Forex trading is a great way to boost your income, but there’s also the potential for enormous losses. Therefore, you need to completely understand how to read the market and utilize strategies to benefit your portfolio.
A great way to do that is by using MetaTrader 4 (MT4), which gives you a deep analysis of the market and allows you to make trades across various markets. To learn how MT4 can improve your trading game, continue reading.
Every forex trader is different, meaning the default charting style won’t suit everyone. Fortunately, MT4 has plenty of chart customization features. For example, you can use indicators, objects, and separator grids to help you track market trends. Some of the most-used customization features include slow stochastic, relative strength index, and moving averages.
With the power of mt4 on your side, you won’t need to be glued to a screen to make successfully buy or sell a pair. Order scheduling makes it easy to manage trades in advance, including setting parameters for the system to withdraw from a trade. There are several orders on the system including:
- Buy limit. Place this order if you believe the market is headed into an upward climb.
- Buy stop. Place this order above the current value if you believe there is potential for a resistance breakout.
- Sell limit. This orders the system to sell a pair once it reaches a certain value.
- Sell stop. Entered below the current price – will trigger once the determined value is hit.
The MT4 terminal will allow you to easily view and control all pending orders. If you need to delete or edit an order, this isn’t a problem.
Keeping track of forex costs is essential for success, but life doesn’t always allow you to be present. Fortunately, MT4 can help with this by letting you know when important changes happen, whether they’re perfect exits or pairs or significant price changes. Having an email or text in real-time allows you to engage with forex without the constant weight of chart checking.
Shortcuts let you get things done faster, whether it’s CTRL+C to copy or an F11 tap in a web browser for full screen. MT4 is also packed full of useful keyboard shortcuts to help you perform essential tasks faster. Here’s a selection of the most useful shortcuts:
- F12 – Full-screen
- F9 – Order panel
- F8 – Edit graphs
- CTRL+N – Navigator
- CTRL+T – Terminal
- CTRL+M – Market watch
Mobile App Usage
Forex traders often lead busy lives, meaning they need to be active on the go, which isn’t a problem for MT4 because the platform can be accessed from a tablet or smartphone. The mobile app isn’t as extensive as the desktop tool, but it will still keep you in touch with fundamental functions.
MetaTrader 4 will take your forex trading efforts to the next level, and even novice traders can make their way around the system. Unlock your forex potential now by making the most of the above MT4 features, whether you’re at home or on the go.
Featured image credit: Pixabay