Forex tools that you cannot do without

When it comes to trading forex, the most fundamental and the most vital component is the trading tools. Brokers, in a bid to be highly patronized, have made their trading tools to be equipped with an array of easily accessible components as well as indicators to make the trader have an enjoyable trading escapade.

One of this tool that is pertinent to trading and highly rated is the Metatrader 4. Metatrader 4 which is commonly referred to as MT4, is an online electronic platform that is ubiquitous, widely used by online foreign exchange (Forex) traders. The Metatrader 4 app is available readily on mobile phones as well as personal computers.

While some traders fancy their chances of drawing their support and resistance, indicating their trend lines as well as Fibonacci retracement and extension using Metatrader 4 on their personal computer for a better view, some, particularly day traders prefer to use the more portable and readily available Metatrader 4 on mobile phones.

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Metatrader 4, which can be downloaded easily on the internet offers you the opportunity to give a market order at the current market price whether you wish to go long or short. More so, the spread, which is the difference between the “ask and bid” price is usually clearly indicated in the app. More importantly, the Metatrader 4 app allows you to select a wide range of lot size depending on the percentage of your capital you wish to invest.

In Forex, the market is extremely volatile and as such, you cannot accurately make predictions of the exact time a move will happen especially if you are trading basically based on technical analysis. In order to ensure you don’t miss certain entry points after a pull back or retracement, Metatrader 4 offers the option of trading above the current market price by allowing you to execute the long or short order with the “buy limit and sell limit” order. In the same light, Metatrader 4 offers the option of trading below the current market price by allowing you to execute the long or short order with the “buy stop and sell stop” order.

The uniqueness of Metatrader 4 is that you don’t need to be present to manually take a profit when you feel based on technical and sentimental analysis that the market might go against you OR even stop a trade when you are losing more than you imagined. These functions have been mechanically automated in Metatrader 4 app into the take profit and stop loss order.  I guess you are beginning to see why these trading tools are totally indispensable.

Advantages OF MetaTrader 4

Flexible Charts

In forex, there is no other basis for an accurate technical analysis other than an easily comprehensible chart. The chart on Metatrader 4 offers traders the opportunity to trade and analyze the technical component of the market. The long and short candlesticks can be tweaked to desired type of color. While trading, you definitely want to enjoy the aesthetic- well, Metatrader 4 helps solve this problem by offering you a wide range of colors with varying tones to choose from and change at will. The support and resistance lines can also be varied in thickness depending on the visibility you desire.

Minimum resources

Metatrader 4 stands out from many other trading tools in the fact that it allows traders to execute trading and perform technical analysis with relatively low data consumption. This makes the platform highly receptive to operations performed by the foreign exchange trader.

Worldwide usage

It is no fluke that Metatrader 4 is widely used. Rarely would you find a trading tool like Metatrader 4 that allows you to trade in your native language. Languages all over the world have been programmed into the trading tool for easy operation.

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In conclusion, while your basic knowledge of forex and its components and associating indicators helps you enjoy a trading escapade, Metatrader 4 just like many other trading tools is very indispensable.