Forex is a multinational currency trading market that surpasses all other financial trading markets. Every day, a large number of investors buy and sell various currencies worth trillions of dollars, and the number is growing.
MetaTrader 4 (MT4) is the most used trading platform for traders, particularly forex traders. It is a well-known platform with a diverse set of tools and features capable of keeping up with the fast-paced financial markets.
As a newbie trader, you’ve probably wondered, “What happens when I get MetaTrader 5 to replace my MetaTrader 4?” Will it have an impact on my business? Is MT4 a predecessor to MT5?
Here’s what you should know — MT5 isn’t a replacement for MT4; instead, it’s a brand-new trading platform tailored to suit a specific trading pattern.
Whether you choose MT4 or MT5 depends on some criteria, including your history and trading objectives. You can choose the appropriate app for your trade when you grasp the differences between Metatrader 4 vs 5.
Why Should I Trade With Metatrader?
Metatrader is a simple and free trading platform that you can download directly from the company’s website. MetaTrader allows you to execute trades rapidly. When dealing with volatile markets, this is a significant advantage
Metatrader is a piece of software that connects multiple trading platforms and allows you to trade from your computer or smartphone; because not every Forex broker offers every type of trading platform, the decision on what platform to use depends on your broker.
How to Start Trading Forex With Metatrader 4
To begin trading forex, you must first find a broker, but what exactly is a broker?
An organization that provides a platform for traders to buy and sell foreign currencies is known as a forex broker. They connect you to the financial system and allow you to buy and keep currency pairs.
Steps needed to start trading
1. Go to the official website of any broker of your choice and register for an account.
2. On the broker’s website, select the trading platforms you’ll be using. In this context, you’ll be installing MT4.
3. To properly install MT4 on your device, follow the installation instructions.
4. When you first open MT4, the platform will prompt you to enter your account information; alternatively, select ‘Login to Trade Account’ from the ‘File’ tab in the top left corner of the platform.
5. Then, you can choose whether to provide information for your demo or a real trading account.
6. Enhance your MT4 app’s user experience by exploring the various sections. The menu, toolbar, market watch, navigator, terminal, and chart workspace are among them.
7. To begin trading, you must first learn how to read a chart and then set up indicators to aid in asset evaluation.
8. At this point, you can begin placing trade orders.
MT4 is a simple but powerful trading platform, as proven by its widespread use despite its age. You can use the trial account to practice and master the meta trader interface if it is your first time. Before you trade with a real account, you should practice a lot and seek professional assistance.