Everything You Need to Know About MetaTrader
Metatrader has been one of the biggest names in forex trading since its introduction. The trading platform has made buying and selling forex easier than ever and is used by professionals and beginners alike in the space.
If you are new to forex trading or have never heard of MetaTrader before, here is everything you need to know about one of the best trading platforms around.
What is MetaTrader?
In simple terms, MetaTrader is a trading platform that allows you to see numerous charts, indicators, and alerts for dozens of currencies; all wrapped up in a simple and easy-to-use package that is ideal for both beginner and seasoned traders.
MetaTrader 4 sets itself apart by having a wide range of customization that allows traders to select any number of indicators, price alerts, and, more importantly, a feature that will enable you to code your own unique indicators.
MetaTrader Key Features
While MetaTrader is a massive platform with a ton on offer, a few key features make it so incredibly popular.
User-Friendly
Considering forex trading and trading platforms can be pretty confusing and intimidating, having a platform that is designed to be as user-friendly as possible is a must. MetaTrader is not only very easy to use and read, but it stays that way no matter how much information is on your screen.
Great for Beginners
Beginner traders are often put off by the amount of information available on a platform, as they will feel they need to understand all of it just to make a few simple trades. However, this isn’t the case with MetaTrader.
While all of the indicators and data MT4 provides can be incredibly useful, it isn’t necessary to understand them all initially. Beginners can use a few of the simple and easy-to-understand tools the platform provides to start their forex trading journey.
Wide-Range of Indicators
When it comes to trading, having the right indicators at the right time can be the difference between making a lot of money and missing out on a golden opportunity. MetaTrader provides all the indicators you need to avoid making this mistake.
MT4 offers everything from pivot point indicators to chart history, Renko indicators, and everything in between.
MQL
MT4 has a built-in coding language called MQL which allows traders to program and use their own custom indicators. The language is fairly simple to learn, and you don’t need any coding history to understand it; a few hours of practice is more than enough.
The big benefit is that you can create simple or highly complex indicators designed for your specific wants and needs, all within the platform.
Automated Trading
The MQl platform on MT4 offers another massive secondary benefit. You can code and use Expert Advisors or automated bots, as they are commonly referred to. These bots can be used to automate trades, be used as alerts, or do anything else your imagination can think up.
Once you have created your bot, you can use it for your own trades or share it with the MT4 community. This can be done by uploading it to the Code Base for other users to download; you can sell it in the Market, or if you have a forex business, you can sell it to your customers to use.
Adapted for Smartphones
Nowadays, with smartphones being so common and the most popular way to communicate and work, having a platform you can take on the go is a must. Considering how big and detailed MT4 is, it may be surprising to hear that it is fully optimized for mobile use.
While it may be a bit tricky to see all the data at once, it still works brilliantly on mobile devices, allowing you to trade whenever and wherever you are.
Analyze Trade History & Reports
Finally, a good trader understands the benefit of historical reports and activity. MT4 allows you to analyze past trades and data to see patterns that could help you with trades in the future.
This feature also allows you to see where you went wrong with a trade, allowing you to learn from your mistakes and improve your trading strategies.