Professional successful forex traders always know trading arsenal very well compared to other novice traders. It is imperative that traders have a clear insight of their trading arsenal regardless of their trading experience and technical knowledge. MT4 is a power trading platform used by many professional forex traders. This is a special type of trading platform developed by meta quotes to execute the live trade in the forex market.
The MT4 trading platform offers three types trade execution – instant market execution, pending orders and stop orders .The trailing stop loss features is also included in MT4 trading platform where the traders can trail their stop loss and book a certain portion of their trading profit. The pending orders also have advanced features by which allows the traders to set an expiry date to the pending orders. The orders will be canceled if the price doesn’t reach the specified price level.
The trending popularity of the MT4 platform lies within its extensive powerful technical tools. It contains all the necessary tools like trend line, horizontal line, Fibonacci retracement tools etc to enhance technical trading strategy of the traders. The interactive charts can be viewed in nine different time frames which allow the traders to get a clear overview of the price movement in the short term and long term scenario. It has 23 analytical objects which can be easily accessed through the top panel of the MT4 platform. It also comes with 30 default indicators which can be modified with the custom value preferred by the users. Even the traders can use their custom indicator preprogrammed with their trading strategy. Over the period of time thousands of indicators has been developed which has made the MT4 even more powerful than we can imagine.
One of the most amazing and advanced features of the MT4 trading platform is the alert technology. Many traders are completely unaware of the fact that they can get the latest news from the MT4 platform. It also allows us to set the alarm at predefined price change which easily saves lots of our time. This unique feature is one of the most versatile features for the scalpers since they take advantage of definite price level of the financial instrument. Custom indicators can also be used in this trading platform which will email the users when the price reaches a specific price level. Even the default alert features in the MT4 has push notification system which will automatically send an SMS to the traders once certain trading criteria are meet in the price movement.
It’s true that there are many successful forex traders who sell their trading signal to the people with certain amount of fees. You can earn huge amount of money by copying successful trader’s trade but in order to do that, you will need a Virtual Hosting service. The virtual hosting service in MT4 allows the user to stay online 24/7 without being worrying about signal service. Trades are automatically copied to your trading account with the exact same parameters .You can set your own robot to trade the forex market on behalf of you and still make tons of money without missing a single signal. To be precise you can earn money from the financial industry without spending any time.
Trading is now not limited to desktop and laptop computers only. The advanced coders of meta quotes have done a brilliant job in developing the MT4 mobile version. In the mobile version of MT4, all the important tools required for the traders have been incorporated so that traders gets the full access and functionality of the desktop app even in the outside environment. Pending orders, instant market execution and stops orders can be easily set by using the Smartphone. Traders can access to their previous trade history anywhere at any moment by using the MT4 mobile app. In the leisure time, this helps the traders to get a general overview of their trading performance. Basically, the mobile app of MT4 has given the traders enormous freedom through its powerful integrated features.
Due to the technological advancement, Automatic Trading has become much popular now a day. Traders can use the EA to develop their trading skills and analyze their personal trading strategy. The user can take the added advantage of the built in IDE in MQL4 to develop the trading strategy. Once they have a valid trading strategy they can embed their ideas into an algorithm which will automatically do the trade for the traders. To be precise it gives you all the possible scope to build and redesign custom indicators and EAs .
The application of MT4 is not limited to personal use only. The external plug-in can easily be used in the trading platform in compliance with the desired need. Custom made indicators and EAs can be used for the commercial and retail purpose. The MT4 also allows admin panel which gives access to the all client account so that the signal provider can enter or modify the trade of their subscribed members. Even many professional traders are now embedding their successful trading strategy into EAs so that new traders can also make a profit out of that EAs. To be precise the MT4 platform has given a whole new horizon for the traders of all around the world.
Summary: Trading the forex can be very much intimidating and requires proper arsenal. Many trained professional consider that the trading platform is the most vital tools for the traders. The MT4 platform is equipped will all the necessary tools required for technical analysis of the financial instrument and commodities. The platform is not only limited to its default features rather it has the unique features which enable it to sync with custom indicators and EAs. Different types of trade execution can also be done with lightning speed by the virtue of clever programmer of Meta quotes.