Trading platforms come in all shapes and sizes, but it’s safe to say that not all of them are created equal. MT4, also known as Meta Trader 4, is one of the most popular trading platforms today, but that doesn’t mean that it’s the easiest or most intuitive for new traders to pick up on their own. With this guide to MT4 basics, you can learn everything you need to know about Meta Trader 4 as quickly and easily as possible.
Forex Terminology
In forex trading, it’s important to be able to understand basic terminology. Here is a list of some common ones that can help get you started. Exchange rate: Also known as a foreign exchange rate, or simply an FX rate, currency exchange rates are determined by supply and demand. The current value of one currency against another is determined through open market trading on currency exchanges around the world.
The Broker
When you’re ready to open a trading account, there are tons of different types of brokers out there—some cater specifically to foreign traders or futures traders, for example. It’s important to find a broker who caters specifically to your needs. Things like commissions, ease of use and technical support should all be considered when looking for a broker. Each broker has its pros and cons—it’s important that you choose one that fits your personal trading style as well as specific investment goals.
Account Types
The most common account types you’ll see when trading Forex are Micro, Standard, and ECN. A Micro account can be opened with as little as $50; however, it will restrict your total investment size per trade. A Standard account requires a minimum balance of at least $500 and does not have any restrictions on trade size. Lastly, an ECN account requires a minimum deposit of at least $10,000, but also offers access to most broker services without additional fees or commissions.
Trading Platforms – MT4 vs. MT5
Trading platforms are arguably some of the most important tools for any trader; many of your trades will be carried out through your platform. With that in mind, you’ll want to make sure you’re using a trading platform that can work with your broker and give you everything you need. MT4 is perhaps one of the best known trading platforms available today, but there are also many other excellent options such as Forex MT5 Platform or ZuluTrade if it doesn’t fit your needs.
Analyzing Charts with MT4/MT5
One of MT4’s most popular features is its charting capabilities. This feature enables traders to build custom charts, plot indicators and use a variety of drawing tools. The process is relatively simple once you know how, so let’s get started.
Advanced MT4 Features
The interface is so powerful and capable that it’s easy to overlook some of its finer points. Even advanced users sometimes forget that they can customize every single piece of their trading environment. In fact, MT4 gives you full control over just about everything: fonts, colors, grids, positions…you name it. Once you master these advanced features, you’ll feel like a trading magician! Check out our series on Advanced MT4 Features for an in-depth guide.
In Summary
If you’re looking for a good way to invest, consider meta trader 4. It will teach you everything you need to know about stocks and how to trade them in no time. If you want your business on track, start using these tips!
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