Forex Trading Basics - How To Best Use The MetaTrader 4 Platform

Foreign exchange has been said by many to be a demanding field, requiring heavy research and constant practice. With online trading coming into fashion, traders no longer have to go to markets to participate in exchanges! A laptop with internet and a good online trading platform is all they need to set up winning trades. To thrive in the volatile Forex markets, traders need the best of Forex trading strategies and platforms; these platforms provide traders with the necessary charting tools and facilities to commence and conclude a trade in the most profitable manner.  

There are several Forex Trading Platforms like FXPro, TradingView, eSignal, MetaTrader 4, etc. Of the many platforms in the market, MetaTrader 4 is preferred by several. Equipped with MT4 you can analyze price movements, place trades and manage them, and automate your exchanges using EAs! Here are 10 tips for using MT4 trading platform for currency trades:

1) Adding An Expert Advisor (EA): Expert Advisors are robots that trade automatically. These are incredibly helpful when you want to participate in trades but are preoccupied. Its strategy-driven approach can be of perfect assistance to the several traders who allow emotions to intervene in their trades! Follow these steps to add an expert adviser to your MT4 tool:

• Copy the EX4 files.
• Select Files from the top menu and click on Open Data Folder.
• In the ensuing explorer window click on MQL4 and then select Experts, after this, paste the copied files.
• Restart MT4 to see the changes implemented.

2) Creating A Chart Template: Traders employing technical analysis need multiple indicators. With templates, predefined indicators can be added to a chart. This saves time as you don't have to create indicators each time a new chart is opened. Here are the required steps to create a chart template:

• Open a new chart.
• Employ any indicators you wish to.
• Right click on the chart to see a drop-down menu.
• Click on Template, and then Save Template.
• Name it as desired and click Save.
• To load these on the charts, go to Template again and select Load Template.

3) Saving A Profile: You can save your complete trading profile once the platform layout is set. When working with multiple charts, saving a profile helps immensely. The following 6 steps will help save your profile:

• Select the charts you wish to employ.
• Go to the File option on the top-left corner.
• Select Profile.
• Select Save As.
• Name your profile.
• To load this profile on your platform, go to Profile and left click on Load Profile.

4) Accessing And Printing Trade Statements: Trends are the key to winning at Forex Trading In South Africa. When you monitor historic trends and observe the recurring patterns, you stand a better chance of making hefty profits. On MT4, you can print out trade statements to see your trade history, here's how:

• Click on Account History.
• Select a time period from the drop-down menu.
• Upon right-clicking in Account History, you will see a drop-down.
• Select Save as Report, or Save as Detailed Report.
• To save click Save, or Print if you want a physical copy.

5) One Click Trades: Traders undertaking a swift approach will find great relief in the one-click trading feature offered on the MT4 Forex Trading Platform. By default, the two-step process is followed. Here, the trade order window is brought up first. Following this, the right order type is selected and confirmed. These are two steps all-in-all, and to submit your order, both have to be followed. Using the one-click option, your order gets submitted when you single-click either the bid or the buy buttons.

Advantages Of Using MetaTrader 4:

1) Smooth User-Experience: From novices to professionals, everyone can use this platform without experiencing any complexity. With its mobile application, you can trade no matter where you are.

2) Charting Options: A wide variety of charting features are at your disposal when you use MetaTrader 4! You can load presets, customize chart appearance and design the interface the way you want to see it. This helps you remove the unnecessary elements and focus on important ones.

3) Expert Advisor Provision: You can automate your trades with EAs, and MetaTrader allows you to customize your advisor to trade on the timeframes and follow an approach you find most profitable.

4) Light-Weight Nature: Unlike several other Forex Trading Platforms, MetaTrader 4 is very light on the computer. With its limited resources, it still delivers unlimited performance, while not disrupting the functioning of your computer.

Forex Trading In South Africa is trending today, and you can capitalize on this amply! Equip yourself with a powerful trading platform like MT4 and your trading experience will be simply stellar. Call WesternFX today, and avail our world-class brokerage! From providing trade platforms to implementing Forex Trading Strategies, we will assist you thoroughly and make sure you emerge on top, victorious!