As forex beginners, it is necessary for them to understand that there are not only potential profit taking possibilities but also many unexpected risks existing in the Forex market. Trading forex successfully is not an easy thing to accomplish; it takes time and efforts to improve their trading skills. After making the decision to enter forex market, traders need a reliable forex trading platform to start with. MT4 is one of the most popular, user-friendly, and widely used trading platform, providing many good features to help forex traders trade forex with ease and comfort. In this article, I would like to discuss how to trade forex with mt4trading platform.
Why do traders want to trade forex with mt4 trading platform?
First, as we mentioned before, mt4 offers extremely user-friendly interfaces and easy ways to monitor the forex market and place orders, allowing traders to conduct forex trading with ease and comfort.
Second, it doesn’t require any commission to trade forex with mt4. Traders could easily download the demo account of mt4 trading platform for free from most forex brokers in the world. Forex beginners could use demo account of mt4 trading platform to practice their skills before going live.
Third, traders can make use of a wide range of useful forex indicators, technical analysis tools, advanced charting capabilities and so on to analyze the forex market when trade forex with mt4. Not only traders could choose the indicators or tools they want to use, but also it is possible for them to customize these tools to suit their need in forex trading.
Last, it is secure to trade forex with mt4 since mt4 trading platform offers trader with safe trading environment and highly encrypted data to prevent from attacks and hacks on traders’ accounts.
How to trade forex with mt4 trading platform?
After we know the benefits to trade forex with mt4, so now how can we trade forex with mt4 trading platform? If you haven’t got any mt4 trading platform installed yet, please follow our tips to choose a reliable mt4 trading platform, download it and then install it on your computer.
Firstly, traders need to understand the basics of forex trading, such as what currency pair is, what pips and lots are, what spread is, what going long and going short means, what stop-loss and take-profits level means, etc. Take EUR/USD currency pair for example, Euro is the base currency and the U.S. dollar is the quote currency in this case. If the bid price of EUR/USD is 1.2940 and the ask price is 1.2943, then the spread here is 3 pips, which would be paid to the broker. Moreover, you need to generate a forex trading plan to determine your trading styles and form your forex trading strategies in order to succeed in forex trading.
Secondly, after you are fully prepared with enough knowledge, then you can choose to practice trading forex on a demo account of mt4 trading platform risk free before going live. Based on the technical and fundamental forex analysis, traders can decide whether going long or going short on the currency pair. To execute a forex trade on mt4 trading platform, traders can start with a click on the New Order button, and then calculate the lots size that they want to enter. Then, traders could set stop-loss or take-profit orders in advance according to their trading strategies. In summary, trade forex with mt4 can be beneficial for forex traders and it is suggested to try out the mt4 trading platform by downloading a free demo account.
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