MetaTrader 4 Introduction
Being a new comer in the world of Forex trading, you may feel something difficult to operate having first look on the MetaTrader 4 trading platform. But In fact, it is very easy to use, flexible and one of the best trading terminals in the world. MT4 is an excellent choice for the first-time trader particularly.
MetaTrader 4 has a long list of advantages for Forex traders and the most significant advantage we have seen so far is that it can be easily adjusted according to the mindset or professional experience of the traders. In short, as you get familiar with this outstanding trading platform, you learn using many of its much-needed features on daily basis. It would be the time when you feel that MT4 is not a tough or sophisticated trading platform at all.
Trade forex on MT4
MetaTrader 4 or MT4 is most used trading platform at the moment among Forex traders. This platform allows its users getting access to use technical indicators, see live prices and place trades. All becomes very easy once you get used to it.
Automate Trading on MT4
MetaTrader 4 or MT4 has another great feature of automating your trade. You can use different available Expert Advisors (also known as EAs) to put your trades on automation. Expert Advisors (EAs) are widely known robotic software that have the ability to automatically work according to your programmed strategy.
Understanding of MetaTrader 4
Simply forget about how professional trader you are. Just try to make sure that you have all necessary knowledge about MetaTrader 4 or MT4. You should feel comfortable with the usage of MT4 and all of its necessary features before entering into the live trading. You should get ample knowledge of what is happening in Forex trading market, make and set your trading strategies with full confidence.
Get Practical trading experience on MT4
We are constantly in touch with the developers of this trading platform and have been updating every new feature as soon as it comes in the market. Our main aim is to make you understand what MT4 is and how to use MT4 with ease, and we can do that for you because we know MT4 trading platform better being a broker.
We help you building your diverse portfolio according to your personal interest and prove a variety of instruments for this purpose. We offer you more than 50 currency pairs to practice in your Demo account which can be traded in your live account later on, once you have set your trading strategy on MetaTrader 4. Besides, you are also given a long list of CFDs and precious metals to trade on MT4.
Variety of MT4 Features
MetaTrader 4 is a kind of trading platform that helps its users become a successful trader using a wide variety of its features. The most prominent ability of MT4 is the usage of Expert Advisors strategy, which is available for all traders. You can put your trading strategy on automation using EAs, but you must aware of the basics of MT4 before you implement EAs.
Place Trades
The basic purpose of all trading platforms, we have so far in this world, is nothing but to place trades. Therefore, you must be aware of all the basics of doing this. This must be your first step. Learning how to place orders, how to set stop loss and how to set take profit limits, should be your prime objective being a newcomer. You must focus on your risk management regardless of the fact that what your trading strategy is. Risk factor cannot be ignored.
Feeling Comfortable Now?
Once you have gone through all above steps / instruction / recommendations and feeling comfortable now, you can can move on next step of your understanding with the Forex trading on MT4 i.e. charting functionality. Assuming you are a good trader now, charting would be a key point of your trading decisions on daily basis. You are now ready to place trades on MT4.
One of the key factors of becoming a successful trader is the ability to making informed decisions. Assuming you have opened an account with MT4 trading terminal, the next step should be the learning more about how to enter into the Forex trading world. Below guide should help you feeling confident about choosing your right instruments to place trades on.
1:- Selecting a right opportunity
The biggest decision of any trader is to getting maximum knowledge of when to do and what to do? As you know, plenty of trading strategies are available online and sometimes they just confuse so much and you get dozens of ideas in your mind at the same time, that may lead to error of judgement. You may have several difficulties to reach to the right decision but take special care that you are not complicating your decision.
Sometimes, you can get confused because of a variety of the available instruments to trade on. So it might be difficult to choose any one at that particular time when you are about to place a trading order. However, you must focus on below two points:
- - It is not necessary that you have to trade anytime you login to your MT4 trading terminal because sometimes, staying away from the market is also a profitable decision.
- - When you read chart of any instrument, complications during any specific time period does not mean that success is ahead.
2:- When to trade
Being a newcomer, you generally overlook the fact that what is the right time to trade on any instrument and what instrument is favorable to trade at any particular time. So take time, and get enough knowledge of learning this technique.
You must consider the below mentioned things whenever you are about to place your trade and avoid straight away jumping into the market:
- - Just be 100% sure about what trade are you about to place, whether it is correct or not? If you do not do that it may put you in a confusing situation and you probably will be looking for some expert opinion and will be dialing our Customer Service staff to know more about how deal with this wrong trade. Pay special attention on position size, order type and instrument before you place any trading order.
- - Re-quotes may happen and you should be able to accept this fact because this situation is not unique to any broker. You must understand one thing that the movement in instrument prices is very quick in Forex market and therefore, the price may move from the price you want to trade on and it is part of trading.
3:- Pay attention on Risk management
If you ask what is very important thing to remember in Forex trading, the answer would be risk management. Search any book, any article on Forex trading and you will see a specific chapter or paragraph on risk management. The "stop loss" and "take profit" tools can decide whether your account may survive for a few hours or a few years.
This is a fact that your trading journey may bring you losses at any point of your trading journey and you can not escape it. Putting a "stop loss" the part of your trading order always ensures that you are not losing all the money you have in your account.
Following points should be focused:
- - Accept the fact that you can be wrong in judgement when placing a trading order. Therefore, "stop loss" ensures that you do not waste all of your money within your trading account because of one wrong decision. "Take profit" also ensures your minimum profit from that trading order if your judgement was right.
- - Sometimes you may face slippage on your stops. If you are aware of the re-quotes, then you must have some idea about slippage. This is something that may happen with anyone at any time. Please be sure that you may get slipped particularly when the stop of your trade is about to be filled. Being a trader, we can not help you in this situation.
Most of the traders rely a lot on the charts study. They do not make their decisions of the day trading without going through the charts on daily basis. Charts help them making decisions about when to get in to and out from the market. Chart patterns may help traders managing risk effectively and spotting better trading opportunities. You can enjoy the built-in charting patterns of the MetaTrader 4 (MT4) to reach to the informed decisions.More Accurate Decisions
Most of the charting strategies as well as general technical analysis mainly rely on the assumption that something which has happened in the part and had put a major impact on the market, will definitely happen once again in near or far future.In addition to the main assumption we just read above, following three assumptions are also very important in charting / technical analysis:- - It is a general perception about the Forex market that it may gone through the three movements i.e. Primary, Secondary and the last one is Intraday. All movements occur at the same time.
- - Averages discount everything
- - All available information in your chart of any instrument actually reflects the current market situation.
- - You should act according to the market sentiments.
All assumptions factor should clearly reflect in the price of any instrument which is currently in the market. In other words, you may say that the prices of all trading instruments actually represent the expectations, fears and hopes of all the traders sitting all parts of the world and placing trading orders. Of course, charts are the only helping tool in this scenario if you want to judge the price of any instrument.MT4 Provides Free Research Tools
Every professional trader gives top priority to the charting package offered by any broker at the time he / she is going to choose the best broker in the market. We at Rexor Investments, provide you free charting patterns within your MetaTrader 4 (MT4) trading platform.One very important thing to remember is that charting always does not mean that it is exactly portraying the future of any instrument and you should gain profits only. But also consider below points:- - It is not necessary that you have to trade anytime you login to your MT4 trading terminal because sometimes, staying away from the market is also a profitable decision.
- - When you read chart of any instrument, complications during any specific time period does not mean that success is ahead.
All accounts with Rexor Investments are providing the facility to trade on either instant or market execution particularly if you place your order on MT4 trading platform. We have both types of accounts that come with market execution as well as with instant execution. So it all depends on your account type.Difference between instant execution and market execution?
The very simple definition of the market order is that the trader places its trade on the very next available price of that particular instrument in the market. Market orders does not get involved with re-quotes at all, but the nature of execution does not confirm that the price of that instrument will be the same at the time of order execution which you just saw on your screen. This slight difference in the instrument price is generally known as slippage which is common with all brokers who deal in market execution. This price difference could be because:- - The price you just saw on your screen in MT4 may have come down or go up from the original market price, or
- - Your requested trade volume of any particular instrument may have increased the available volume in the market at the price which you just saw on your screen.
The very simple definition of the instant execution order is that the trader places its trade order an the same price which he sees on the screen. MT4 terminal sends your buy or sell request with the price you just saw on your screen. You may re-quotes in instant execution method because your order may be placed only if the price you sent with the trading order is still available in the market. But if it has moved, you get re-quote and you can re-submit the order with the new (re-quote) price or even can cancel it.Stop loss and Take profit
The bigger question that comes in to the traders mind that can I set stop loss or take profit both with market execution or instant execution? Well, stop losses and take profits are not allowed at the time of placing order in market execution method. This is only because the entry price of your trade may change from the instrument price you just saw on your screen. Once you have placed a successful order with market execution, you can set stop loss or take profit as per your wish. There is no restriction or limitation on setting stop loss or take profit in instant execution. You can set stop loss or take profit even at the time of placing orders.Why market execution is better?
Re-quotes sometimes becomes very hectic and you get disappointed because you are unable to place your trading order. Therefore, market execution is generally loved by all traders because it does not bother you even with the movement of the price. Placing order is hassle free in market execution because order is placed at the very next available price in the market.
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