To a novice Forex trader, the Forex market with all its complexities can be very overwhelming. What amount should I risk? Do I need a broker? Should I use a signal provider? What are some things I should look out for? What currencies should I trade? These are just of the questions a new trader will face.
There are of course many decisions to be made, some harder then others, but choosing a trading platform is not something a new trader should do without sufficient guidance. There are many different Forex trading platforms available, and this should be one of the main considerations when choosing a Forex broker.
The Forex market has adopted the MT4 trading platform as the market standard and it is used by hundreds of brokers around the world. This was not a random decision, the MT4 platform offers advanced technology as well as enhanced security so the trader can open and close Forex positions without having to worry about the stability of their platform.
The following is a list of advantages offered by the Forex MT4 platform:
- User Experience: Extremely user friendly interface, enabling new and experienced traders to trade this complex and volatile market with ease and comfort.
- Language: Users around the globe can benefit from the MT4 platform and all its data, in their own language
- Charts: In addition to the MT4's advanced and user friendly trading features, the platform also offers advanced charting capabilities. This of course enables traders to trade and analyze the technical aspects of the market simultaneously.
- Expert Advisors: This is a very popular and important feature in the MT4 feature portfolio. Expert Advisors enable traders to automate their trades with a customized EA that best fits their needs.
- Communication: The MT4 platform also incorporates advanced communication tools for brokers to post messages and communicate with their traders in real time. This of course prevents the need for long and complicated email threads and makes the trader's experience that much simpler.
- Low Resources: Unlike many other platforms, the MT4 platform is relatively low on resources, meaning it keeps its disruption of your PC to a minimum. This also enables the platform to react faster, making it possible to implement the trades and traders' requests immediately.
- Profiles: Users can also view account information from within the actual platform interface. Some of the details available include account balance, trading history, access details, as well as password information.
- Security: When you are dealing with a sensitive and private issue like Forex trading, you are going to want to know that you are not in danger of attacks and hacks on your account. MT4 is a highly secure platform that encrypts the data between trader and server with a 129-bit key. The trader's IP address is also completely concealed.
- Flexibility: The MT4 platform was engineered to support all currency crosses as well as the ability to trade other markets such as commodities, futures, and equities.
- Customization: As if all of the above was not enough, the MT4 supports full customization features, so the trader can tailor the platform to meet their trading needs and practices. This includes the ability to develop your own Expert advisors as well as technical indicators using the MT4's advanced proprietary MQL programming language.