To all aspiring Forex traders, you ought to know that there are a lot of opportunities in the Forex market. Most likely, you will succeed if you do the right thing or decide as fast as you can. But you cannot act without thinking beforehand. You need to equip yourself with the latest economic news, analyze the price movement, build charts before you enter into profitable deals and contracts.
Fortunately, you can accomplish all these things thanks to a tool known as Trading Platform. This tool is very useful for traders who want to achieve great results because it includes a lot of important functions greatly needed to achieve great things in the market. The Trading Platform has become extremely popular thanks to the fast development of technology. Though there are a lot of trading platforms nowadays, only MetaTrader 4 is particularly designed for Forex traders.
What are the features offered by Forex trading platforms?
A trading platform is one that provides information regarding the status of the trader’s account. It also provides news about the financial market and provides a good opportunity to buy assets or sell them. MT4 also provides important information regarding the profits and losses that you acquired throughout your trading, as well as the open positions and other transactions. MT4 platform also displays different calculations and real-time deals. Not just that, you can trade on the go because the software can be downloaded on your mobile devices both for iOS and Android.
Real-Time Access to the Forex Market and Liquidity
On a real-time basis, MT4 allows the traders to gain full access to Forex quotes and execute trades as well. The trader can view all the securities and currencies at the ‘Market Watch’ window. The security symbol and the bid and ask quotes are also displayed in this window.
Availability of Technical and Fundamental Analysis Tools
MT4 is known to have in-built indicators and technical capabilities which makes it ideal for price analysis. Currently, there are 30 in-built technical indicators available on the platform. These include the Moving Average Convergence Divergence (MACD), the On-Balance-Volume (OBV), The Fibonacci Retracements, the Relative Strength Index (RSI) and so much more.
Additionally, traders are allowed to view an unlimited number of charts with each currency pair vaguely displayed in 8 different timeframes. If you need additional charts, you can get them from the MQL4 community. Traders also have the option to build their own indicators if they find it needed.
Multiple Trading Orders
In MT4, there are a variety of types for execution mode and trading orders. Because of this, traders can choose and implement the strategy that they want for their trades. It is also very important to employ a strong risk management strategy as it is very crucial to your success. When you use MetaTrader 4, you will be given 2 different types of tools for risk management. These are the stop-loss order, trailing stop, and profit order. All these things help in risk management so your risks in the market will become a lot lower.