A trading platform is a software that allows traders to place trades in the international financial markets and monitor their accounts with financial intermediaries. There are many trading platforms available on the market, but we’ll talk about the most popular one – MetaTrader4. MT4 includes hardware and software components that ensure interactive communication between traders and dealing centers to perform trading transactions and other non-trading operations.
MetaTrader4 is free software. It can be downloaded either from the Internet or from your Forex broker.
Features and capabilities of MetaTrader 4
To begin our review of the platform, let’s take a look at its main features and capabilities. MT4 developers did their best to equip it with all the necessary tools. Here is what MetaTrader4 provides:
- real-time streaming quotes and news feeds;
- execution of trading transactions;
- ability to control open positions and orders in a standby mode;
- accurate technical analysis;
- access to all trading tools for effective trading, the list is regularly updated;
- strategy tester, which ensures high-speed processing of large amounts of data to test a strategy, a trading robot or an indicator
Now let’s talk about the main tools of the MT4 terminal.
Analytical capabilities of MetaTrader 4
MetaTrader 4 software will help you analyze the market from different angles. The platform displays charts in 9 different timeframes for each instrument, which allows a trader to study the market meticulously, both using current prices and historical data. MT4 offers more than 50 different technical indicators for accurate and precise technical analysis. Using the indicators and applying them to charts, a trader can easily detect trends, determine volumes, spot various technical figures and much more.
Technical capabilities of the platform:
- a trader can print out any chart;
- use overlay for analysis to compare and analyze multiple currency pairs;
- find specific tools in a free database of indicators;
- use expert advisors for automated trading and analytical purposes
You can not only make notes on the chart but also place elements and figures, making the market picture more comprehendible.
Using MT4, you can also receive the most recent and relevant economic news.
Trading Functions
A trader can open both market orders and pending orders. Thanks to the notification system, the trader does not need to wait for the price to reach the desired level, the platform will notify him at once. There are several ways to open a trade in MetaTrader 4, you can place an order even directly from the chart with 1 click.
Novice traders are advised to study MetaTrader4 and get familiarized with its functions using a demo account. This way, you’ll be able to get a hold of the platform and its functionality, gain experience in analysis and in trading. You can also copy transactions through a special server.
MetaTrader 4 Expert Advisors
The trading software provides access to a number of expert advisors that can be useful for novice traders who make their first steps in auto trading. You can not only download your own advisors into the platform but also create your own trading robots.
The MetaTrader 4 platform is thought out right down to the smallest detail. It seems like the developers didn’t miss a thing and managed to create a masterpiece that makes the lives of thousands of traders so much easier.
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