MetaTrader 4 is the most popular and popular trading platform in the Forex market at the moment. The platform can be downloaded for free from MetaQuotes Software, the developer of the MetaTrader 4 platform. If your broker offers MT4 as the main trading platform it will likely provide you with a direct link to download once you complete the registration process and open a trading account. Although many brokers own their own platform, MT4 remains the most preferred among Forex, Stock and Commodity traders. Even if your broker does not support MT4, you will still be able to access the platform data for free via many demo servers, noting that currency exchange rates may differ from those available to the broker somewhat, but these minor differences will not significantly affect the results of trading.
After successfully completing the download and installation of the MetaTrader 4 software, launch the platform to explore all its aspects. The interface may seem a little complicated when dealing with it for the first time, but all the information presented is simple and clear, as it is divided into several windows to allow control of all trading orders and many currency pairs at the same time. You can view the currency pairs available on the platform through the Market Watch window, which you will usually find in the top right. Mouse click on any currency pair icon in the market watch list to appear in a separate window, a feature that facilitates the transition from one pair to another quickly, especially if you have more than one open position, which is becoming increasingly important during the release of important news.
One of the main advantages of MT4 is the ability to create custom templates to suit each trader’s preferences. You can set up a profile with one or more graphs. For example, you can create three EURUSD charts with different time frames, or three different pair charts, which you can configure and customize all of its elements using the indicators you choose. MetaTrader 4 enables the modification of colors and templates to provide the trader with the ability to fully interact with his orders, a feature that is lacking in many other platforms offered by some brokerage firms.
However, a major advantage of web platforms outperforming MT4 is the lack of the need to download and install them on a PC. The importance of this feature increases with many traders needing to monitor their orders and deals from different places like home or university. Thus, if your broker is limited to providing MT4 or any other program that requires downloading, this will complicate your task of managing orders. Therefore, the ideal situation may require that the broker provide the MT4 platform in order to be able to use it on your personal computer, while allowing the ability to open and close orders through the browser so that you can manage your trades when you are not able to access your computer.
In conclusion, it can be said that MetaTrader 4 is undoubtedly the tool that any Forex trader should be keen to recognize, especially as it will in most cases be part of the trading experience that you will experience given its spread and the many advantages that it outperforms on all other trading platforms.
You can practice how to use the MetaTrader 4 platform by creating a chart template that combines MACD, stochastic and Bollinger Bands on a single chart. You can add these indicators to the graph from the Insert menu> Indicators and then go to Charts> Templates> Save to save the current template in a separate file. You can then apply this template to any other graph by going to the charts -> Templates -> Upload and download template file.