For many traders, choosing a Forex trading platform can be a daunting process. The decision is a important one because it will determine which brokers you will be able to do business with. The simplest solution is to choose the platform which will give you access to the greatest number of brokers, which is… wait for it… Metatrader4!
Metatrader4 is generally acknowledged to be the industry standard trading platform and this comes down to two main factors.
First of all, Metatrader4 has the simplest interface. Obviously traders, especially new traders, don’t want to have to navigate a cluttered, confusing application.
Secondly Metatrader4 trumps the competition in terms of the volume and usefulness of its extra features. Some features worthy of mention include the ‘practice mode’ which allows traders to test their strategies without risking loss. The wide range of charts which make reference and analysis unprecedentedly simple, and the ability to create your own indicators using the software’s unique coding language are also very valuable features.
Metatrader4 is famous for its speed. Forex updates and messages between traders and brokers are streamed in real time. Part of the reason for this speed is that Metatrader4 is a ‘low spec’ application and doesn’t require much muscle to run. The designers of this application really appreciated that a trading platform needs to be a communication device first and foremost. This rapid response time married to the application’s generous selection of languages have led to its success in many non-English speaking territories.
Another interesting feature of Metatrader4 is the inclusion of interactive Forex data that covers years of the institution’s history. This means that strategy nuts can test new ideas in a meaningful context, and enhance their understanding of Forex dynamics. On a related note, there is also a massive amount of additional content available for download on the Internet.
There is one more thing we forgot to mention… it’s free! Now you have no excuse not to download this amazing software and take your trading to the next level.