Every Forex trader is definitely familiar with the Metatrader 4. It is one of the most popular trading platforms that serve as a helping tool to make better decisions and profits. It offers a wide range of features, including charting tools, technical indicators, and signals so even an absolute beginner can start trading with confidence.
In this article, we are going to discuss the MT4 functions and what can you do having such a great platform in your arsenal.
Let’s have a look now.
- Doing technical and fundamental analysis
The main thing why the MT4 is so convenient is that you can carry out the technical and fundamental analysis on it.
The Metatrader 4 has a lot of technical indicators to help traders understand price movements. There are over 30 different types, including tools for measuring major trends and volumes as well as an option that will show how prices change in different timeframes from one minute up until 1 month away.
MT4 is a powerful tool for forecasting price movements and identifying key support and resistance levels. In addition, it can be used to set entry and exit points, as well as stop losses. You can also receive alerts for important economic data or financial news events.
- Trading via Expert Advisors
The Metatrader 4 platform also supports Expert Advisors. These are programs that help you trade automatically. With a lot of available options of Expert Advisors, each one is designed to satisfy the specific needs and requirements of traders. Alternatively, if you wish, there is an option to create your own EA and use it on the MT4 platform.
- Trading via mobile
Smartphones and tablets can be used to trade in the financial markets when you are away from your computer. The mobile versions of MetaTrader 4 for iOS and Android devices support trading functions, analytics, and technical indicators so that you can stay connected to the markets 24/7.
The mobile versions of MetaTrader 4 offer the following features:
- Analytics and technical indicators
- History of all your trading operations
- Charts with nine timeframes
- Built-in help system
- Copy trading on MT4
Metatrader 4 can automatically copy the deals of other traders, so you don’t have to worry about trading on your own. You can simply select a provider, subscribe to their signal, and let your terminal do all the work for you. There are thousands of free and paid signals with various profitability and risk levels available, so finding one that suits your needs shouldn’t be too difficult.
- Using multiple trading orders
The different types of orders that a trader can use to implement their strategy are part of the Forex market as well. MT4 offers two kinds, four pending, and three trade execution modes with all these options for traders who want more control over how they would like things done.
MT4 is a versatile platform that can be used for a variety of trading activities. As you see, you can use it to do technical and fundamental analysis, trade via Expert Advisors on different devices, copy trade other successful traders, and use multiple trading orders. Just take under control all the possible risks and don’t lose your chance to create a passive income.