MetaTrader 4 is a trading platform for trading forex financial instruments. It is the most popular one in markets today because of its impressive functionality. This portal heightens the ease of business, which is suitable for traders no matter their skill level.
Metatrader makes up for a flexible system that presents advanced tools for the sake of technical analysis, a market of trading robots, mobile trading, algorithmic trading, trading signals, etc. All these features can advance one’s success in forex trading.
Is there a mobile version available?
The MetaTrader 4 mobile applications are available for both Android and iOS powered smartphones and devices. The unique features available on the mobile version are:
- Full-set trading orders
- Interactive quote charts
- Analytical tools
Additionally, one can also track the history of trades, monitor account status, buy and sell financial instruments all in one click and without moving from one’s chair. The mobile applications come with beneficial features like chat options with other traders and the advantage of push notifications. The desktop version has more features than the ones already mentioned.
The Forex Market
Forex(Foreign Exchange) is the international currency trading market that has surpassed all other financial markets considerably by its trading volume. Banks, private investors, and funds buy and sell various currency equivalents to billions of dollars, and this figure is only going up in the coming years. This trading is sustained by global information networks 24/7.
The following currencies are the most popular in Forex trading:
- USD (United States Dollar)
- GBP(Pound sterling)
- JPY(Japanese Yen)
- EUR(Euro)
- AUD(Australian dollar)
- CAD(Canadian Dollar)
- CHF(Swiss franc)
The currency pairs, which are the most current are:
- GBP/USD
- EUR/USD
- USD/CHF
- USD/JPY
These are the exchange rates of one currency to another. For instance, EUR/USD 1.200 means that 1 EUR costs 1.2 USD.
There are also comparatively less popular currencies that people use for speculative trades. Speculation is the core operating principle of profit markets like Forex trading. It involves trading in instruments expecting high returns. Or simply, buying low and selling high is the motive. For example, if one buys EUR/USD today and sells it five months later for a higher rate, then the difference is the profit margin.
Choosing a broker, and a trading platform is one of the primary steps taken to become a trader and to start trading in forex. The broker provides insights and access to the market. The latter offers the opportunity to analyze quotes and help perform trades.
The trading platform gives the option of choosing a demo account before going to a broker for a live one. There, one can understand how it works by trading in virtual money.
How MetaTrader 4 performs in each aspect:
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Technical Analysis
It includes technical indicators and several analytical objects. They help in forecasting quote decisions and making appropriate decisions. The analytical algorithms are efficient, reliable, and accurate but may sometimes vary due to market conditions. After all, it is a volatile market. For example, trend indicators are more efficient during strong price movements.
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Trading Operations
Trading Orders in Forex use market orders for execution. They are trade requests to carry out a trade immediately or upon meeting a condition. The broker directly receives the requests.
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Mobile Trading
It allows one to analyze, make decisions, and trade just like one would while using the desktop version.
The algorithmic trading nature of Metatrader makes up for human error and is entirely efficient. Traders can now transform their strategies by changing them into trading robots, which trade automatically.
