Meta Trader 4 is one of the most advanced and popular trading platforms for retail traders and its popularity is growing with each passing day.
It is easy to use and is simple and this is the reason more and more retail traders prefer trading through MT 4. Launched in 2005 by MetaQuotes Software Company it has gained its momentum and never looked back.
It is licensed software for brokers who in return provide their client’s access to MT 4 as and when they open a Forex account.
This platform is used by retail traders to monitor live prices, buy and sell at market or use pending orders etc. Using it is not that difficult and here we explain a step by step guide on how to start forex trading with it.
Once you have zeroed on a reliable and trustworthy forex broker they will allow you to open an MT 4 account and perform a quick installation which is important.
Once the installation is done you need to set up the required navigation tools and indicators and then is the time to place trade to generate profits. This platform is a free of charge program which is especially designed for online trading and it has a user friendly front end trading interface which can be easily used by retailers.
Other than this it also offers technical analysis, charting and expert advisors for individual customers who can develop their own trading strategies.
It is a multi platform which allows retailers to trade Forex, Equities and CFD using one single platform. Its mobile versions are both android and iOS compatible which allows customers to engage in forex trade using their smart phones.
Once you have found a forex broker and opened an account than you need to have a demo or live account under your name and post that you can proceed with the MT4 installation.
Initially choosing a right broker is something which is of utmost importance and one needs to choose a broker with complete research and after going through major reviews. You should also need to keep in mind certain points such as:
- Any financial authority must not regulate the brokers day to day activity
- There should be a separation of funds where a broker is not allowed to use the funds in day to day operations
- The broker should have decent spreads
- Most importantly broker firm should have a reliable and responsive customer support for its customers.
Once you have reviewed the broker’s website and having a detailed look at the demo account and when you are satisfied you can go to the account signup page and fill in your information and submit the form.
When the account is duly opened and setup you can login to your account with a 10 digit username and password you need to download the MT4 from the Meta trader 4 sites and download the windows setup for it.
Once you have downloaded the setup file and running the exe file MT 4 will be displayed with a window to select the server. Select the server name that your broker has provided you and enter your account details which you can also copy/paste from the email you received from your broker.
Once the MT 4 charts have loaded you can start using your account.