Best Platform for Beginners
The Best XAUUSD Software for Beginner Traders is the MetaTrader 4 platform. This is one of most common xauusd software which's used almost by every other trader as well as by almost every online broker.
In this tutorial we shall explain the MT4 Interface so that beginners wanting to begin learning this Best Platform for Beginners, can then start from this tutorial.
Best Platform for Beginners - MetaTrader 4 Workspace
Form the above image of the this platform there are several toolbars as well as chart window.
You can download this Best Platform for Beginners from your online broker's site. Now after you download it, then you'll need to learn one or 2 things about this xauusd platform:
The first thing is how to install this gold platform after you download. For example if you download the MT4 platform, you will need to go to a broker first, register for a practice trading account then after you register for a practice gold account you will be provided with a link where to download the MT4 Platform Software.
Once you download this xauusd trading software, assuming you don't know much about PC computers, Open your Web Browser >>> Go to tools at top-left corner of your web browser next to 'file', 'edit', 'view' menus click on the tools, select download folder place, (short-cut: once you open your web browser click on CTRL+J or CTRL+ Y), a download pop-up will appear with links to downloaded items. Select the MT4 platform that you have just downloaded.
Best Platform for Beginners
To install this platform software after you have downloaded, open the download from where it is that you downloaded, from there an installation pop-pup wizard appears and all you've to do is to follow the setup instructions. After setup the trading platform will run automatically like any other software. Read guide How to install MT4. This platform is easy to install & this is another reason why this platform software is the Best Platform for Beginners.
You can open the MT4 from the begin menu>>> Programs or from the desktop short cut that pops up as a desktop icon marked MetaTrader 4 after installation.
Demo Trading Account Sign Up & Sign-In
To open a trading account in MT4 just click on 'file' & then on open an account, to log in to an account just click on 'file' at the top right corner and click sign in from the drop-down menu which appears.
Once youlogin to the MT4 software you will get access to charts & other analysis tools such as indicators that you will then use to place trades within the market while connected to your xauusd broker's servers.
XAUUSD Software Menu Bar and Tool-Bars
Menu Bar on MetaTrader 4 for Navigating within the Trading Platform - Best xauusd platform
Menu bar is used to operate and navigate this xauusd platform from one panel. From this panel you can set how to view toolbars, chart, data window and even use the file tab to open a account - & also sign in to your account. This menu bar makes this platform easy to operate and this is also why this is the Best Platform for Beginners for beginner traders.
From the menu bar you can click on view tab & choose chart toolbars like in the above pictured image, these menu tool-bars can be used to setup trading charts, indicators, time frames, and others things like drawing xauusd trend lines and Fib retracement areas and Fib expansions. To learn how to customize this platform navigate to this MetaTrader 4 Lesson Section.
Now that we have looked at the tool bar and menu bar, we shall look at the main work space inter-face of the MT4 software.
Best Online XAUUSD Software - MT4 Best XAUUSD Software for Beginners
Market Watch window - This panel is used to show a stream of the exchange rates that's obtained from your xauusd broker. In this market watch window you can right click anywhere on this panel to select show all gold or hide the ones you are not interested in and save some bandwidth at the same time. No need to have prices for 50 xauusd if you are only interested in 4 gold. This make this software easy to use with any inter-net connection another reason why this is the Best Platform for Beginners.
Data Window - Used to setup Indicators, EAs and scripts, you can click any of this menu sub items and expand/collapse the technical indicators or EAs used for automated gold.
Charts Panel - This is where the price moves will be plotted.
Charts Tab - Navigation from one gold to another is easy, just flip through the charts tab as displayed above.
Terminal Window - This panel is used to display a statement of your trade transactions, profits and loses that you have made in your real account or demo trading account. To enlarge this panel & view open trade transactions, just hover the mouse on the terminal tool-bar til the cursor changes, click & hold down mouse button and then move cursor upwards.
Connection bars - These are used to show connection to net, red bars mean no net connectivity, green bars show there internet connectivity.
Exchange Rates Graph - this portrays the exchange rates for the gold that you are trading so as to display if the exchange rate is going upward or downwards.
Why MetaTrader 4 is The Best XAUUSD Software for Beginner Traders
In the online xauusd market there are many softwares available around the internet. But among the top xauusd platforms the Best XAUUSD Software for Beginner Traders is the MetaTrader 4 Platform Software, it is the best XAUUSD software because of following reasons:
Low Bandwidth Internet Connection Requirement
Not everyone can afford the best online internet connection, the T1, the satellite, ADSL or Fiber internet connection: furthermore, these aren't readily available to some residential areas and might be limited to office buildings. This is why it is best to choose a xauusd software which requires the minimum band-width, the MetaTrader 4 software platform. Even with the best internet connection, sometimes the connection may not be available and you might need to use an alternative connectivity like the dial up or modem. MT4 software is the least expensive if you are on a modem. To even reduce further the inter-net band width usage navigate to market-watch (Short-cut press CTRL+M), Right Click on any gold instrument, Select 'Hide all', now the trading platform will only stream the price quotes for the pairs you only need & conserve your inter net bandwidth even further. Especially when using a phone or i Pad or a Tablet where you're paying for data plan credit doing this can save your internet credit. This is one of reason why the MetaTrader 4 is considered as one of the Best Platform for Beginners online.
The easier it is to connect the easier it's open and close trade transactions on time.
Provided by all Online Brokers
Another reason why this xauusd platform is considered as one of the Best Platform for Beginners is because MetaTrader 4 is liked by most traders all brokers provide it. Once as a learns the MetaTrader 4 software there is no need to re-learn when you switch to another broker. You can still use the same MetaTrader 4 platform of the new broker without the need to learn a new platform all over again.
Easy Technical Analysis
Other thingthat makes this the Best XAUUSD Software for Beginner Traders is the ease with which you can set up the technical analysis indicators on the charts. Even those using various web traders will do their analysis in the MT4 gold chart and then place their xauusd orders on their webtrader.
Technical analysis traders also can install custom technical indicators on this xauusd software, making it easier to add more technical analysis tools on to this software. Others also install Automated EAs on this xauusd platform so as to trade automatically with these programs referred to as Automated EA Robots.
Best Charts
The MT4 has the Best Platform for Beginners charts representations available and implements many chart timeframes from which a investor 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 Platform for Beginners for new and experienced traders.
