What are the resistance, support, and gap in Forex trading?
November 14, 2020
517 Views
Support and resistance points and the gap are some of the most important tools of…
A Look at the Advantages Offered by the MetaTrader 4 Platform
The MetaTrader 4 platform is the most famous and most used trading platform connecting brokerage firms‘ clients with financial markets.
With a wide range of tools that help you analyze the price and manage your trades, MetaTrader 4 also enables the development and use of automated trading techniques.
Many brokers around the world use the MetaTrader 4 platform with or without adding any customization. Usually, they have a direct download link on their website, making it easier for traders to access and install the platform. If not, you can get the platform for free from the developers’ website. And this is one of the main advantages of the MetaTrader 4 platform, as it gets all its analytical capabilities and the ability to add more designed indicators for free. Moreover, the system has an easy-to-use interface and provides great opportunities for traders of all skill levels and experience.
The main advantages of the platform
Instant access to market rates and liquidity
The platform allows traders to access real-time forex rates and execute trades. Currencies and any other securities that the trader chooses through a broker are listed in the Market Watch window.
Traders can see all the other details such as spread, contract size, margin currency, and margin percentage from this window. In addition, the Market Depth feature informs traders about market activity in real-time. For example, you can see the number of orders to buy or sell at different prices. This gives an idea of the market sentiment.
Technical and fundamental analysis tools for all levels
With a large number of built-in technical indicators and charting capabilities, MetaTrader 4 provides comprehensive tools for price analysis. There are more than 30 technical indicators built into this platform including major trend and volume tools such as Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI), Fibonacci retracements, and more.
Traders can view unlimited charts simultaneously, and the platform also provides a display of each currency pair in 9 different timeframes.
Multiple trading orders for high flexibility
There are different types of trading orders and execution styles that allow traders to create and execute the strategy of their choice. MetaTrader 4 enables two market orders and four types of pending orders.
Risk management strategies are essential for successful forex trading. in MT4 there are two types of stop orders, a “take profit” order and a trailing “stop-loss” order that reduces downside risks.
The stop-loss order automatically closes the position when the market moves in the opposite direction to the prediction. The take profit order allows for the possibility of stabilizing the required level of gains and closing the position when the price touches the preset level, it is very easy to place these orders, as they can be executed directly from the chart or window. The toolbar can be easily deleted and modified as well.
The different types of orders make it attractive to many; even traders who do not wish to pursue their trades as a full-time career can rely on MetaTrader 4 for their trades.
Professional Trader and Analyst, economist in Financial and Forex market since 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.
