When you are starting out as a Forex trader, you could feel overwhelmed when you look at the complexities of the Forex market. While somebody would be advising you on getting a Forex broker, there would be many who will tell you not to invest beyond a certain amount. Even if you do extensive research, you will find yourself being confused at multiple junctures. Visit multibankfx.com
When you choose the right trading platform, a lot of things get easy. While you could take suggestions while choosing a particular trading platform, it is imperative that you keep your requirements in mind. If you are not sure as to which trading platform to choose, we would recommend you to go for the MetaTrader 4 or MT4.
Here are 7 advantages of using the MT4 trading platform:
High-Quality Analytical Tools
A Forex trader has to engage in price analysis on a regular. To do this effectively, you need a set of specialized tools. MT4 offers you a wide range of analytical tools to choose from that will enable you to analyze pricing trends. On this particular trading platform, you will find as many as 30 technical indicators.
Some of the most useful tools offered by the MT4 trading platform include Moving Average Convergence Divergence (MACD), On-Balance Volume (OBV), Relative Strength Index (RSI) and Fibonacci Retracements. Traders get the opportunity to have a look at multiple charts simultaneously.
Using MT4 Expert Advisors, expert traders can easily carry out automated trading strategies. Automated trading enables traders to track and benefit from the current market movements. Since it would be an automated process, you can be sure about no human bias being involved in it. The automated mechanism has been put together after doing a lot of research.
The MQL4 IDE or Integrated Development Environment gives traders the opportunity to put together their own technical indicators and EAs. Once the EA has been created, you can check the strategy in different ways and use the Strategy Tester to optimize it further. What is also interesting is that MT4 enables Forex traders to monetize some of their strategies.
Analyzing Market Prices
One of the biggest reasons why a large number of Forex traders use MT4 is that it gives them access to market prices and quotes. Because of this, traders find it much easier to execute their trades. You can go through the ‘Market Watch’ window to go through the entire list of the currencies and securities a trader can trade with the help of a broker.
Traders can use MT4 to go through a bunch of other details including contract size, spread, margin percentage and margin currency. There is also the unique ‘Depth of Market’ feature that keeps traders abreast of real-time market activity. To check market sentiment, MT4 proves to be one of the best trading platforms.
Very few trading platforms can boast of the kind of security that MT4 does. Apart from being a secure trading platform, MT4 is also known for offering a lot of stability. All the information that is exchanged between servers and client terminals is encrypted with the help of a 129-bit key. It is also one of those rare trading platforms that support the use of RSA digital signatures.
When you use MT4, you can be sure about the fact that no cyber-criminal will hack into their trading accounts. Because of the efficient trade execution offered by the platform, traders can be sure about no unethical practice happening. Apart from your laptop, you can also access MT4 on your desktop computer, smartphone and tablet.
On MT4, you get the chance to choose from a variety of execution modes and trading orders. This, in turn, enables traders to create a customized strategy and implement it in the way they want to. At any given point of time, MT4 allows the trader to place two market orders and four pending orders. The execution modes are extremely flexible.
To achieve some success in Forex trading, you should be able to create solid risk management strategies. This is one of those areas where you can seek the help of MT4. To reduce downside risks, MT4 gives you the option to choose from two forms of stop orders, trailing stops and take profit orders.
Many traders are averse to using a trading platform as they feel they are not proficient in the language it communicates in. For instance, a Spanish native, who cannot read or write English, would find a trading platform useless if it only has instructions written in English. When you use MT4, you will face no such issues.
The reason why innumerable traders, based in different parts of the world, use MT4 is that it supports a variety of languages. A large number of linguistic experts have worked on this aspect of the platform. After installing the MT4 platform, you can change or adjust the language settings. After that, it will provide you with instructions in the language you have chosen.
Limited Technical Resources
You will come across several traders who keep shifting from one trading platform to another. One of the reasons behind this is the fact that most trading platforms exert a lot of pressure on the system. They slow it down or result in it suffering from a massive crash. Many believe that not using a trading platform is key to protecting your computer system.
MT4 uses only a handful of technical resources and because of that, it never creates any disturbance in your device. Because of its mechanism, it has been often described as a lightweight platform that offers solid performance. When you work on it, you can expect all your tasks to be carried out efficiently.
MT4 offers several benefits or perks that many other forex brokers trading platforms Best FX Forex Trading Platform Brokers Europe & Asia 2022 | multibank group do not offer. That is the reason it has become extremely popular in the traders’ community. Apart from offering a great amount of convenience, it helps you carry out your trading activities in the most efficient manner.