Forex traders have access to a 24-hour currency trading market. It is one of the most profitable markets if you know what you are doing.
One of the major aspects of forex trading, is the use of forex brokers. These are financial institutions through which, forex traders gain access to the market. To access the market, forex brokers require traders to have access to a platform.
A forex trading platform, is a portal on which one can reach their broker, access the market, place trades and withdraw their profits.
Metatrader 4 is the most popular platform for forex traders.
It is not popular for nothing. Here are some advantages of this platform over other forex trading platforms.
Security
When accessing highly lucrative markets such as the forex trading market, security is one of the focus points to ensure that you do not lose your money.
The Metatrader 4 platform is one of the most secure platforms a trader can use and access in this trade. It needs a username and password to create and access. Further, the platform is encrypted and messages and transactions between traders and brokers are secure. Brokers cannot access traders accounts.
Any security breach on the platform can only be attributed to the negligence of the trader, if it occurs.
Multiple language platform
The Metatrader 4 or MT4 platform as it is popularly known allows traders from different parts of the world to use it in the language that they are most comfortable with.
With a few straightforward settings tweaks, you can get the platform communicating in your language. This makes it easy for traders to understand their actions on the platform. Making it easy for them to make the best trading decisions thus make good profits.
Trade multiple assets
On this platform, you are not limited to trading currency pairs only. You can trade other assets such as stocks and commodities.
On the MT4 platform, you can access international securities and invest in them. You can buy other asset classes such as agricultural commodities and valuable minerals such as gold, silver and copper.
Easy to use and understand charts
Another unique strength of the MT4 platform is it’s easy to use and easily customizable charts. In forex trading, it is important that every trader is able to carry out a technical analysis of the currency pair that they intend to invest in.
This involves a critical analysis of the historical data of the particular pair. With this historical data, a trader is able to make an informed decision on the future movement of the said pair.
To successfully carry out an analysis, traders should be able to make charts that clearly show the price movement of the currency pairs they want to invest in. The platform provides clearly visualized and detailed charts that can be easily customized to help in making profitable trade decisions.
Prevent loss when trading
On the Metatrader 4 platform, a trader is able to limit their exposure to losses. This is a functionality that is allowed by the platform for the trader to set a certain loss limit that their trades cannot go beyond, and a specific profit point that their trade can closed automatically.
A stop loss is the lowest or highest amount of loss that a trader is willing to take on their trade. While a take profit, is the point at which, when reached, the trader is willing for the trade to stop to gain the profit.
With the MT4 platform, a trader can set these two points on their trades, quickly and easily.
Conclusion
The Metatrader 4 has numerous benefits for traders and brokers that use it. Experienced traders can attest to these and more benefits gained from using this platform. It is a powerful trading platform that is great trading partner to learners, newbie traders and profitable experienced forex traders. As such, it is quite popular and has a wide user base in the forex trading market.