How to start a successful Forex trading? Right: learning the basics of stock trading (technical and fundamental analysis), the choice of a reliable broker and trading platform through which the direct trade will be performed.
Partly trading platform can be compared with an Internet browser variations. They allow you to start trading, opening real or demo accounts but each has its own individual advantages. And to understand what platform can fully satisfy your needs, you only need to learn all its piculiarities.
MetaTrader 4 — easy, fast, convenient
Metatrader 4 is the classic trading platform. In a basic form with all the basic set of functions and tools required for any kind of Forex trading. The ability to add new technical analysis tools, make the installation of expert advisors (tools that aid in making trading decisions) allows to apply any strategy.
Simple and intuitive interface of MT 4, like a conventional text or graphic editor
For what each of the second trader chooses this platform? Its benefits:
- the overall interface is clear even to a novice trader. With basic knowledge of tools and charts the usual method of “spear”, you can understand the basic features of the platform within a few hours. You just open a demo account and experiment;
- in the basic version there is already more than 50 various indicators and tools of technical analysis are installed. But this is not the limit: in the Internet you can download additional tools and install them into the platform within 5 minutes;
- classic built-in programming language MQL4 allows to customize (configure), or create your own Expert Advisor. Please note the technical support from the developer: “help – MQLcommunity”, which describes the theory of programming;
- ability to select any currency pair (chart opening several pairs), choice of language;
- the opportunity at any time to be informed of important news events of the world — Metatrader 4 provides access to news (alerts — instant notifications about important events)
Programming editor of the trading platform
MT 4 is installed on any operating system, desktop computers, iPhone, iPad or Android device.
For those who are just starting in practice to grasp the basics of currency trading, MetaTrader 4 offers the function of trading signals. A function is a copy the strategies of another trader who can select from a rating of “suppliers” — just subscribe to his signals and repeat his actions.
- Tip: please note that in the top of the menu toolbar is displayed, which is designed specifically for work. In the bottom menu auxiliary information is displayed: alerts, experts, current balance, information about the positions, etc.
Example of order
Another advantage of MetaTrader 4 – safe data transmission: in addition to the classic 128-bit encryption, the broker with which you are downloading the trading platform guarantees security of information exchange. Additional add-ins of the broker makes the platform unique, providing protection against break-ins.
Strategies of successful trading with MetaTrader 4
In this trading platform, everyone will find something interesting from the standpoint of applying tools and strategies. On the one hand, MT 4 does not require that the person should be a guru in technical analysis thorough understanding in complex graphs and figures. The platform already provides a set of simple tools.
On the other hand, have no limits of a trader by this set — there is no limit! And the possibility of installation and configuration of a new indicator — additional option for professionals. Examples of basic strategies:
- “Safe login”. Based on the mapping information from the RSI and Bollinger Bands;
- “Moving average channel”. The basis of the strategy is the MA Chanels FIBO indicator;
- “Roll on the trend wave”. The strategy used the indicator TrendWave that shows the boundary wave bands price trend.
To download one or another indicator is simple:
- from the website of the broker download archive with the desired indicator (more often its extension .mql and .ex4);
- on your computer, locate the folder MQL4/Indicators (in the directory the trading platform is installed to). Unzip the downloaded archive into it. The second option open the folder: “File-Open data folder”;
- restart Metetrader 4 .
Installed indicator will appear in the menu “Insert-Indicators-Custom”.
Installed indicator ATR-Channels
To install the advisors the same procedure is the same, but with the experts folder.
As you can see, the platform MetaTrader 4 is quite easy to work with. How to work with this platform you can find on the support site of the developer. Well, then, how to use the tools and analyze the indicators, you can learn only by opening a demo account. Now decision is yours!
And good luck with your trading!