Venturing into the world of forex trading requires research and knowledge. This becomes particularly important when choosing your trading platform and the broker through whom you’ll trade. In this blog, we’ll walk you through both processes. Whilst a range of trading platforms exist, MetaTrader 4 is probably the most widely used by brokers everywhere. Aside from being free to use, the platform is considered one of the best because of the robust trading tools it offers. MT4 was developed by a company called MetaQuotes in 2005. It has since gone on to become the world’s most talked about currency trading platform because of its flexible trading system, ease of use, and security.
Metatrader 4 – Why the appeal?
Considering how feature-rich MetaTrader 4 is, the fact that it’s free to use undoubtedly adds to its appeal. Putting cost aside, MT4 delivers an unrivalled trading experience.
- Simplicity. MT4 is user-friendly, easy to navigate, and customisable, simplifying forex trading for novice and experienced traders. Its uncomplicated interface allows traders to enter and exit positions quickly and manage positions effortlessly.
- Ease of access. The MT4 platform ensures the most used functionalities are easy to get to. This includes currency prices, indicators, signals, and charts.
- Stable performance. MetaTrader 4’s consistently stable performance is evidenced by the millions of traders using the platform across the globe. When trading a highly volatile market like forex where prices rise and fall in seconds or minutes. So, having the assurance of a stable performance is critical to mitigating any length of downtime.
Advanced trading tools
MT4 is regarded as the leading trading platform because it provides almost everything one needs for forex trading. This includes automated (algorithmic) trading, trading robots (Expert Advisors), advanced technical & fundamental analysis, trading signals, mobile trading and so much more. Let’s look at some of these more closely:
- MT4 analytical functions are some of the platform’s most sought out features. This includes 30 built-in technical indicators, 23 analytical objects, online quotes and interactive charts with 9 timeframes allowing for faster response times to price fluctuations.
- The various MT4 mobile apps give traders the ability to trade from anywhere, at any time, provided they have an internet connection. Most devices facilitate mobile trading including iOS and Android-powered smartphones and tablets. Functionalities across desktop and mobile MT4 versions are similar, such as analysis tools, monitoring of trades, and opening or closing positions with one click.
- One of the most powerful aspects of MetaTrader 4 is automated (algorithmic) trading, which enables traders to develop and deploy trading robots to execute trades. The robots do this using trading signals based on predefined criteria. Most trading strategies can be implemented as a robot. This removes the human factor in trading, mitigating the risk of emotions negatively impacting trading outcomes. Automated trading is typically fast and highly accurate, although not without risk so vigilance is vital.
- Backtesting is another useful MT4 trading tool. It enables traders to test trading strategies on previous time periods, applying trading rules to historical market data, to evaluate outcomes and make better-informed trading decisions going forward.
- MetaTrader 4 offers an unrivalled level of flexibility and convenience. This includes 3 execution modes, as well as two market orders, 4 pending orders, 2 stop orders, and a trailing stop. Traders can also send orders directly from the chart with a single click. This makes executing even the most complex forex trading strategy easy.
Selecting a Forex broker
It’s pretty clear that MetaTrader 4 is an obvious choice as a go-to currency platform for forex trading. But what now? How do you start your trading journey using MT4? Well, this is the part where choosing the right forex broker is key. The question is, how do you do this?
- Do your research. Regardless of what it is you’re shopping for, research is vital for making an informed choice. The same applies to picking a forex broker. Get online and read broker reviews. Listen to what actual customers are saying. Consult other traders and get relevant industry feedback. Testimonials are some of the best ways to get real-life insights into a product. Just be wary of fake reviews as there are just as many of these rearing their ugly head on the internet.
- Establish if they’re regulated. Find out whether the broker is regulated by a reputable financial or regulatory authority. Regulators set the standards and rules by which brokers must abide. This is to ensure transparency and fairness, as well as to prevent scams or misleading information.
- Test their customer support. Find a way to evaluate the level of customer support a broker offers. Assess responsiveness, expertise, and professionalism. Establish whether they can provide support in your native language, and if they have the know-how to handle all your trading-related queries, 24/5. Test all their communication channels, be it email, phone or live chat.
- Learn more about their trading features. Determine what features the broker offers. For instance, a broker like T4Trade gives traders access to over 300 tradable instruments across popular asset classes (forex, futures, commodities, metals, etc). Traders can also choose from a variety of different accounts to meet their particular trading needs. They can also enjoy flexible leverage (up to 1:1000), spreads as low as 0.0 pips, quick execution, and fast deposits and/or withdrawals.
- Discover what educational resources they offer. A broker is someone that can help you become a better forex trader in different ways. This includes the provision of educational resources to help you gain more knowledge, boost your expertise and build your confidence. For instance, T4Trade offers traders an incredible pool of trading insights via videos, webinars, podcasts, Live TV and informative blog posts. T4Trade explores a range of popular topics to provide you with all the information you need to become more skilled. This is enhanced by an FAQ page that answers many of your most common trading questions.
- Open a demo trading account. One of the best ways to test out a broker is to open up a demo trading account with them. This gives you a way to get a feel for their trading platform without putting your capital at risk. Opening a demo trading account with T4Trade will also help you become more familiar with the Metatrader 4 platform. This is a brilliant opportunity to learn more about MetaTrader 4, as it allows you to test out your trading strategies in a simulated environment, using virtual money. It also gives you the ability to engage with the broker’s dynamic, multilingual customer support team should the need arise. With enough practice on the demo account, you can then proceed to move to live trading.
