Forex MT4 Brokers

About Forex MT4 Brokers

The largest market in the world in terms of volume trading is the foreign exchange market. Also referred to as Forex, this market is global in scale. It is decentralized as well.

In Forex, currencies are sold, bought, and exchanged at determined or present prices.

Traders, therefore, need to have the necessary tools to help them in their transactions. They must be able to find the Forex trading platform that will allow them to perform their tasks well. A favorite among Forex brokers is the Metatrader 4 or MT4. It is easy to use because its interface is user-friendly. Even neophytes are able to trade using the MT4 right away.

A Brief History Of MT4

The MT4, which was released by MetaQuotes Software Corp. in 2005, is considered as an industry favorite not just by traders but also by advisors and third party scripts. Aside from being user-friendly, the MT4 has tools that help brokers make technical market analyses and craft their own trading tactics. Traders are also able to receive trades, control trades, use automated trading software, and personalize trading indicators.

A large bulk of MT4 users are Forex traders. Just some of the Forex brokers that offer MT4 are XTrade, XM, and HY Markets. Other traders, meanwhile, use it in trades involving a contract for difference or CFD. Such is being done even if the MT4 was not made for exchange traded futures and stock market work. In fact, the main focus of the MT4 platform is margin trading.

A Quick Guide Of Using MT4

Forex MT4 Brokers provide navigation with ease because its user interface is just like those of other trading platforms. Its main page has four key areas.

First, there is a toolbar which holds all the icons needed to control the platform.

Second, there is a market watch window which has a list of currency pairs. The bid and ask prices of currencies are also included in the list. The market watch window makes it easy for traders to locate price movements of currency pairs.

Third, the MT4 has a navigator window that allows the creation of indicators, expert advisors, and scripts. The navigator window of Forex MT4 Brokers also allows traders to search for account information.

Fourth, the terminal area allows traders to control trading activity and monitor everything that is happening in the Forex platform.

Customization makes it possible for traders to personalize their profiles by saving charts, choosing their own colors and sizes, adding indicators, and generating templates. The customization feature was added not just in consideration of the various preferences of traders. More importantly, customization tools were made available so that traders can meet the numerous requirements imposed on them.

Forex MT4 Brokers Offer 2 Types Of MT4 Trading Orders

The pending order and market order

When a trader’s price level has been met, the order that can be executed in such situation is called a pending order.

A market order, on the other hand, can be executed through instant execution, request execution, exchange execution, or market execution.

An execution is called instant when it is done at the price shown on the platform.

A request execution, on the other hand, entails the trader requesting a price quote and then deciding whether to buy or sell at the requested price quote.

An exchange execution is done externally depending on the depth of the market while a market execution permits trading without quote requests.

Forex MT4 Brokers Take Online Trading To The Next Level

The MT4 also boasts of its own language code called the MetaQuotes Language 4. This language code can be used to make customized strategies focused on automated trading such as Expert Advisor (EA).

MT4 Is A Fully-Mobile Platform

Finally, the MT4 takes pride in the fact that its desktop and mobile versions are almost alike. This bodes well for traders who are either office-based or on-the-go as they can juggle between the MT4 desktop and mobile versions seamlessly.

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