Best Forex Platform - What is The Best Currency Trading Software
The best currency trading software is the MetaTrader 4 Platform. This is one of the most common trading platform that is used almost by every Forex trader as well as almost every currency broker.
In this tutorial we shall explain the MetaTrader4 Interface so that traders wanting to start learning this software, can then start from this tutorial.
Most Popular Forex Platform - MT4
Form the above screenshot of the this MT4 software there are several toolbars as well as chart windows. Let us start by looking at what these chart windows are used for.
You can download one from your broker's website - Currency Trading Software. Now after you download it, then you will need to learn one or two things about this platform:
The first thing is how to install the software after you download. For example if you download the MetaTrader4 Software, you will need to go to a Forex broker first, register for a demo account then after you register for a demo account you will be provided with a link where to download the MetaTrader 4.
Now once you download, assuming you do not know much about computers, Open your Browser>> Go to tools at the top left corner of your browser next to “file”, “edit”, “view” click on tools, select download folder location, (shortcut: once you open your browser click CTRL+J or CTRL+Y), a download popup will appear with links to downloaded items. Select the Software you have just downloaded.
Installing MetaTrader 4 Platform
To install MetaTrader 4 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 installation instructions. After installation the platform will run automatically just like any other software. Read tutorial How to install MT4
You can open the MT4 from the start menu>> Programs or from the desktop shortcut that appears as an MT4 Icon After Installation.
Tip: When Using Windows 7 Operating System, instead of Opening MetaTrader 4 by Double Clicking the MT4 Icon, Do This: -->>Right Click The MT4 Icon, Select -->>"Run As Administrator" This gives you all privileges.
MetaTrader4 Demo Account – Account Opening and Account Login
To open a Forex account from the software 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 login from the drop down menu that appears.
Once you login to the platform you will get access to currency charts and 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.
The platform will be easy to learn - to learn more about this MetaTrader 4 Platform you can read the tutorials below:
Menu Bar and Toolbars
Menu bar is used to operate and navigate this software 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 - demo account and also log into this practice demo account or live account.
Form the menu bar you can click on the view tab and select toolbars like in the above pictured screenshot, these menu bars can be used to set up charts, indicators, time frames for the chart you are using, and others like drawing trend lines and Fibonacci retracement levels and Fibonacci expansion levels on these currency charts. To learn how to customize MetaTrader 4 navigate to this MetaTrader 4 Tutorial Section.
Now that we have looked at the toolbar and menu bar for this software we shall look at the main chart panel interface of the MT4 platform.
Most Popular Forex Platform - MetaTrader 4
Market Watch window – This window is used to show a stream of the exchange rates that is obtained form your broker. In this market watch window you can right click anywhere on this window to select show all currency pairs or hide the currency pairs you are not trading and save some bandwidth at the same time. No need to have prices for 50 pairs if you are only trading 5 currencies.
Data Window – Used to setup Indicators, Expert Advisors and scripts, you can click on any of this menu sub items on the MetaTrader 4 platform interface and expand/collapse the indicators or Expert Advisors used for automated Forex trading.
Charts Panel - is where the currency charts will be plotted. You can choose to trade with candlestick charts, line charts, or bar charts. Below the chart on the charts panel is the charts Tab.
Charts Tab – On this software, navigation from one chart to another is easy, just flip through the charts tab as shown above by clicking the chart window for the currency pair your want to trade or analyze on this tab.
Terminal – This window is used to display an account of you Forex trades, profits and loses that you have made in your live account or demo account. To enlarge this window and view open trades, just hover the mouse on the terminal tool bar until the cursor changes , click then hold down mouse button then move cursor upwards.
Connection bars – this software uses the connection bar to show the connection to the internet, red bars mean no internet connection, green bars show there is internet connection.
Exchange Rates Graph – 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.
Advantages of MT4 Platform
In the Online Foreign Exchange Market there are many platforms available around the Internet. But the best is the MetaTrader 4, because of the following reason:
Low Bandwidth Connection Requirement
Not everyone can afford the best internet 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 platform that requires the minimum bandwidth, the MetaTrader 4. Even with the best connection, sometimes the connection may not be available and you may need to use an alternative connection like the dial up or modem. MT4 is the least expensive if you are on a modem. To even reduce further the internet bandwidth usage go 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 bandwidth even further. Especially for Mobile Phone Traders where you are paying for phone credit this can save your credit.
The easier it is to connect the easier it is to trade, place trades and close trades on time.
Provided by all Brokers
Because MT4 is the best platform and is liked by most traders all brokers provide it. Once as a trader you learn the MetaTrader 4 there is no need to re-learn when you switch to another broker. You can still use the same MetaTrader 4 of the new broker without the need to learn a new software.
Easy Technical Analysis
The other thing that makes this the best trading platform is the ease with which you can set up the technical analysis indicators on the currency charts. Even traders using various web traders will do their technical analysis on the MetaTrader 4 and then place their trades on their web trader.
Technical traders can also install custom indicators on the MetaTrader 4 which makes it easier to add more technical analysis tools to the Platform. Other traders also install automated Expert Advisors on this platform and trade automatically with these programs known as Expert Advisors.
The MT4 has the best charts available and implements many chart time frames from which a trader can choose.
Overall the simplicity of the MT4 and the fact that any trader can learn the MetaTrader 4 software within one hour makes this the best Forex platform for new and experienced currency traders.