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Trading with the MT4 Platform
by Dwayne Buzzell Forex MetaTrader is the most popular trading platform designed for the retail traders. It is being offered by almost all Forex brokers and has multiple advantages when compared with other platforms. The first one would be that it is an ongoing project by the MQL community. It means it is updated constantly and has no limitations when it comes to the resources that can be used. If one trader is switching brokers, and the trading account in the old broker is closed, it doesn’t mean that the technical analysis indicators and all the analysis in the old trading account are lost. The trader could simply save the Profile from the old MetaTrader account and import it into the new account, at the new broker. All the information will appear in the new account.MT4 Generalities
The second thing to consider is that one can build its own trading robots, the Expert Advisor, and run them on any MetaTrader platform. The coding program is already incorporated in the mt4 trading platform and even a strategy tester can be used.
This strategy tester allows back-testing to be made when checking a technical setup back in time to see its long-term profitability. If there is enough data, this backtesting can be done quickly.
Other trading platforms are not so easy to used. Web-based platforms, for example, are to be avoided, as they are heavily dependent on a very good Internet connection.
Moreover, they slower the PC and any other activity become a nightmare. It is not the same with the MetaTrader.
It requires few resource, multiple platforms can run in the back and the PC runs as smooth as smooth can be.
Trading is not mandatory to be made on the desktop!
The mobile market is so big now that the smartphones are part of our lives that it is extremely easy to access a trading account. After opening a trading account, credentials are being sent per email.
That means, the trading account number, the password, and the server to choose when connecting to the market. Depending on the size of the Forex broker and the type of the trading accounts offered, there are multiple servers offered.
With this info, the MetaTrader app for IOs or Android can be downloaded and used to connect to the trading account. This way, the desktop can be used for technical analysis, like charting a currency pair and looking for the proper stop loss and take profit level, while the actual trading can be done on the app.
Moreover, the app gives mobility to the Forex trader, in the sense that is not mandatory anymore for he/she to stay in front of the screens all the time. Connectivity is anywhere these days, and accessing the market is easy.
The MetaTrader comes in two versions: the MetaTrader 4 (mt4) and the MetaTrader 5 (mt5).
The reason for the second version to be launched came from limitations in different parts of the world to how trading is made in a Forex account.
To give you an example, in the United States there is not possible to hedge in the same trading account. The MetaTrader 4 allows hedging, while in the MetaTrader 5 hedging is not possible.
Therefore, the mt5 is more popular in the United States than in other parts of the world for this simple reason. Nevertheless, both trading platforms are constantly updated and, if every in need for a custom indicator or for a custom setup, there is a huge community that can be consulted.
This is not possible with other trading platforms, so one should think twice before deciding what is suitable most for trading the currency market.
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About Dwayne Buzzell 
Forex
17 connections, 0 recommendations, 69 honor points.Joined APSense since, July 1st, 2016, From Oakland, United States.
Created on Dec 31st 1969 18:00. Viewed 0 times.
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