The MT4 or MetaTrader 4 forex trading software is widely used by online retail foreign exchange speculators. It was created by MetaQuotes Software in 2005 and is licensed to foreign exchange brokers who provide it to their clients. The software has a number of features that allow it to be very effective for the speculative trading needs of its users.
MT4 allows traders to access real-time forex quotes and trades. They can also monitor real-time market activity using a feature known as “Depth of Market.” This feature allows users to see how many buy/sell orders are being placed on a particular security or currency. It also allows traders to customize various settings.
The MT4 forex trading software provides advanced technical analysis tools that are essential to any forex trader. It has over thirty in-built technical indicators that help traders analyze price movements and identify trends. The software also offers numerous drawing objects and mathematical tools to help traders analyze complex price activities. It also allows users to customize and save their own chart configurations for ease of use.
Another major benefit of MT4 forex trading software is that it provides detailed reports on your trades. They include profit and loss, open and closed orders, and other metrics. In addition, the software offers a free demo account for forex trading that replicates real-time market conditions. This enables traders to practice their strategies without the risk of losing any money.
Although learning the MT4 forex trading software takes time, there are a variety of resources online that can help traders become familiar with the software. There are many videos and webinars that run through the basics, including the setting up of charts and order execution. Also, the community behind MetaTrader 4 regularly publishes tips and tricks. Those interested in learning about forex can also download PDFs that explain how to use the platform.
MT4 forex trading software allows users to trade from anywhere in the world. Its web-based trading platform is optimized for mobile use and has an intuitive layout. It has extensive technical analysis tools, and you can even trade on the go using your smartphone or tablet. The MT4 platform is compatible with Android devices.