Online forex trading is a lucrative activity with thousands of people and hundreds of financial institutions involved in it.
Forex trading is a highly liquid industry that is open every day 24 hours a day.
To get involved in this trade, you will need to first learn the skills to trade profitably. You will then need a broker who is the market intermediary and, most importantly, you will need a trading platform.
Metatrader 4 or MT4 is the most popular of forex trading platforms. It is used widely by both traders and brokers.
Here are the main benefits of using MT4 for forex trading.
The forex market is accessed online. Therefore, anyone from anywhere in the world can access it as long as they have an internet connection.
With the MT4 platform, trading the market becomes easier as you can customize the platform to your language. This will help you make your decisions properly without any language barriers to trade the market.
You can therefore not blame your platform when you make losses on your trades.
When choosing an online trading account, you want one that will ensure that your capital and profits are safe. Metatrader 4 is encrypted thus all pieces of data and information between the traders and the broker are safe and unlikely to be hacked or accessed by unauthorized parties. It also ensures that as a trader, your IP address is hidden thus providing you with the security and privacy you require to trade.
Easy to use
The MT4 platform has an easy to navigate and understand user interface. Advanced and newbie traders find it easy to use.
Advanced technical analysis capabilities
These come with the highly advanced charts that you can make on this platform. MT4 has high level inbuilt indicators that you can use to make your charts when carrying out your technical analysis on your intended trades.
You can customize the charts by changing colors and adding or removing any indicators that you may or not need. This helps you to make well thought out analysis reports that suit your style of trading. Thus, you will make the right trading decisions that will always land you n the money.
Trade multiple assets
In addition to forex trading, with the Metatrader4 platform, you can easily trade other financial assets available in the online financial markets. You can trade commodities, stocks and futures.
Track your trades
With the MT4 platform, you can easily protect your trades and capital from getting into loss making positions. While trading online, it is likely that you will make both profits and losses.
However, with the MT4 platform, you can prevent losses by using a stop loss feature. This takes place automatically. You can set a loss position that you would not want your trade to go beyond. Once it hits this point, your trade position terminates automatically.
On the other hand, you can set a take profit position. It works just like the stop loss but for the amount of profit you do not want to exceed.
If you do not want to trade, you can leave your account to algorithmic trading bots that are inbuilt within the platform. These robots are known as robot traders. They are quite popular with experienced traders as you can advise them on how to trade.
Eases communication between traders and brokers
On this platform, traders and their brokers can communicate in real time. This is possible due to the advanced communication system that is inbuilt in the platform. This makes it easier for traders to seek and receive support from their brokers.
The Metatrader4 platform makes forex online trading easy and simple. Through it you have real time access to the market. You can quickly and easily get in touch with your broker. Also, you are sure that your trading capital and the profits that you make are well protected through the use of advanced security protocols.