Since its set up in 2005, experienced online traders and brokers have continued to embrace the MetaTrader trading platform. But why all the hype and why do people use MetaTrader?
This article discusses major reasons why this has been the case and why you too, should consider using this online trading platform. It is an analysis that will guide you as you get started on the leading trading platform.
Let’s jump right in.
What is MetaTrader?
Metatrader is a trading platform that allows its users to customize their trading preferences. With MetaTrader, you can automate your trading such that trades open and close automatically depending on the preset parameters.
Many traders use MetaTrader for forex trading but it is one of the best applications for trading in other markets such as stocks, futures, cryptocurrencies and commodities using CFDs.
Why do online traders use MetaTrader?
How is the idea of subscribing to a successful trader for helpful trade signals and insights? Excellent, right? Did you know that with MetaTrader, you can reproduce all the trades of a seasoned trader on your account?
Here are five more reasons why people use MetaTrader for their trading operations.
Provides an easy-to-customize platform
You can make multiple adjustments to the MetaTrader platform to suit your tastes and preferences. For instance, you can adjust the platform’s appearance by right-clicking on the charts to change the default colours of the different elements displayed in the chart.
The application also allows you to adjust your trades by setting up a one-click trade. You can do this by clicking on tools, go to options, select trade and click the ‘one-click trading’ option to customize your preferred trade settings.
Easy integration of various assets
While it is popularly associated and used in forex, MetaTrader is also helpful in other market platforms. It has an easy to integrate user interphase that allows users to analyze and customize transactions on an online trading platform or via CFDs.
Automation of trades
This feature is really helpful and saves a lot of time that would otherwise be spent on hunting for entry points. By using MetaTrader as an online trading platform, you can attach expert advisors who trade on your behalf even while you are away.
Advanced chart tools
For you to succeed in forex trading, you must master the art of studying the price movement of currency pairs. Metatrader provides you with advanced chart tools which enable you to do this with ease.
You can view multiple charts at a go to get a clearer picture of the market trend. What’s more, you can adjust the chart settings to set up your preferred indicators.
Metatrader is built on lesser resources and therefore, runs on low latency. This helps keep in check any possible disruption on your device’s normal performance. Without a slow down on your device, your trades are executed in real-time.
How to set up MetaTrader
- Sign up by creating an account with an online trading platform
- Download and install MT4
- From the MetaTrader window, fill out your account details.
- Please note that you can use MetaTrader to access different online trading accounts. You only need to crosscheck the active account before placing trades.
Once you are logged in, you can always initiate a new trade by going to tools and clicking on a new order.
The MetaTrader has remarkably revolutionalised online trading. It is an easy avenue for you to make an income without spending long hours monitoring trades. In case of any queries, traders can easily get in touch with their brokers through the platform.
Concerning digital assets security, this platform provides advanced security protocols that keep your profits and capital protected at all times.
That said, if you are just starting, it is advisable to start your journey on demo accounts. This way, you will get to sharpen your skills and have a smoother experience with the MetaTrader platform when you start implementing these skills on a real account.