Best Forex Platform
The best currency trading software is the MetaTrader 4. This is one of the most common platform that is used almost by every Forex trader as well as almost every broker.
In this tutorial we shall explain the MetaTrader 4 Interface so that beginners wanting to start learning this software, can then start from this tutorial.
Form the above screenshot of the this software there are several toolbars as well as chart windows.
You can download one from your broker's website. 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 MetaTrader 4, you will need to go to a Forex broker first, register for a demo account then after you register for a demo 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 that you have just downloaded.
Installing MetaTrader 4
To install this 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 a desktop icon marked MT4 after installation.
Demo Account Opening and Login
To open an account on MT4 just click on "file" and then on open an account, to login to ane 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 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.
Menu Bar and Toolbars
Menu bar is used to operate and navigate this 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 - and also login to your 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, and others like drawing trend lines and Fibonacci retracement levels and Fibonacci expansion levels. To learn how to customize this software navigate to this MetaTrader 4 Tutorial Section.
Now that we have looked at the toolbar and menu bar, we shall look at the main workspace interface of the MT4.
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 ones you are not interested in and save some bandwidth at the same time. No need to have prices for 50 pairs if you are only interested 5 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 shown above.
Terminal - This window is used to display a statement of your 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 - These are used 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
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 when using a mobile phone where you are paying for phone credit this can save your credit.
The easier it is to connect the easier it is open and close trades on time.
Provided by all Brokers
Because MT4 is liked by most traders all brokers provide it. Once as an investor learns 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 platform all over again.
Easy Technical Analysis
The other thing that makes this the best platform is the 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 and then place their orders on their web trader.
Technical traders can also install custom indicators on this software, making it easier to add more technical analysis tools onto this software. Others also install automated Expert Advisors so as to trade automatically with these programs known as automated EAs.
The MT4 has the best charts available and implements many time frames from which an investor can choose.
Overall the simplicity of this software and the fact that any investor can learn how to use MT4 within one hour makes this the best software for new and experienced currency investors.