Retail participation in forex market was made possible only with the advent of online client terminals, commonly known as trading platforms. Meta Trader or MT4 is the most popular forex trading platform that is used by innumerable traders and offered free by most forex brokers for online trading in forex.
The immense popularity of MT4 stems from the fact that it is easy to use even by beginners who are new to currency trading. Whereas some trading platforms carry a price tag, MT4 is offered free by forex brokers; it can even be downloaded free of cost from the developer’s website.
A Boon for Beginners
As someone who is new to forex trading, you need a platform that is simple and takes you along at every step; it needs to fill in the gap created by your lack of experience. The Meta Trader 4 interface is user friendly and saves new aspirants a lot of heartache as it comes with a host of embedded tools and resources. Fact is that if you have MT4, you will not need anything else for making your forex trading project a success.
The perfect security system offered by Meta Trader 4 also makes it the ideal choice of online brokers. Apart from offering a reliable security system it also has the ability to handle multiple currencies without any hang-ups. Besides, it is accessible in various languages making it the preferred choice of traders who are not comfortable with the English language. Another unique feature of MT4 trading platform is that you need not worry about upgrades. The system prompts you for upgrades whenever there is one available. Like the software, the upgrades too are free of cost.
What makes MT4 popular with traders and brokers alike is that it lends well with automated trading. The forex market is open all through the day, 24/7, five days a week. It is not physically possible for most traders to keep monitoring their trades on regular basis. Moreover, most forex traders are otherwise gainfully employed and cannot afford to sit in front of their computers all day long.
With Meta Trader 4, it is possible to initiate limit orders of all types. Limit orders not only allow traders to devote time to other activities, they are also popular and effective tools of risk management. The reality is that trading in financial markets without using limit orders such as different types of stop loss orders and take profit home orders is a sure invitation to failure.
Regardless of whether you are a beginner or an experienced trader, MT4 is your best companion for forex trading. It provides every facility that you would require from an online trading platform. It is actually a substitute of the traditional brokerage system. It allows you to monitor your account online, lets you develop programs for automation of analysis and trading set up custom indicators. It also allows you to set up alerts so that you do not miss out on opportunities and even access financial news directly from the platform.