Metatrader has been in the market for at least ten years now, and begun by offering excellent opportunities to forex traders around the globe. It is developed by MetaQuotes, and has now reached the fourth version. This version is highly popular, and favoured by traders from all over the world. For that reason, it continues to grow in leaps and bounds, and is the preferred platform even though an updated version, Metatrader 5 has been made available on the market.
Metatrader 4 is an excellent online platform that enables you to execute forex trades, as well as CFD’s and futures markets. It is available for free which makes it an attractive choice for all traders. Binary options brokers that are interested in forex trading are using this platform for trading currencies. It is a flexible platform and can be used as a web based platform, as well as a mobile platform. Since it is different from the typical CFD / Forexs trading platform, one must take some time figuring out how to use it. Here are some steps that you can follow: –
Begin by finding out all that you can about the platform and what is has to offer. When you enter Metatrader, you need to press the F1 key. This will bring up the help menu which provides information covering a range of issues.
Download the Demo
Get some practice with the platform by downloading the demo. This will help you to make the necessary connections between the broker and the platform so that you can assess how they work together. When you download, note that the Metatrader 4 shall be installed in its own folder within your computer, which will make it quite easy to find.
Create an Account
Once the software has been downloaded, you will need to create at an account so that you can begin using Metatrader. In addition to your personal information, you will be asked for other details when you open your account, including leverage, the type of account that you want the amount you wish to deposit.
When you are ready to use Metatrader, you will open the platform. A series of windows shall open as well and these make up what is known as your workspace. You can rearrange them by using your mouse to drag and drop. You can also create a profile, and customise all of these windows so that they appeal to your personal taste.
For ease of access and you own personal understanding, take the time to add all the symbols that you will need when you are accessing your work space. You are also free to include as many charts as you choose.
In Metatrader 4, there is a panel that is labelled Market Watch. When you right click on this panel, you will find several quotes which lead to you making an order for a currency of your choice. Once you make the decision on what you want, you can open any chart window to use the information. In this chart window, y0ou are then able to input your decision to buy or sell, as well as to outline specific parameters such as stop loss or your profit level.
This is a tool that is easy to use, though you will need to take the time to learn how to get the best out of Metatrader. It continues to be if considerable advantage to traders of all levels who are seeking for ways that they can increase their advantage when trading, and enjoy the benefits of their efforts. There are three reasons that traders continue to rely on this platform to help elevate their CFD / Forexs trades. This platform is powerful, and able to provide the required information for all assets that are traded on the broker site. It is also flexible, so that you can get reports that specifically suit your needs. Furthermore, you can extensively customise the platform so that it your requirements are met. Finally, Metatrader is available free of charge, enabling traders to try out automatic trading safely, and generate informative charts that can be used as viable guides when trading.