Best Online Software - MetaTrader 4 Platform
Best Online Platform is the MT4 software. This is one of most regular software which is used virtually by about almost every other online trader as well as by about almost every online broker.
In this lesson we shall explain using examples the MetaTrader 4 Interface so that beginner traders who want to begin learning this Best Online Trading Software, can then begin from this course.
Best Online Software - MT4 Workspace
From out of the above screen-shot of the trade platform there are several tool-bars & also various different chart windows.
You can download this Best Online Platform from your broker's site. Now after you download the software, then you'll need to then learn one or two things about this software trading platform:
First thing is how to setup this software platform after you download. For example if you download the MetaTrader 4 software, you will need to go to a broker first, register for a practice demo trading account then after you sign up for a practice demo trade account you'll be provided with a link where to download MT4 Software Platform.
Once you download this trading platform, assuming you don't know much about PC computers, Launch your Browser >>> Go to tools at the top left corner of your web browser next to the 'file', 'edit', 'view' menus press on tools, select download file location, (shortcut: once you as a fx trader open your web browser click in CTRL+J or CTRL+ Y), a download popup will appear with links to the downloaded items. Select the MetaTrader 4 that you as a trader have just downloaded.
Installing MT4 - Best Online Platform
To setup this software after you have downloaded, open the downloaded item from where you have downloaded, from there an setup wizard pops up and all you have to do is to follow the setup guideline steps. After installation the software will operate like any other computer software. Read lesson How to install MT4. This platform is easy to setup & this is another reason why this trading software is the Best Online Platform.
You can open MT4 from the begin menu>>> Programs or from the desktop shortcut that appears as a desktop icon marked MT4 after setup.
Demo Practice Account Opening and Sign In
To open an account in MT4 just click on 'file' and then on open a trading account, to sign in to a trading account just click on 'file' at the top right corner & click sign in from the drop-down menu that appears.
Once you sign in to the MetaTrader 4 software you'll get access to charts & other technical analysis tools such as and like indicators that you'll then use to place trade positions within the market while linked to your online broker's servers.
Forex Software Menu Bar & ToolBars
Menu Bar in MT4 for Navigating within the Platform/Software - Best trading software
Menu bar is used to operate & navigate this software using a single window. From this panel you as a trader can set how to view tool bars, chart, data windows and even use the file tab to open a account - & also sign in to your trading account. This menu bar makes this platform easy to operate and this is also why this is Best Online Platform for beginners.
From menu bar you as a trader can click the view tab & choose chart tool bars like in the above screenshot, these menu bars can be used to setup charts, indicators, time-frames, and others things like drawing trendlines and Fib retracement levels and Fib extensions. To learn how to customize the trade platform go to this MT4 Forex Tutorial Section.
Now that we have looked at the tool bar & menu bar, we shall look at the main work-space interface of the MetaTrader 4 platform.
Best Online Software - MT4 Online Platform
MarketWatch panel - This window is used to show a streaming list of the exchange rates that is gotten and obtained from your currency broker. In this market-watch panel you as a trader can right click anywhere on this panel to select 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 streaming prices for 50 pairs if you are only interested 4 currency pairs. This make this trading software easy to use with any inter net connection another reason why this is Best Online Trading Software.
Data Window Interface - Used to setup Indicators, EAs and scripts, you as a trader can click on any of this menu sub items and expand/collapse the trading indicators or Expert Advisors used for automated trading.
Charts Panel - This is where the price movements will be plotted.
Charts Tab - Navigation from one forex pair to another is easy, just flip through the charts tab such as illustrated above.
Terminal Panel - This panel is used to display a statement of your trades, profits and loses which you have made in your real account or demo trading account. To expand this window and view open trades, just hover the mouse on terminal tool-bar until the cursor pointer changes, click and hold down mouse button & then move cursor pointer upwards.
Connection bars - These are used to show the connection to the internet, red bars mean no internet connection, green bars explain there internet connectivity.
Exchange Rates Graph - this displays the exchange rates for the currency pairs that you are trading so that to display if the exchange rate is going upward or downwards.
Advantages of MT4 - Why MT4 is The Best Online Platform
In the online trading market there are many platforms available around on the internet. But among the top trading softwares the Best Online Platform is the MT4 Software, it's the best trading platform because of the following explanations:
Low Band-width Connection Requirement
Not everyone can afford to pay for the best internet connection, the T1 connection, the satellite, ADSL or Fiber Optic internet connection: besides, these aren't readily available to some residential areas and might be limited to the commercial/office buildings. This is why it's best to choose a platform that requires the minimum band width, MetaTrader 4 platform software. Even with the best connection, sometimes the connection might not be available & you might need to use an alternative connection such as a modem. MT4 software is the least expensive if you're on a modem. To even reduce further the internet band-width usage go to market watch (Short-cut press CTRL+M), Right Click on any currency, Select 'Hide all', now the platform will only stream the currencies quotes for the pairs you only need and conserve your internet bandwidth even further. Especially when using a phone or i Pad or a Tablet where you're paying for phone credit doing this can save your inter-net data credit. This is one of reason why MT4 is considered as one of the Best Online Platforms online.
The easier it is to connect the easier it is open & close-out trade positions on time.
Provided by all Online Brokers
Another reason why this platform is considered as one of the Best Online Platform is because MetaTrader 4 is liked by most traders all brokers provide it. Once as a forex trader learns the MT4 there's no need to re-learn afresh a new trading software platform when you switch to another online broker. You can still use the same MetaTrader 4 platform software of the new broker without the need to learn afresh a new trading platform software all over again.
Easy Technical Analysis
The other thing that makes this the Best Online Platform is ease with which you as a trader can set-up the analysis trading indicators on the currency charts. Even those using various web traders will do their trading analysis in MT4 chart & then place their trade orders on their webtrader.
Technical analysis traders also can set-up custom trading indicators on this platform, making it easier to add more trading analysis tools onto the software platform. Others also install Automated Expert Advisors on this platform so as to trade mechanically with these programs referred to as automated Expert Advisor Bots.
Best Charts
The MT4 has the Best Online Platform charts representations available and implements many chart time frames from which a can select.
Simplicity
Overall the simplicity of this software & the fact that any investor can learn how to use MetaTrader 4 within one hour makes this the Best Online Software for new & experienced currency traders.
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