Best Online Forex Software - MetaTrader 4 Platform - Forex Platform
The best forex trusted trading platform software is the MT4 platform. This forex trading platform is one of the most common Forex platform that's used almost by every other trader as well as almost every online broker.
In this learn MT4 platform tutorial we shall explain the MT4 Interface so that beginner traders wanting to start learning this Forex charting software, can then begin from this lesson.
Best Online Forex Software - MT4 Workspace - Forex Trading Platforms
From above screenshot of the this forex software MT4 software there are several toolbars as well as chart windows.
You can download this online trading platform from your broker's web site. Now after you download forex trading platform, then you will need to learn one or two 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 forex practice trading account then after you register for a forex demo 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 software that you've just downloaded.
Installing MetaTrader 4 - Forex Trusted Trading Platforms
To install this software after you've downloaded, launch the download from where you downloaded, from there an setup wizard appears and all you have to do is to follow the installation instructions. After installation the platform will run automatically just like any other software. Read tutorial How to install MT4 platform.
You can open the MT4 platform from the start menu>>> Programs or from desktop shortcut that appears as a desktop icon marked MT4 after installation.
Demo FX Account Registering and Log-in
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 forex trading platform you'll get access to charts & other technical analysis tools such as technical indicators that you will then use to place trades within the market while connected to your Forex broker's servers.
Forex Platform Menu Bar and Toolbars
Menu Bar on MT4 for Navigating within the Software
Menu bar is used to operate and navigate this Forex platform from one single panel. From this panel you can set how to view toolbars, chart, data windows and even use the file tab to open a forex account - & also sign in to your forex trading platform account.
Form the menu bar you can click on the view tab & select toolbars like in the above pictured image, these menu bars can be used to set up forex trading platform forex charts, indicators, time frames, & others things like drawing forex trend lines and Fibonacci retracement levels and Fibonacci expansion levels. To learn how to customize this forex trading platform software navigate to this MT4 Forex Platform Lesson Section.
Now that we have looked at the tool-bar and menu bar, we shall look at the main work-space interface of the MetaTrader 4 software.
Best Online Forex Software - MT4 Forex Software
Market Watch window - This window is used to show a stream of the exchange rates that's obtained from your currency broker. In this market watch window you can right click anywhere on this panel to choose show all 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.
Data Window - Used to setup Indicators, Expert Advisors and scripts, you can click on any of this menu sub items and expand/collapse the indicators or Expert Advisors used for automated trading.
Charts Panel - This is where the currency price moves will be plotted.
Charts Tab - Navigation from one currency pair to another is easy, just flip through the charts tab as illustrated above.
Terminal - 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 trades, just hover the mouse on terminal tool bar until the cursor pointer changes, click and hold down mouse button and then move cursor pointer upward.
Connection bars - These are used to show the connection to the internet, red bars mean no internet connectivity, green bars explain there is internet connection.
Exchange Rates Graph - this shows the exchange rates for the currency pairs that you're trading so that to display if the exchange rate is going upwards or downwards.
Advantages of MetaTrader 4 Forex Platform - Why MT4 is Best Forex Platform
In online forex market there are many Forex platforms available around the internet. But among the top Forex softwares best platform is the 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 platform that requires the minimum band width, 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 forex trading platform will only stream the currencies quotes for the pairs you only need and conserve your bandwidth even further. Especially when using a mobile phone or i Pad or a Tablet where you are paying for phone credit this can save your credit. This is one of the reason why the MT4 platform is considered as one of the best Forex platforms online.
The easier it is to connect the easier it is open & close trades on time.
Provided by all Brokers
Another reason why this Forex software is considered as one of the best trading platform is because MT4 is liked by most traders all brokers provide it. Once as a learns the MetaTrader 4 platform there is no need to re-learn when you switch to another Forex trading broker. You can still use the same MT4 of the new broker without the need to learn a new forex platform all over again.
Easy Technical Analysis
The other thing that makes this the best Forex platform is the ease with which you can set up the technical analysis technical indicators on the currency charts. Even those using various web traders will do their technical analysis in MT4 platform and then place their orders on their web trader.
Technical traders can also setup custom technical indicators on this software, making it easier to add more technical analysis tools onto this forex trading platform. Others also install automated Expert Advisors on this forex trading platform so as to trade automatically with these programs referred to as automated Expert-Advisor Forex Robots.
Best Charts
The MetaTrader 4 has the best Forex platform charts representations available and implements many chart time frames from which a can select.
Simplicity
Overall the simplicity of this forex trading platform software & the fact that any investor can learn how to use MT4 platform within one hour makes this the best software for new and experienced currency traders.
According to Forex trading platform reviews of the top Forex platforms MT4 is the best Forex trading platform - Forex Trusted Platforms MetaTrader 4 Platforms. Therefore, forex traders looking for what is the best Forex platform can begin trading with the MT4 platform - Forex Trusted Trading Platforms - as it's the best forex platform software & it's very easy to learn.
