Forex Trading is widely popular and people from almost all the countries trade in Forex.
As we know that Forex is dealing in foreign currency and the trading done in foreign currency is known as forex trading.
It is done in various formats and forms and thus Meta Trader 4 is a popular version which was developed by MetaQuotes Software and was released in the year 2005.
This is the reason it is known as Meta Trader 4 or also known as MT4 which is an electronic trading platform which is used by online retail foreign exchange speculative traders. Opening a mettrader 4 accountis pretty simple and all you need to do is go to you profile and in the Accounts tab choose Open a new account.
Once you o this then open account ( depending upon whether you wish to open a Demo/ Real Account) window will be opened where you need to fill out the particulars and complete the form.
In broad range initially you need to download metatrader 4 and once downloaded you need to install Meta Trader 4 and then open a trading account with a broker and then log into to your MetaTrader 4 with your live account details which you’ve opened for self.
Meta Trade terminal here allows you to work on two types of accounts one is demo account and the other one is real account as the terminal Meta trade profile allows you to open both real and demo accounts.
Demo account here enables you to work under trading conditions without real money but they allow you to work out and test strategy well. They have the same functionality as the real one and demo accounts can be opened without any investments and the account holder cannot count on any profits generated through them.
The only difference between real and demo accounts is that you need to deposit certain investment in the real account and one must need to complete authorization in it except that everything is the same and they both can be opened through the same terminal.
When it comes to how do I choose an MT4 broker? One thing a trader needs to remember is the key tool in forex trading is undoubtedly is the trading platform. MT 4 is the most commonly used trading platform and it is used by almost all the brokers in the forex industry.
While choosing the best Meta Trader broker for self you should consider factors such as ample customer support, available spreads by the trader, other value added services offered by the broker and much more.
There are many traders who also offer VPS services as a part of their product and service offerings just in case if you do not have a stable and reliable internet connection.
MetaTrader4 (MT4) comes with enormous advantages but it has also its cons that comes along with it.
Pros
Easy to install and operate
Free Trading Software
Ample of third party support
Openly adapted by majority of Forex brokers
Good Charting package
Option to add Expert Advisor
Cons
Custom time frames unavailable
MQL4 is not a bug free
MQL4 language is only available for trade related programming
Not meant for high frequency trading
Inspite of so many cons that tag along with MT4 it is still the most popular trading platform which is available online to toe Forex industry. This trading platform is proven unequalled in the entire industry and various tools and features available on this platform are certainly a long easy to go and it increases the chances of success for a trader in the forex market.
