If you’re about to enter the world of foreign exchange, you should definitely get familiar with MetaTrader 4. It’s the most popular trading platform in the entire forex industry and it’s used by traders of all levels. Because it has so many technical tools and indicators, it’s great for more experienced traders, whereas its customized charts and intuitive design make it very useful for beginners. To learn more about MetaTrader 4 in forex trading and its offers, keep reading and examine the most important elements of this exceptional platform. Stay with us!
MetaTrader 4 in Forex Trading | Installation and Expert Advisor
Let’s start our MetaTrader 4 in Forex Trading article with the very first step – installation. The installation process is quite simple and it won’t take you more than a couple of minutes. All you have to do is download it and fill in the account details. With MT4 you can create multiple accounts, though, so be careful when choosing the account and placing trades.
Once you’ve downloaded and installed your MT4, we advise you to upgrade your platform by installing an expert advisor, a program that automatically follows your trading instructions. Having an expert advisor can be very useful: it replicates the actions when your system gives you a signal and it’s especially helpful when you’re trading multiple pairs or if you simply can’t spend too much time in front of your computer. At this point of our analysis of MetaTrader 4 in forex, we have to warn you that you’ll find many people offering EA programs that don’t perform as advertised, so make sure you inform yourself thoroughly before doing anything.
As for the most important features of MetaTrader 4, we’ll talk about that in the following paragraph, so keep reading.
MetaTrader 4 in Forex Trading | Options
As we’ve already mentioned at the beginning of this article, this platform is highly customizable which makes it great for all kinds of traders. In this paragraph, we’ll show you how to set some basic options. For example, when it comes to charts, all you have to do is to click on the insert menu and choose an object to add to the chart (shapes, arrows, lines etc.). After that, you have to click the chart area where you want the object to appear.
If you want to add some Forex Chart Indicators, you also need to click on the insert menu. You’ll notice that they are organized in groups according to their type (trend, oscillators, volumes etc.). When you choose an indicator, you will have to set parameters. Besides that, you can choose its color, line style and so on. Each tool offers loads of possibilities, which means you can access the market in a variety of different ways. Therefore, it is recommended that you invest some time into familiarizing yourself with the platform in order to be able to extract more data.
MetaTrader 4 in Forex Trading | Conclusion
We can conclude that MetaTrader 4 is the most important trading platform in the world for a very good reason. It has many technical and other tools that will help you in your trading, and its design will help you adapt to forex trading in no time. Furthermore, you can upgrade your MT4 platform by installing an expert advisor that will enable you to trade automatically. If you want more tips and educational articles, browse around our website – you are sure to find something that suits you.