Best Platform for Gold
The Best Platform for XAUUSD is the MetaTrader 4 platform. This is one of most common software that is used almost by every other trader as well as almost every online broker.
In this lesson we shall explain the MT4 Interface so that beginners wanting to begin learning this Best Platform for XAUUSD, can then start from this tutorial.
Best Software for Gold - 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 Gold from your online broker's site. Now after you download it, then you will need to know one or 2 things about this software:
The first thing is how to install this software 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 account you will be provided with a link where to download the MT4 Software.
Once you download this software, assuming that you don't know much about Desktop PC computers, Launch your Web Browser >>> Go to tools at top-left corner of your web browser next to 'file', 'edit', 'view' menus click on the tools, choose download folder place, (short cut: once you launch your web browser click on CTRL+J or CTRL+ Y), a download popup will appear with links to the downloaded items. Choose the MT4 software that you have just downloaded.
Best Platform for XAUUSD
To install this platform software after you have downloaded, open the download from where it is that you downloaded, from there an installation pop up wizard appears & all you've to do is to follow the setup instructions. After setup the software will run automatically just like any other software. Read guide How to install Meta Trader 4 software. This platform is easy to install & this is another reason why this platform software is the Best Platform for XAUUSD.
You can open the MetaTrader 4 from the begin menu>>> Programs or from the desktop short-cut which pops up as a desktop icon marked MetaTrader 4 after installation.
Demo Account Sign Up and Sign In
To open an account in MetaTrader 4 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 yousign in to the MT4 platform you will get access to charts & other analysis tools such as technical indicators that you'll then use to place trades within the market while connected to your online broker's servers.
Platform Menu Bar and Tool-Bars
Menu Bar on MetaTrader 4 for Navigating within the Software - Best platform
Menu bar is used to operate & navigate this software from single panel. From this panel you can set how to view toolbars, chart, data panel and even use the file tab to open a account - and also login to your account. This menu bar makes this platform easy to operate & this is also why this is the Best Platform for XAUUSD for beginners.
From the menu bar you can click on view tab and choose chart toolbars like in the above pictured image, these menu toolbars can be used to setup charts, indicators, time frames, and others things like drawing trend lines & Fib retracement levels & Fibonacci expansion levels. To learn how to customize this platform navigate to this MetaTrader 4 Course Section.
Now that we have looked at the toolbar & menu bar, we shall look at the main work space inter-face of the MT4 software.
Best Software for Gold - MetaTrader 4 Best Platform for XAUUSD
Market Watch window - This panel is used to show a stream of the exchange rates that's obtained from your broker. In this market watch panel you can right-click anywhere on this panel to choose show all xauusd or hide the ones you're not interested in and save some bandwidth at the same time. No need to have prices for 50 gold 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 XAUUSD.
Data Window - Used to setup Technical Indicators, Expert-Advisors and scripts, you can click any of this menu sub items and expand/collapse the indicators or Expert-Advisors used for automated xauusd.
Charts Panel - This is where price moves will be drawn.
Charts Tab - Navigation from one gold to another is easy, just flip through the charts tab as shown above.
Terminal Window - This panel is used to display a statement of your trades, profits and loses that you have made in your live account or demo trading account. To enlarge this panel ++1and view open ++2##tradestrade--transactions, just hover the mouse on the terminal ++1##toolbartool--bar until the cursor changes, click ++1& hold down mouse ++1##button--keybutton ++2& 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 highlights the exchange rates for the xauusd that you are trading so as to display if the exchange rate is going upwards or downwards.
Why MT4 is The Best Platform for XAUUSD
In the online market there are many softwares available around the internet. But among the top platforms the Best Platform for XAUUSD is the MT4 Software, it is the best 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 are not readily available to some residential areas and may be limited to office buildings. This is why it is best to choose a software which requires the minimum band-width, the MT4 software. Even with the best internet connection, sometimes the internet connection might not be available and you might need to use an alternative connectivity like the dial up or modem. MT4 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, Choose 'Hide all', now the software will only stream the live price quotes for the pairs which you only need & save your internet bandwidth even further. Especially when using a mobile phone or i Pad or a Tablet where you're paying for phone credit doing this can save your internet credit. This is one of reason why the MT4 is considered as one of the Best Platform for XAUUSD online.
The easier it is to connect the easier it is open and close trades on time.
Provided by all Online Brokers
Another reason why this platform is considered as one of the Best Platform for XAUUSD is because MT4 is liked by most traders all brokers provide it. Once as a learns the MT4 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 Analysis
Other thing which makes this the Best Platform for XAUUSD is the ease with which you can set up the analysis indicators on the charts. Even those using various web traders will do their analysis on the MetaTrader 4 chart & then place their orders on their webtrader.
Technical analysis traders also can install custom indicators on this software, making it easier to add more analysis tools on to this software. Others also install Automated Expert Advisors on this platform so as to trade automatically with these programs referred to as Automated Expert Advisor Robots.
Best Charts
The MetaTrader 4 has the Best Platform for charts representations available and implements many chart timeframes from which a investor can select.
Simplicity
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 Platform for XAUUSD for new and experienced traders.
