When it comes to choosing a forex broker, one of the important things you need to look for is their forex trading platforms since different brokers offer different trading platforms.
What is a trading platform
A forex trading platform is a trading softsoftware provided by trading brokers to their clients to carry out their trades.
It is important to find a forex trading broker that offers your preferably forex trading platform. A forex trading platform that has the features and usability you want.
Types of trading platforms to choose from.
There are many forex trading platforms you can choose from. Below are the most known forex trading platforms.
What’s the best forex trading platform
Out of these trading platforms, metaTrader4 is the most used trading platform.
There are 2 main versions of MetaTrader: MetaTrader4, and MetaTrader5. Both of these platforms are created by the same company which is MetaQuotes software.
MetaTrader 5 has more features than MT4. However, MetaTrader 4 is more popular than MT4 and it’s because MT5 is complex whilst MT4 is so user-friendly and it is a perfect trading platform specially for the novice traders.
MetaTrader4 is the most used trading platform among financial traders. with a lot of different indicators and the best part is that you can also add your own indicators.
MetaTrader4 or MT4 is a popular trading platform used by tons of traders and financial brokers worldwide. This trading platform is developed by MetaQuotes Software for online trading in the financial market.
MetaTrader4 is a nice trading platform with a lot of different trading tools and trading indicators:
- it creates detailed reports from the positions you take
- you can customize charts
- you can check your balance
- Check your profit or loss
- Read financial news
- 9 time-frames, from one minute to monthly time-frame
- You can receive and read e-mails
- You can open the price charts and follow the markets price fluctuations and analyze the charts,
- You can plot trendlines on your charts,
- analyze the charts and locate the trade setups.
- You can choose from line charts, bar charts, and candlestick. It also supports Heikin Ashi.
- While the best forex trading platform comes with it’s own trading indicators like Bollinger bands, MACD, stochastic oscillator, and whole lot more indicators, you can also add your own trading indicators if you like.
- You can place orders and set stop loss and target.
- You can set trailing stop loss and pending orders.
- You can easily download several years of historical data for each currency pair, CFD and… from MetaQuotes Software Corp severs for free. You can use this feature to back-test your trading strategies.
MetaTrader4 support a complete price charting system and all the tools you need to analyze the price charts and locate the chart patterns and buying and selling opportunities that are known as trade setups.
How to download MetaTrader4
In order for you to start using MT4 platform, you must first download it and then install it on your computer or phone. You can install it for free direct from the MetaTrader website or through online forex brokers
If you are serious about becoming a retail trader, you must first master your MT4 platform or any trading platform if you choose to use a different platform.
These following tutorials will help you master your MT4 platform.
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