What is the Best Trading Platform for Forex? - MT4 Platform
What is the Most Trusted Trading Platform? - Which is The Best Forex Platform?
The Best Trading Platform Forex is the MT4 software. This is one of the most common Forex platform that is used almost by every other trader as well as almost every online forex trading broker.
In this guide we shall explain the MT4 Interface so that beginner traders wanting to begin learning this Best Platform Forex, can then begin from this guide.
Best Trading Software Forex - MetaTrader 4 Workspace
Form the above screen shot of the this trading software there are several toolbars as well as chart window.
You can download this Best Trading Platform Forex from your broker's website. Now after you download it, then you will need to learn one or two things about this Forex platform:
The first thing is how to setup this Forex trading software after you download. For example if you download the MT4 platform, you will need to go to a Forex broker first, register for a demo trading account then after you sign up for a demo account you will be provided with a link where to download MetaTrader 4 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 down-loaded items. Select the MT4 software that you have just downloaded.
Installing MT4 - Best Trading Platform Forex
To setup this software after you've downloaded, open the download from where you downloaded, from there an setup wizard pops up and all you've to do is to follow the setup instructions. After installation the platform will run automatically just like any other software. Read guide How to install MT4 platform. This platform is easy to setup and this is another reason why this platform is the Best Platform Forex.
You can open MetaTrader 4 from the begin menu>>> Programs or from the desktop shortcut that appears as a desktop icon marked MetaTrader 4 after setup.
Demo Account Opening and Login
To open an account on MT4 just click on 'file' & then on open an account, to login to an account just click on 'file' at the top right corner & click login from the drop-down menu that pops up.
Once yousign in to the MT4 platform you will 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 in MT4 for Navigating within the Software - Best forex trading 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 account. This menu bar makes this platform easy to operate & this is also why this is Best Trading Platform Forex for beginner traders.
Form the menu bar you can click on the view tab and choose chart tool-bars like in the above pictured screenshot, these menu bars can be used to set up charts, indicators, time frames, & others things like drawing trend lines and Fibonacci retracement levels and Fibonacci expansion levels. To learn how to customize this trading software go to this MT4 Forex Tutorial 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 platform.
Which is The Best Software? - MetaTrader 4 Best Trading Platform Forex
Market Watch window panel - This window is used to show a stream of the exchange rates that's obtained from your currency broker. In this market watch window panel 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. This make this trading software easy to use with any inter net connection another reason why this is Best Trading Platform Forex.
Data Window Panel - Used to setup Technical Indicators, Expert Advisors & scripts, you can click on any of this menu sub items and expand/collapse the indicators or Expert Advisors used for automated forex 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 Window Panel - This panel is used to display a statement of your trades, profits and loses that you have made in your live Forex trading account or demo Forex trading account. To enlarge this window panel & 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 upward or downwards.
Advantages of MT4 - Why MT4 is The Best Trading Platform Forex
In the online forex market there are many Forex trading softwares available around the internet. But among the top Forex trading softwares the Best Trading Platform Forex 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 & might be limited to office buildings. This is why it's best to select a Forex platform which requires the minimum band width, MetaTrader 4 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 are on a modem. To even reduce further the internet bandwidth usage navigate to market watch (Shortcut 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 inter net band-width even further. Especially when using a mobile phone or i Pad or a Tablet where you are paying for phone credit doing this can save your inter-net date credit. This is one of the reason why MetaTrader 4 is considered as one of the Best Trading Platform Forex online.
The easier it is to connect the easier it is open & close trades on time.
Provided by all Forex Brokers
Another reason why this Forex trading software is considered as one of the Best Trading Platform Forex is because MT4 is liked by most traders all brokers provide it. Once as a investor learns the MT4 platform there is no need to re-learn when you switch to another Forex broker. You can still use the same MT4 software of the new Forex broker without the need to learn a new platform all over again.
Easy Technical Analysis
The other thingwhich makes this the Best Platform Forex 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 chart and then place their orders on their web trader.
Technical analysis traders can also setup custom technical indicators on this forex trading software, making it easier to add more technical analysis tools onto this platform. Others also install automated Expert-Advisors on this forex trading platform so as to trade automatically with these programs referred to as automated EA Forex Robots.
Best Charts
The MetaTrader 4 has the Best Trading Platform Forex 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 MT4 within one hour makes this the Best Trading Platform Forex for new and experienced currency traders.
