Making money on the foreign exchange market is not an easy feat to pursue. It takes determination, innovation and resourcefulness to make the most out of any situation. In the current economic landscape surrounding forex trading, having an edge over the competition is the trademark of success.
Being properly equipped with the right tools and funds is thus a valuable asset. For this reason, using a trading platform can make all the difference in the world. Fortunately, the industry has plenty to offer on this front. One increasingly popular alternative is represented by MetaTrader 4. Here is your very own beginner tutorial for using it.
About MetaTrader 4
Also known as MT4, this trading platform has been gaining momentum as of late, with more and more newcomers signing up. If you plan on being one of them, remember that the MetaTrader 4 download link you use needs to come from reliable sources. These include the official website of the software’s developer, or the pages of trusted online brokerage services.
The program was designed by MetaQuotes Software as a means to aid and mediate the trade of currency, futures and CFDs, or contracts for difference. MetaTrader 4 is widely available on the web in its free variant. However, if you want to benefit from everything that it has to offer, you will have to purchase the premium version for an additional cost.
The user-friendly interface displays all the market data you will need for your trades. Currencies are shown on the left, while the right side of the screen is reserved for charts. You can zoom in and out of them with great ease using the built-in function. Thus, the information you need at a certain moment can be spotted with ease.
In addition, its color palette is completely customizable. Thus, depending on how you wish the background and candlesticks to look like, you can choose accordingly. The classic white, red and green can be switched up with any other alternative. All combinations work, as long as the app makes it easier for you to access the data you require to place orders.
If you want to make more money with forex, installing MetaTrader 4 is a vital step. After downloading the software, make sure to register your demo account before installation. Then, log in as you would with any other program.
Like some other platforms of this type, MT4 has the perk of offering a trial run for its users. By engaging with the demo version of your account, you can simulate trades that run according to real-time market data. In this way, you can test out various strategies and other ideas you might have concerning the market.
If you’re a beginner, it’s recommended to do this for the first three months of use. After all, learning how to place successful orders on the foreign exchange floor takes time and patience. Once you’ve grown to be more confident in your skills as an investor, you can start playing for actual profits for a change.
Once this time rolls around, don’t risk too much of your capital all at once. Most brokerage services pursue aggressive advertising techniques that leave you thinking that forex is centered around the ‘go big or go home’ ideology. The reality couldn’t be more different. The traders who grow to be successful are those who practice moderation.
A penchant for proper risk management is therefore an integral part of what you need to make it in the industry. By using the utensils that MT4 puts at your disposal, you can effectively control your losses by placing simple, yet vehement orders on your trades. What is more, you can also calculate reward ratios more efficiently.
The main benefit of using a trading platform when engaging with the market is that it provides you with all the analytical data you will ever need. Thus, technical indicators are served to you on a golden platter, ready to asses and comprise. Expert knowledge of fundamental factors is also a given when using MT4.
Of course, not even the most technologically advanced software in the world can control the market at times. Remember that this field tends to behave illogically, which is why you need to prepare yourself for rainier days as well. Predicting the unpredictable is simply impossible, as the expression indicates in itself.
Using a trading platform to manage orders is the most suitable way to keep yourself at the top of the game. This type of software equips you with gears that often allow you to have an advantage over the competition. And although the industry is ripe with offers, the most popular choice among newcomers and seasoned pros alike nowadays seems to be MetaTrader 4.
The user-friendly, highly customizable interface of the program allows traders to have an eye on relevant market data at all times. Furthermore, clear commands allow anyone who engages with it to make swift movements. It’s no wonder that opening and closing positions becomes easier than ever.