In the last few years, trading has boomed, with the appearance of MetaTrader 4 (MT4) platforms being the most significant development. Through this flexible platform, one can trade in numerous financial instruments ranging from FX, cryptos, CFDs, and commodities.
Selecting the right trading platform is a decisive first step for beginners who want to start trading. Is MT4 suitable for beginners? So, the answer is yes. Absolutely. If you are a trader aiming to master your game, MT4 is exactly the platform for you.
In this article, we will talk about why MT4 is the best option and we will provide a detailed guide on how to use this platform.
What is MT4?
In 2005, the MT4 was launched by MetaQuotes. Unlike forex, CFDs are not limited to the currency market alone but extend their coverage to indices and commodities.
The popularity of MT4 is based on its ability to be tailored to the individual trading preferences and needs of traders. Besides, it is outstanding in the area of self-executing trades via algorithmic processes and taking actions according to predefined criteria.
How to Start Using MT4 as a Beginner in Forex Trading
MetaTrader 4 (MT4) is a trading platform, though traders can use the platform only through accounts opened with Forex Brokers. There are few Forex Brokers who can offer MT4 trading platforms on their websites, therefore, make sure that you open an account with a Forex Broker who has access to MT4.
Once a Forex account has been created, a trader who wants to use MT4 should download and install the application and integrate it into the broker’s website. Following the installation, a Demo account on the MT4 platform is recommended to familiarize yourself with the features available on the platform.
A demo account is a learning account where traders with little experience on a particular platform can use the tools at no cost. After the learning period, traders will then be able to decide whether the platform is suitable for their trades. Some demo accounts can be used for a week to familiarize a trader with the features of the account, for instance. Therefore, don’t forget to find out the date when the demo account will expire and spend the given time effectively.
1. Know all the basic terms used in forex
Being aware of all the jargon used in Forex trading is critical for trade. This lack of knowledge might be dangerous, as a trader could agree on something without fully understanding it. Therefore, make sure to either understand or look up jargon and terminologies.
2. Try out the forex trading platform before opening an account
To test the Forex Brokers with an MT4 platform, be sure to open an account with a broker that allows you to open a trial account. The use of a broker’s website and learning how to use the offered tools is a key step in the process of selecting a Forex Broker.
Therefore, make sure you sign up with a Forex Broker that supports demo accounts.
3. Keep yourself Informed about every new update
The Forex industry is constantly changing, and with the industry, many platforms are constantly changing their features and tools. If you want to be a successful Forex trader, you must stay in the loop with every new change that might affect your trading experience.
To be able to get to the latest market updates, it is necessary to open an account with a Forex Broker that is rich with educational materials as well as news. Whenever a Forex broker includes these features on its platform, a trader will be certain to get the latest news in Forex as soon as possible.
4. Use educational tools provided by the platform
Along with that, the majority of Forex Brokers deliver educational resources to their traders. These educational tools are designed to give traders the necessary tools to learn to trade foreign currency pairs. Thus, before opening an account, check if the brokerage firm provides educational resources.
5. Apply analysis to make more informed trading decisions
Finally, many Forex Brokers provide statistics and analytical graphs to their traders to help them design trading strategies and make better decisions.
Therefore, before trading with a currency pair, take a look at the data provided and figure out which currency pairs bring more profits and the optimal time for trading them.
Do Newbies Need MT4 or MT5?
MT4 is the best choice if you are just starting to trade. This is because of its simple functions, which do not require a high level of expertise. However, if you are a beginner trader and need a platform with more capabilities, MT5 is an ideal choice.
What is the Reason My MT4 is Not Opening?
- Your internet connection might be unstable, or your login credentials might be wrong.
- The local network connection or proxy server may be blocked, or the computer has antivirus software blocking the port.
- You might have an outdated version of the trading platform.
Conclusion
In conclusion, Forex trading is one of the widely used trading methods presently which allows traders to trade from anywhere in the world. Thus, MT4 gives traders access to a global market where they have everything they need for enjoyable trading.
