When crossing a river, you need a bridge or a boat. Similarly, when you are trading foreign currency through your personal computer or online, you need a trading software. It, therefore, means the trading software acts as a bridge that connects your PC to the FX market. You can achieve this too by installing that trading platform to your computer. Metatrader 4 is the most popular trading platform or software that you can use. All you need to do is to download and install it on your computer and enjoy the service.
What is the software all about?
Before proceeding on to how you can use this trading software, let’s know what exactly it is. First, it is the most renown trading software, particularly among forex traders. The software features tools essential for analyzing price charts and locating buying and selling opportunities known as trade setups. It also comes with a complete price charting system.
The software comes with several abilities and features. They include;
- Allows you to access the price charts to follow the fluctuations in the market price and analyze the price charts
- Enables you to plot trend-lines on the price charts
- A trader can perform analysis of the charts as well as locate the trade setups
- Allows use of line and bar charts and candlestick
- Supports Heikin Ashi candlesticks and a trader can add Renko chart indicator used in Renko charts
- Allows you to set loss and target and place orders
- Supports setting pending orders and trailing stop loss
- Creates detailed reports
How it works
Now that you know the features of MetaTrader 4, let’s move on to how it works. The program offers analytical and trading technologies that you need for currency trading. It works through several components. These components include;
- The trading system
Through this, the software implements strategies by offering tools like trailing stop and stopping orders, trading from a chart, use of trading history, and a tick chart.
- Analytical functions
It is one of the strongest points of the software. It’s because the analytical functions include thirty built-in technical indicators and twenty-three analytical objects that simplify the entire trading process. Additionally, you’ll get access to 9 timeframes and interactive charts.
- Copy trading and trading signals
If you have no time for trading, the software got you covered. It can automatically copy deals from other traders. All you need to do is to choose your provider, sign in to a signal and sit back and let your terminal copy your selected provider’s trades.
- Built-in market
The market provides you with an ideal place to get the latest technical indicator as well as an expert advisor.
- Algorithmic trading
Metatrader 4 offers you a fully-fledged environment for optimizing and testing algorithmic trading programs. Once you have a trading robot provided by the software, you are free from the routine market analysis as the trading robot will control both analytics and trading.
- Mobile trading
As advancements in mobile internet technology are taking the course, this trading platform is not left behind. Metatrader 4 offers you with the functionality of mobile trading that features broad analytical capabilities and support for trading functions. Of course, all these features are available from any location in the world at any time.
- Alerts and financial news
The software provides alerts that inform the trader about certain events in the FX world. Moreover, financial news enables the trader to make the right trading decisions in cases of unexpected price movements.
How do traders benefit from the software?
Traders are using this program due to the benefits they get. These benefits include;
- In-depth analysis: Traders can enjoy more than thirty advanced analytical and charting tools.
- Automated trading: The trading software provides trading robots that automate every action.
- More markets: Since it is a famous trading platform, more buyers access this software as they get more than 200 assets to trade on.
- Mobile trading: Traders have a high level of freedom and mobility.
We’ve all seen the impact of using this trading software in the FX market. If you have not yet used it, look for it, download, and install it in your PC and enjoy the amazing features it offers.