Best Online Software - MT4 Platform
The Best Online Platform is the MT4 software. This is one of most common software which's used by almost every other trader as well as by almost every online broker.
In this tutorial we shall explain the MetaTrader 4 Interface so that beginner traders wanting to begin learning this Best Online Trading Software, can then begin from this course.
Best Online Software - MT4 Workspace
Form the above screen-shot of the this trade platform there are several tool-bars as well as chart window.
You can download this Best Online Platform from your broker's website. Now after you download it, then you will need to learn one or two things about this platform:
First thing is how to setup this platform after you download. For example if you download the MetaTrader 4 software, you will need to go to a broker first, register for a demo trading account then after you sign up for a demo trade account you will be provided with a link where to download MetaTrader 4 Platform Software.
Once you download this trading platform, assuming you don't 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, select download folder location, (shortcut: once you as a trader open your web browser click in CTRL+J or CTRL+ Y), a download pop-up will appear with links to down-loaded items. Select the MetaTrader 4 that you have just downloaded.
Installing MT4 - Best Online Platform
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 software will operate like any other software. Read guide How to install MT4. This platform is easy to setup & this is another reason why this software is the Best Online Trading Platform.
You can open MetaTrader 4 from the begin menu>>> Programs or from the desktop short cut that appears as a desktop icon marked MT4 after setup.
Demo Practice Account Opening and Sign In
To open an account in MT4 just click on 'file' and 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 software you'll get access to charts & other technical analysis tools such as indicators that you'll then use to place trades within the market while connected to your online broker's servers.
Forex Software Menu Bar & Tool-Bars
Menu Bar in MT4 for Navigating within the Platform - Best trading software
Menu bar is used to operate & navigate this software using a single window. From this panel you can set how to view tool bars, chart, data windows and even use the file tab to open a account - & also sign in to your trading account. This menu bar makes this platform easy to operate and this is also why this is Best Online Platform for beginners.
From menu bar you can click the view tab & choose chart tool bars like in the above screenshot, these menu bars can be used to set up charts, indicators, time frames, and others things like drawing trendlines and Fib retracement levels and Fibonacci expansions. To learn how to customize this trade platform go to this MT4 Forex Tutorial Section.
Now that we have looked at the tool bar & menu bar, we shall look at the main work space inter-face of the MetaTrader 4 platform.
Best Online Software - MT4 Online Software
Market Watch panel - This window is used to show a stream of the exchange rates that's obtained from your currency broker. In this market watch panel you can right click anywhere on this panel 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 streaming prices for 50 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 Online Platform.
Data Window Interface - Used to setup Indicators, EAs and scripts, you can click on any of this menu sub items and expand/collapse the indicators or EAs used for automated trading.
Charts Panel - This is where the currency price moves will be plotted.
Charts Tab - Navigation from one forex pair to another is easy, just flip through the charts tab as illustrated above.
Terminal Window Panel - This panel is used to illustrate a statement of your trades, profits and loses that you have made in your real account or demo trading account. To expand this window and view open trades, just hover the mouse on terminal tool-bar until the cursor pointer changes, click and hold down mouse button & then move cursor pointer upward.
Connection bars - These are used to show the connection to the internet, red bars mean no internet connection, green bars explain there's internet connection.
Exchange Rates Graph - this displays the exchange rates for the currency pairs that you are trading so that to display if the exchange rate is going upward or downwards.
Advantages of MT4 - Why MT4 is The Best Online Platform
In the online market there are many softwares available around the internet. But among the top trading softwares the Best Online Platform is the MT4 Software, it is the best software because of following reasons:
Low Band-width Connection Requirement
Not everyone can afford to pay for the best internet connection, the T1, the satellite, ADSL or Fiber Optic internet connection: furthermore, these aren't readily available to some residential areas and might be limited to office buildings. This is why it's best to choose a platform which requires the minimum band width, MT4 software. Even with the best connection, sometimes the connection might not be available & you might need to use an alternative connection like the dial up or modem. MetaTrader 4 software is the least expensive if you're 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 phone or i Pad or a Tablet where you're paying for phone credit doing this can save your inter-net data credit. This is one of reason why MetaTrader 4 is considered as one of the Best Online Trading Platforms online.
The easier it is to connect the easier it is open & close trades on time.
Provided by all Brokers
Another reason why this platform is considered as one of the Best Online Trading Platform is because MetaTrader 4 is liked by most traders all brokers provide it. Once as a trader learns the MT4 there is no need to re-learn when you switch to another broker. You can still use the same MT4 platform of the new broker without need to learn a new software all over again.
Easy Technical Analysis
The other thing which makes this the Best Online Platform is the ease with which you can set up the analysis indicators on the currency charts. Even those using various web traders will do their technical analysis in MT4 chart & then place their orders on their webtrader.
Technical analysis traders also can setup custom indicators on this platform, making it easier to add more analysis tools onto this platform. Others also install Automated Expert Advisors on this platform so as to trade automatically with these programs referred to as automated Expert Advisor Bots.
Best Charts
The MT4 has the Best Online Trading Platform 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 MetaTrader 4 within one hour makes this the Best Online Software for new & experienced currency traders.
