The MetaTrader 4 platform is a trusted and famous trading platform worldwide Azevedotechcrunch. Thousands of forex traders use its extensive features so much that it has raised as a benchmark in online forex trading.
Here’s a look at the 3 major advantages other than being a forex broker with welcome bonus MT4 forex trading has to offer.
- Market Prices Accessibility and Liquidity in current time
It allows traders to access forex quotes in real-time and execute trades. The currencies and any other securities that a trader picks to trade through a broker are listed in the window called “Market Watch”. Along with the security symbol, the bid/ask quote is also displayed in real time.
Users can also view all other informations, like spread, contract size, margin currency and margin percentage from this window. In addition to that, the “Depth of Market” feature tells users about market activity in real time. For example, the number of buy or sell orders for currency pair at different prices is visible in the market depth section.
This gives the Best MetaTrader Brokers an idea regarding market sentiment. If the data reveals that bid side liquidity is more than the offer side liquidity, the trend can be considered as bullish for a currency pair overall. There are usually higher chances of orders being filled at the current prices when there is increased liquidity. This could be very important for short-term trading strategies like scalping.
Tools for all levels regarding Technical and Fundamental Analysis.
With a large number of pre-installed technical indicators and charting capabilities, MT4 offers extensive tools especially for price analysis. There are more than 30 in-built technical indicators on this platform that includes major trend and volume tools like Moving Average Convergence Divergence (MACD), Relative Strength Index (RSI), On-Balance Volume (OBV), Fibonacci Retracements and more.
In-depth chart analysis, mathematical tools and drawing objects enable users to analyse price activities of any complexity. Other than that, these charts can be customised extensively to suit each user’s needs. They can be saved according to multiple trader profiles.
In addition to this, users have the choice to customise access to data relevant to a particular market.
There are multiple types of trading orders and execution modes, allowing users to create and implement the strategy of their choice. It permits two market orders and four types of pending orders. Additionally, three types of trade execution modes provide users a high degree of flexibility.
Risk management strategies are important to forex trading success. In MT4, there are mainly 2 types of stop orders, take profit order and trailing stops, to control downside risks. A stop-loss order closes a position when the market moves in the direction opposite to the forecast automatically. Take-profit allows users to lock-in a desired level of gains and close the position, when the price touches the pre-defined level. It is pretty easy to place these orders. Orders can be launched directly from either the chart or the “Toolbar” window. They can be easily deleted and modified also.
Multiple types of orders make MT4 appealing for users of all styles. Even users who might not want to pursue forex trading as a full-time profession can rely on MT4 for their trades.