Know How

Using Metatrader For Forex Trading and Technical Analysis?

For those looking to make money in the Forex markets it’s important to have the necessary knowledge about foreign exchange, as well as the right tools. Whether someone is an experienced trader in foreign currencies, or they’re just breaking into the Forex market, Metatrader is one of the most highly recommended trading platforms out there today. And for good reason.

Metatrader was created with the idea of providing electronic trading on the Forex, for futures trading; and CFDs. The software is useful in that it allows the trader to conduct multiple account and window’s management. It is able to handle all types of orders (with the exception being OCO or when opening an order). The program language is MQL and is very similar to C from the standpoint of features. The language allows its user to develop customized indicators, trading robots and scripts. The software is also encouragingly free of charge with the exception being the mobile version of it.

How Does Metatrader Work?

First it’s important for users to understand how Forex works, and what it is. Foreign exchange traders use the constantly wavering exchange rates to bounce sums of money back and forth, converting it at one rate and reconverting it at another rate, thus making the initial value grow due to fluctuations of the market. It sounds simple, buy low and sell high, but if it was that easy no one would use Metatrader.

Metatrader is a software platform that’s like a financial Swiss army knife for Forex traders. It provides estimates for futures, allows traders to create their own Forex bots (programs that can make high speed trades according to the rules the trader sets out), and perform a variety of other functions. What’s even better is that, unless a trader really wants the mobile version of the software, Metatrader is free to download and free to use.

Is Metatrader All You Need to Succeed?

Having the right tools helps, but there’s always more to a successful trader than just using the latest and greatest in computer programs. In addition to building Forex bots and plotting out where currencies are most likely to go in both the near and distant future, it’s important for traders to be aware of the factors that can affect how currencies change.

Because the value of a currency is affected both by economic as well as political factors, there’s a slew of events that can cause the value of a currency to go up or down. For instance wars, and especially civil wars, can cause the value of a currency to nose dive. Alternatively, if a country forms strong bonds with another, or if it alters its economic laws to increase the amount of potential prosperity, then that could lead to a hike in the value of that country’s money. While it’s possible for a trader to make a profit if he or she keeps tuned into news, it’s also important to use the right tools. That’s why Metatrader remains popular.

Learn To Use Metatrader

Increasing the value of your trades can be done with the help of the unique set of tools from MetaTrader.

With MetaTrader you can trade in real time with the help of automated tools and a suite of options at your command. Now available for people is MetaTrader 4 and it can monitor the current market for you while also automatically handling all your trades so your life is that much easier. You are given many options including Expert Advisors, Technical Indicator, and more that can help you fully understand the market. If you are in need of a suite of tools that can help you learn how to make the right trades, while giving you the information you really want this can be the perfect solution. The many ways to use this software present numerous possibilities that help increase productivity and earn you more money at the same time so you end up obtaining what you really want.

If you value your time you can definitely use the tools provided, as you are given the capability to access financial markets while at the same time be presented with up-to-date news and events. You can even use the proprietary language included to speed along your trades and increase productivity.

The possibilities are numerous and deciding to use this software could save you a lot of time. Earning the most money possible in the current economic climate is the goal, so having the ability to understand the latest trends and what is taking place now will give you an added edge.

The many ways to use this product gives anyone interested in the forex market a real advantage, while taking the opportunity to learn more about the capabilities provided here is likely a very good idea for your future.

Two Dissimilarities Exist Between Metatrader 4 And 5

There are two major versions of the trading platform as of this date. Those versions include MT4 and MT5. The former is the most popular version since there are virtually no Forex brokers offering live trading by way of the latter version.

  • The coding languages are different: the MQL language as alluded to above is pertinent to the 4 version. The language is like C++ for the 5 version.
  • MT5 allows the trader to hold only one position as it pertains to a currency pair. Also you cannot hedge positions using MT5. When the trader sends a sell order with an open buy position, the order closes the position as opposed to opening a second position in the opposite direction.
  • The reason this happens is the software is in compliance with the United States FIFO regulation. The software’s action reduces the impact of overnight swaps on the account of a trader.

The Metatrader Platform Makes Trading Easy

  • It is easy enough to trade on the software’s platform. The platform is comprised of a number of standardized windows and toolbars.
  • The chart window allows the trader to analyze currency pairs by displaying charts and indicators and is very sophisticated appearing.
  • The market watch feature lists symbols available to the trader for trading along with the most recent bid/ask prices.
  • The feature termed navigator makes it possible to effectively navigate through various accounts and other areas of the platform.
  • The terminal feature lists positions open; provides the user with account history, and broker alerts; account mail and various logs.
  • You may download the trading platform from any affiliated broker; open up a demonstration account and use the software for chart analysis. The action is possible even if you currently trade with a non-affiliated broker.
  • Also there are no special terms to learn and everything you are required to do is performed in two to three clicks. Windows and charts are customizable by the trader without any complexity attached. The trader is provisioned further with the ability to create his or her own indicators. After training with regard to some very basic coding, you are able to create your own tools which are appropriate or applicable to your trading style.
  • The account history aspect and reports allow for customization as well. You as trader are able to review statistics and conduct analysis, accordingly. It is naturally a great financial tool for any Forex, commodities or CFD trader.

MetaTrader For Order Execution

Entering buy and sell orders in MetaTrader is superlatively easy. The main tool bar features a “New Order” button bearing a green plus sign. Clicking on it generates a popup window where market or conditional orders are placed. Alternatively the trader can with the right click of the mouse, generate the same order-entry popup window right from any chart window.

MetaTrader For Charting

In the short space of a few years, MetaTrader has become a de facto standard for computer generated charting systems among retail FOREX traders. Estimates indicate that 70% of all FOREX brokers now offer it.

One big reason for its rapid adoption is in its ease-of-use and slight learning curve with respect to charting. Charts are extremely important to FOREX traders, and with the MT4 platform, traders can do almost anything.

This includes the deployment of self-trading robots (Expert Advisors) that respond automatically to market prices and signals by entering buy and sell orders. When the MT4 product is opened for the first time, the trader is presented with four charts representing the most commonly traded currency pairs. The default charts can be uninstalled or modified to create a suite of charts with a look and feel suited to the trader’s needs. An abundance of built-in tools and indicators allows every customer to utilize almost any kind of trading style imaginable. If standard tools and indicators are insufficient to the task, users can download custom-built indicators and plugins created by a robust MT4 developer community.