Best Platform - MetaTrader 4 Platform
MT4 Free Forex Software - MetaTrader 4 Forex Trading Tutorial
The best forex platform is MT4 platform. This is one of the most common Forex platform that's used almost by every other trader as well as almost every online forex broker.
In this learn forex MetaTrader 4 tutorial we shall explain the MT4 Interface so that beginners wanting to begin learning this best forex platform, can then start from this learn forex guide.
Best Forex Software - MT4 Workspace
Form the above MT4 Forex Trading Platform screenshot of the this MT4 software there are several forex toolbars as well as chart windows.
You can download this best forex platform from your forex broker's site. Now after you download it, then you'll need to learn 1 or 2 things about this Forex platform:
The first thing is how to install this Forex trading software after you download. For example if you download the MetaTrader 4 platform, you will need to go to a Forex broker first, register for a practice trading account then after you sign up for a demo account forex account you'll be provided with a link where to download the MT4 Platform.
Now once you download this Forex trading platform, assuming you do not know much about PC Desktop computers, Open your Browser >>> Go to tools on left top corner of your browser next to the "file", "edit", "view" menus click on tools, choose download folder location, (shortcut: once you open your browser click CTRL+J or CTRL+Y), a download pop-up will appear with links to downloaded items. Select the MT4 software that you have just downloaded.
Installing MetaTrader 4 - Best forex platform
To Install MT4 software after you have downloaded, launch the download from where you downloaded, from there an installation wizard appears and all you have to do is to follow the install MT4 platform instructions. After installation the MT4 platform will run automatically just like any other software. Read tutorial How to install MT4 platform. This MT4 platform is easy to install and this is another reason why this forex platform is best forex platform.
You can open MetaTrader 4 from the begin menu>>> Programs or from desktop shortcut that pops up as a desktop icon marked MT4 after setup.
Demo Account Opening and Login
To open an account on MT4 just click on "file" and then on open an account, to login to an account just click on "file" at the top right corner and click sign in from the drop-down menu that appears.
Once youlogin to the MT4 platform you will get access to charts and other technical analysis tools such as indicators that you will then use to analyze chart price moves and place forex trades within the forex market while connected to your Forex broker's servers through this forex platform.
Platform Menu Bar and Toolbars
Menu Bar in MT4 for Navigating within the Software - MetaTrader 4 Forex Guide
MT4 platform Menu bar is used to operate and navigate this MT4 platform from one single panel. From this panel you can set how to view MT4 toolbars, MT4 charts, MT4 data windows and even use the file tab to open a forex account - & also sign in to your forex account. This MT4 menu bar makes this forex platform easy to operate and this is also why this is the best forex software for beginner traders.
From the MT4 menu bar you can click on the view tab and select MT4 chart toolbars like in the above pictured screenshot, these MT4 menu bars can be used to set up MT4 charts, MT4 chart indicators, chart time frames, & others things like drawing forex trend lines in MetaTrader 4 forex trading charts and Fibonacci retracement levels and Fibonacci expansion levels. To learn how to customize this MT4 software navigate to this Learn Forex MT4 Guide Section.
Now that we have looked at the MT4 tool bar and MT4 menu bar, we shall look at the main MT4 workspace interface of the MetaTrader 4 software.
Best Online Forex Software - MT4 Best Forex Trading Platform
MetaTrader 4 Market Watch window - This window is used to show a stream of the exchange rates that is obtained from your forex currency broker. In this MT4 market watch window you can right click anywhere on this window to select show all MT4 currency pairs or hide the ones you are not interested in and save some bandwidth at the same time. No need to have prices for 50 currency pairs if you are only interested 4 currency pairs. This make this MT4 platform easy to use with any internet connection another reason why this is the best forex platform.
MetaTrader 4 Data Window - Used to setup MetaTrader 4 Technical Indicators, MT4 Expert Advisors and scripts, you can click on of this menu sub items & expand/collapse the indicators or Automated Forex Trading Expert-Advisors used for automated forex trading.
MetaTrader 4 Forex Charts Panel - This is where the currency price moves will be plotted.
MetaTrader 4 Forex Charts Tab - Navigation from one currency pair to another is easy, just flip through the MT4 charts tab as shown above.
MetaTrader 4 Terminal Window - This window is used to display a statement of your trades, profits & loses that you have made in your live Forex trading account or demo Forex trading account. To enlarge this window panel and view open forex trades, just hover the mouse on the MT4 terminal tool bar until the cursor changes, click and hold down mouse button and then move cursor upwards.
MetaTrader 4 Connection bars - These MetaTrader 4 connection bars are used to show the connection to the internet, red bars mean no internet connectivity, green bars show there is internet connectivity.
Exchange Rates Graph - MT4 Charts- this shows the exchange rates for the currency pairs that you are trading so as to show if the exchange rate is going up or down - represented as a MT4 Forex Chart.
Advantages of MetaTrader 4 Platform - Why MT4 is The Best Platform
In the online forex market there are many Forex trading softwares available around the internet. But among the top Forex trading platforms the best forex platform is MT4 Software, it is the best Forex software because of the following reasons:
Low Bandwidth Connection Requirement
Not everyone can afford the best internet connection, the T1, the satellite, ADSL or Fiber Optic internet connection: furthermore, these are not freely available to some residential areas and may be limited to office buildings. This is why it is best to choose a Forex trading software which requires the minimum bandwidth, the MT4 platform. Even with the best connection, sometimes the connection may not be available & you may need to use an alternative connection like the dial up or modem. MT4 platform is the least expensive if you're on a modem. To even reduce further the internet band width usage navigate to market watch (Shortcut press CTRL+M), Right Click on any currency, Select "Hide all", now the MT4 platform will only stream the currencies quotes for the pairs you only need and conserve your inter net band-width even further. Especially when using a mobile phone or Android or iPhone or iPad or a Tablet where you are paying for phone credit this can save your inter-net credit. This is one of the reason why the MT4 platform is considered as one of the best Forex trading softwares online.
The easier it is to connect the easier it is open & close trades on time.
Provided by all Brokers
Another reason why this MT4 software is considered as one of the best forex platform is because MT4 platform is liked by most traders all forex brokers provide it. Once as an investor learns the MetaTrader 4 platform there is no need to re-learn a new forex platform when you switch to another Forex trading broker. You can still use the same MT4 platform of the new Forex broker without the need to learn a new forex platform all over again.
Easy Forex Technical Analysis
The other thing that makes this the best Forex platform is ease with which you can set up the technical analysis indicators on the currency charts. Even those using various web traders will do their technical analysis on the MetaTrader 4 charts and then place their forex orders on their web trader platform.
Forex technical analysis traders can also install custom indicators on this forex trading software, making it easier to add more technical analysis tools onto this MT4 software. Other traders also install automated Expert Advisors on this forex platform so as to trade automatically with these automated EA programs known as automated Expert-Advisor Forex Robots.
Best Forex Charts
The MT4 platform has the best forex platform charts representations available & implements many chart time frames from which a can select.
Simplicity
Overall the simplicity of this MT4 software & the fact that any investor can learn how to use MT4 platform within one hour makes this the best forex software for new and experienced currency traders.
