If you’re new to trading, MetaTrader 4 (MT4) may seem rather technical but don’t let that put you off.
The platform is very flexible and suitable for first-time traders.
One of the many advantages of this platform is that you can adjust it to your level of experience.
That means, as you’re becoming more familiar with the markets, you can start using more of its features.
The platform will never be too technical or not sophisticated enough – it is what you make of it.
XM is the largest MT4 broker known by traders all over the world.
Trade Forex and Automate your Trading
MT4 is a platform widely used to trade Forex.
It allows you to access the financial markets, see live prices, use technical indicators and place your trades.
You can automate your trading on MT4 with Expert Advisors (EAs), which is software you can programme or buy to execute trades when certain parameters are met.
No matter what your trading experience is, you should make sure you feel comfortable with the platforms and the features you’re using.
It’s hard enough to keep track of what’s happening in the markets and how that relates to your strategy without having to worry about not getting the most out of your platform.
You can use a range of features
MT4 presents users with a multitude of tools to help you trade.
Perhaps MT4’s greatest functional attribute is that it can execute Expert Advisor (EA) strategies for you.
EAs allow you to automate your trading. However, before you get to this point you should tackle the basics.
You can find out more features about MT4 in the official website of XM.
Learn how to place trades
The main functionality of any trading platform is to place trades, so learning the mechanics of doing this should be the first step.
At the same time it’s a good idea to learn how to set your stop and limit orders.
No matter what your trading strategy is, risk management is so important and cannot be ignored.
You can soon move on to the next stage
Charting functionality should be next on your list of priorities when you learn how to use MT4.
Charting is a tool most traders use to make their trading decisions.
Once you have covered off all of the basic functionalities in these areas you will be ready to place trades.