The success of a trader depends on several things. They include a certain level of expertise gained through learning and practice, as well as an ability to plan ahead and adopt trading strategies. However, no matter how good you are in theory, it all comes down to the tools you are using to perform your trades. The main tool for every trader is a trading platform. This is your gateway to the market, a place where you can analyze data, plan and execute trades. The most commonly used trading platform - Metatrader 4 has earned its popularity among traders by providing a wide range of possibilities, as well as straightforward and user friendly interface. In this article we are going to discuss what is MT4, how does it work and how can you start using it as the main tool in your trading journey.
As you might have guessed, Metatrader 4 is a piece of software that provides its users with all the necessary tools for currency trading. The developing company MetaQuotes is constantly working on developing the platform and increasing its effectiveness. This makes MT4 not only highly sophisticated but also approachable for anyone with basic computer skills. Due to the nature of this kind of programming, Metatrader is also pretty pricey. Luckily, there is no need for each trader to pay for the copy of MT4. Simply request a download link from your broker to get your hands on the platform. Your next step after the download and setup will be opening a trading account. What is MT4 account? It is very similar to your online banking page, with the main difference being that the focus here is currency exchange. Once you fill in the necessary information form and provide required documents, you will get individual login credentials which will activate your trading platform. This can be done with the assistance of your broker as well. Make sure to remember what is MT4 account number associated with your personal account, as it will give you access to the platform on several devices, including your smartphone.
Before starting to use the Metatrader 4 for actual trading, it is highly recommended to get a copy of the MT4 guide. The guide will take you through every available function of the platform as well as provide a list of shortcuts and hotkeys which will come in handy during the trading process. In order to better comprehend every aspect of the platform, try to go through the guide and find whatever you just read in the demo account. The biggest advantage of the demonstration version of MT4 is there is enough room for experimentation, so click away to get the full picture of what awaits you in the market.
When it comes to processing money Metatrader 4 needs access to interbank foreign exchange market, the virtual place where banks from all over the world trade currencies with each other. This is done through many ECN bridges. The ECN stands for electronic communication networks. With the assistance of these networks the funds can be transferred to their intended destination in a matter of seconds. The ECN bridges are not built into the MT4’s interface and have to be connected separately. So to understand what is MT4 ECN account, imagine the version of Metatrader where all the necessary additional tools, including ECN bridges, have already been connected.
As you already have a basic understanding of what is MT4 in Forex, it might be helpful to go through a few hints to make your user experience with Metatrader painless and effective. Based on the type of strategy you are using, and the analysis you are basing it on, you might need a different set of indicators to be installed to support MT4’s performance. The further you get on your trading journey, the more comfortable you will become with using several indicators at once to create an individual strategy that will help you achieve your goals. Once you get a solid understanding of what is MT4 Forex, it is time to start practicing on demo account or may be even move on directly to trading on the real market. Whichever you choose, always keep in mind that there is always room for development and learning, so do not feel embarrassed to do additional research and lean on advice from more experienced traders from time to time.
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