The best qualities that a forex trader should possess for successful trading is to be very vigilant in doing profitable trades, smart, logical, unemotional when making trade decisions, and perform trade almost immediately when profitable opportunities pop up. What if I told you that there was such a trader who is as effective and who would immediately post your profits to your account after they are made, wouldn’t you want to employ their services? Well, the MetaTrader 4 software does just that. It was designed and published in 2005 and has since been popular worldwide, now growing to be the world’s most effective trading software. Beginners in the financial trading market can surely testify to the effectiveness and ease of using the software.
With so many software programs on the market today, it’s no doubt that financial gurus thought to create one to ease trade for them on the financial market. MT4 is one of the first and most accessible trading software available currently. It is so good that even the youngest FX companies still use it. For example, the Axiory broker based on its reviews is just 8 years old (which is quite young for FX broker standards) but still goes for this relatively old-looking software.
Because the financial market has so many trading softwares, so too are the differences in its effectiveness. Each of them has varying beneficial features and likewise some drawbacks, so it makes it very difficult to explicitly point out which among these softwares is the best. That notwithstanding, the MetaTrader 4 software has proven to be very effective for many and has generated a load of money for traders worldwide. The design of the software is made in such a way that the services of a trader is not required much since the software scans trends for currency trades that are very profitable with the use of their pre-set parameters.
What is Special about MetaTrader 4?
This software is a fully automated software that basically trades on behalf of the investor. And how does it work? The software scans and analyses the market trends for you to maximize profit. It does so by providing the most up to date information concerning the market spreads discrepancies, it analyzes price trends and price charts and provides news on ForexNewsNow.com that can locate potentially profitable currency pairs. The software has a very effective algorithm which is automated and makes money for you! Now, this is not just blabbing. With the software, all you need to do is turn your computer on, start the program, sit back and relax for the software to do all the hard work for you. It also has a demo account that helps you up your trading game.
Pros of Automated Forex Trading Software: MT4
If you have read this far, then you definitely already have an idea of the perks that come with using an automated trading system. One of the vital parts of trading successfully is the aspect of trading without emotions. The mere fact that the MT4 trading software eliminates the emotions aspect of trading and the mental control that moves you to make a decision more favorable and logical in trades is a thumbs up for the tech. Of course, many beginners and even experienced traders tend to make bad decisions out of excitement or out of disappointment while trading. This clearly defies the logic of the financial market conditions which requires some level of calm so as to make the best and profitable trading decisions. Which are the reasons why automated software makes trading unemotional and steady.
With automated software, a trader can have several accounts and manage them at the same time, and this is definitely a plus for brokers, especially that manual traders don’t have this option on a single computer. Despite the automation of trading softwares, there are other market elements that also spark off a buy or sell notice. Some of these include chart configurations like triple tops, potential topside breakthroughs, moving average crossovers, or bottom breakthroughs which show a trade signal. This software is also very effective for traders who are very interested in trading but busy and can’t afford the time of analyzing or studying the markets. Because the program works 24/7 day and night.
Opening a MetaTrader 4 Account
Traders often decide to begin with MT 4 with a demo account. The decision to create a demo account is good because it helps you understand how the markets work, and you get to learn various trading strategies. On the MetaTrader 4 website, there is a download link for the demo version of the software and you can click on it to download the demo account to your computer. The software is compatible with Windows, macOS, Linux, iOS, PC, and Android devices.
If you’ve had enough of the demo account, it’s time to head to the real deal. The live account is more detailed in setting up than the demo account and requires keen attention as well. This is why the MetaTrader 4 live trading account can only be created by an intermediary such as brokerage.
Opening the account will require real money or cryptocurrency, depending on the firm’s available services. Identification and tax documents are often required by most institutions to register your account. Once confirmation of your identity is done by the firm, you will be provided with account login information which you’ll use each time you sign in.
MetaTrader 4: Account types
As seen above, the demo account is the only MT 4 account type that does not need a brokerage to set up. As a result of this, your MetaTrader 4 fees record will all depend on the agent you choose to work with. To get a view of how the live MT4 record may look like, let’s have a look at the OctaFX model. It is outstanding amongst other built up MT4-viable systems. Its MetaTrader 4 Micro record proposes floating exchanges, no commission, and allows 28 pairs.
MetaTrader 4 Support
The software contains more than 30 remarkable languages, and specialized help is also multilingual. The software website has information and articles to assist with tending to regular issues and get acquainted with its system. The MT 4, besides its regular support system, has a distinct support site known as MQL4 where advanced assistance is available. Tragically, direct telephone or live assistance is not available, yet this will typically be given by your agent.