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If you open a demo or live account with an online Forex broker you have to use a trading platform in order to execute trades with that broker.
A trading platform is a software which provides a mechanism for the trade execution and includes additional tools to facilitate technical analysis like e.g. Japanese Candlestick charts with indicators. Many brokers provide a choice of different trading platforms. Almost without exception every retail broker provides the Metatrader 4 platform. It is useful to have some knowledge about this platform and how it works. This article will provide an introduction to Metatrader. Metatrader 4/Metatrader 5 Two Metatrader platforms are often used and available: Metatrader 4 and Metatrader 5. Both of these are available as free standalone software for the user to download and install on their own computer or device. The Metatrader platforms are offered by MetaQuotes Software Corp. The Metatrader 5 platform is a newer release. Most traders have mostly continued using the MT4 platform so we will focus on Metatrader 4. Forex MT4: Downloading and Installing Brokers which are providing accounts compatible with Metatrader 4 usually provide download links where a demo or live account can be opened and a customized platform downloaded and installed making the process a little easier. Basic Functions of Metatrader 4 When a demo or live account is up and running the tick-by tick price changes in that broker’s price feeds can be displayed and analysed within the Metatrader 4 trading platform. The mainly uses of Metatrader 4 are:
Your broker will probably provide traders the choice of using either Metatrader 4 or at least one other trading platform. Often the alternative to Metatrader 4 is a proprietary browser-based platform. You should have in mind the advantages and disadvantages of choosing Metatrader 4 over any likely alternatives. Advantages
The following video gives you a general overview of the MetaTrader 4 platform. MetaTrader 4 is an extremely robust and efficient way to manage your investing. In the video you will get an impression of some of the platform features and it will help you to understand how you can start to customize the platform for your own trading.
To enter a trade is the most critical function which a Forex investor can perform on the MetaTrader 4 platform. This video presentation will offer all the background you need to make sure that you understand how the trade tab works and some tips for making the most efficient use of the platform.
Monitoring your trading account over the long term is a critical way to understand what you are doing well as a trader and what you may need to work on. The account reporting tools in MetaTrader 4 are simple to access and to use. This video will answer some of the most important questions which traders have about the account management and reporting tools.
Two of the most exciting features on the MetaTrader 4 application, especially for advanced traders, is the possibility to create and install custom indicators and expert advisors. This video will cover some of the basics for installing an indicator or expert advisor and how to make sure they are applied correctly.
The following webinar will show you the basic mechanics of trading on the MetaTrader 4 platform looking at how to set up your layout, the charting package and an introduction to Expert Advisors.
During the first webinar series you got an impression of the award winning MetaTrader 4 platform and some of its major attributes. In this webinar you can have a look at the new MetaTrader 5 platform, covering basic techniques; buy, sell, stops and limits. We will then go into more detail about the major differences between the two platforms and which platform will work best for you.
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