Metatrader 4.
Obviously, the Metatrader 4 is one of industry’s favorite, and a lot of top-flight Forex brokers make use of it as their preferred platform.
On the other side due to its wide acceptance by brokers, we have seen similar adoption among a large percentage of retail traders.
This is also hugely due to the numerous benefits of MT4 that places it far ahead of other trademarked trading platforms deployed for retail currency trading.
Even an inexperienced Forex trader can quickly get hands-on when on the Metatrader 4 trading platform.
Some of the features that make this software a preferred platform includes the following:
- The ability to receive trades and manage trades
- Carry technical analysis aptly
- Create automated trading strategies
- Design and implement custom indicators
A Brief Account of Metatrader 4
You’ll find the Metatrader 4 being referred to as MT4 (obviously an abbreviation of the longer word) and this trading platform was designed by MetaQuotes Software, who in 2002 started rolling out the first version of the platform.
The MT4 obviously is a huge upgrade from previous versions and was released in 2005.
Up to this moment, we have brokers who have continued to add the MT4 platform as an additional platform, running side by side their proprietary trading software.
This visibly has a lot to do with the popularity of the trading software.
The next in line is the Metatrader 5 or the MT5 and was released for beta testing in 2009, while its first live account hit the market subsequently in 2010.
Howbeit, the main emphasis for the MT4 is margin trading. There are brokers who adopt the MT4 for trading CFDs.
Even though it wasn’t designed for use in the stock market, or ETFs on a permanent basis, we still find Forex brokers who use it for this purpose.
The MT5 is better suited for this, although we have more brokers porting on the MT4 platform.
What’s Inside the Metatrader 4?
Getting around the interface shouldn’t be much of a problem for any user, due to its similarities to other trading platforms out there.
Upon signing up with a broker that supports the MT4 trading platform, you’ll be requested to download the MT4 client, run it and initiate the program.
Once the interface pops up on your screen, you’ll be requested to enter your login credentials (login, password and a drop-down menu to select your server).
Let’s further highlight some of the major areas of interest:
The Toolbar – This section of the interface is located at the topmost section of the main window and you’ll find there the main icons that control the software.
Market Watch Widow – This window is located on the left upper side of the software interface, directly under the “Toolbar” and it offers the traders ability to see the list of tradable assets delivered by the Forex broker. Along with the list of tradable assets to the right is the respective bid and ask prices, thus offering an easy view of the price action of listed currency pairs.
Navigation Bar – This bar is situated just below the “Market Watch” window and offers traders information regarding expert advisors, technical indicators, and scripts.
Terminal Window – This window is situated at the bottom of the platform interface and offers a general information on everything that is going on, thereby helping you keep track of all that’s taking place.
Asides all of these, we have earlier mentioned that the MT4 is highly customizable and this is evident when you click on the “View” menu, which would allow just about anyone add or remove default windows found on the MT4 trading interface. Other features such a size, colors, template creation and indicators customization are all possible to suit the trader’s preference.
Types of Orders on Metatrader 4 Trading Platform
There are basically two types of orders available on MT4 platform i.e. the “Pending Orders” and “Market Orders.” The “Market Orders” can be executed in four different modes i.e. Instant execution, request execution, Market execution and exchange execution.
On top of all these, the MT4 trading platform is fully mobile and as such can be accessed on mobile devices, thereby allowing traders keep track of things even when on the go.