What's the Best Software for Forex? - MT4 Software
What is the Most Trusted Platform? - Which is The Best Forex Software?
The Best Platform Forex is the MetaTrader 4 software. This is one of most common trading software which is used almost by every other trader as well as by almost every online forex broker.
In this tutorial we shall explain the MetaTrader 4 Interface so that beginner traders wanting to start learning this Best Platform Forex, can then begin from the guide.
Best Software Forex - MT4 Workspace
Form the above screen-shot of the this software there are several tool-bars as well as chart window.
You can download this Best Platform Forex 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 setup this Forex software after you download. For example if you download the MT4 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 MT4 Platform Software.
Now once you download this 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, (short cut: once you launch your browser click in CTRL + J or CTRL+ Y), a download pop-up will appear with links to down-loaded items. Choose the MetaTrader 4 software that you have just downloaded.
Installing MT4 - Best Platform Forex
To setup this software after you've downloaded, open the download from where it is 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 platform software will operate automatically like any other software. Read guide How to install MT4 software. This platform is easy to setup & this is another reason why this software is the Best Platform Forex.
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.
Practice Demo Account Opening and Sign In
To open an account on MetaTrader 4 just click on 'file' & 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 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 broker's servers.
Forex Software Menu Bar and Tool-Bars
Menu Bar in MT4 for Navigating within the Software - Best forex software
Menu bar is used to operate and navigate this software from a single window panel. From this panel you can set how to view tool bars, chart, data windows & even use the file tab to open a forex account - and also sign in to your trading account. This menu bar makes this platform easy to operate and this is also why this is Best Platform Forex for beginners.
From the menu bar you can click on the view tab and select chart tool bars like in the above pictured screenshot, these menu bars can be used to set up charts, indicators, time frames, and others things like drawing fx trend lines & Fibonacci retracement zones & Fib expansion levels. To learn how to customize this software go to this MetaTrader 4 Lesson Section.
Now that we have looked at the toolbar & menu bar, we shall look at the main work space inter-face of the MetaTrader 4 platform.
Which is The Best Platform? - MetaTrader 4 Best Platform Forex
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 & 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 software easy to use with any inter net connection another reason why this is Best Platform Forex.
Data Window Interface - 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 forex pair to another is easy, just flip through the charts tab as illustrated above.
Terminal Window Panel - This panel is used to display a statement of your trades, profits & loses that you have made in your real account or demo trading account. To enlarge this panel & view open trades, just hover the mouse on terminal tool-bar until the cursor pointer changes, click & hold down mouse button and then move cursor pointer upward.
Connection bars - These are used to show the connection to the internet, red bars mean no internet connectivity, green bars explain there is internet connection.
Exchange Rates Graph - this portrays the exchange rates for the currency pairs that you're trading so that to display if the exchange rate is going upward or downwards.
Advantages of MT4 - Why MT4 is The Best Platform Forex
In the online forex market there are many softwares available around the internet. But among the top softwares the Best Platform Forex is the MT4 Software, it is the best Forex 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 internet connection: furthermore, these are not freely available to some residential areas & might be limited to office buildings. This is why it's best to choose a platform which requires the minimum band width, Meta Trader 4 software. Even with the best internet connection, sometimes the internet connection might not be available and you might need to use an alternative connection like the dial up or modem. MetaTrader 4 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, Choose 'Hide all', now the software 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 are paying for phone credit doing this can save your inter-net data credit. This is one of reason why Meta Trader 4 is considered as one of the Best Platform Forex online.
The easier it is to connect the easier it is open & close trades on time.
Provided by all Brokers
Another reason why this Forex software is considered as one of Best Platform Forex is because MT4 is liked by most traders all brokers provide it. Once as a trader learns the MetaTrader 4 platform 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 need to learn a new forex software all over again.
Easy Analysis
The other thing that makes this the Best Platform Forex is the ease with which you can set up the analysis indicators on the forex charts. Even those using various web traders will do their technical analysis on MetaTrader 4 chart and then place their orders on their web-trader.
Technical analysis traders also can setup custom technical indicators on this forex software, making it easier to add more analysis tools onto this platform. Others also install Expert-Advisors on this forex software so as to trade automatically with these programs referred to as automated EA Robots.
Best Charts
The MT4 has the Best Platform charts representations available & implements many chart time frames from which a 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 Forex for new and experienced currency traders.
