MetaTraders in trading
MetaTraders are software that traders use to trade in online market. There are several things that trader should know in MetaTraders. There are two MetaTraders available with most of the brokers. Whether you are trading with Forex or other commodities, almost all Forex Brokers have meta traders as trading platform. Only a few brokers are offering web trader. Binary options trading can be done in web trader.
When a trader start trading using MetaTrader then it is necessary to see all the things and tools inside this software. Traders can install some indicators inside charts. They can change the color of candle sticks in chart. There are a lot of things that a trader can find only in a MetaTrader, it will not be available in web trader. Expert Advisors are script as we have told our readers earlier in an article. It can also be installed in this software. It is a complete package of trading system. There are two kind of MetaTraders available with brokers and in open market. One is MetaTrader 4 and other is MetaTrader 5.
If the trader is beginner then he should use meta trader 4 rather than MetaTrader 5, because there is a difference between these two software and there are some restrictions in MetaTrader 5. Normally it takes time to understand the features of MetaTrader 5, and if a trader is habitual of MetaTrader 4 then he will face problems while trading. It is highly recommended to use demo before start trading in live market. This thing is applicable to all the traders, whether they are seasoned traders or newbie.
Indicators in MetaTrader:
Indicators are the tools in meta trader that a trader can see within the charts. A trader can adjust four charts within the MetaTrader, but we would recommend to use only two charts, so that trader will not get confused. Four Charts will be available when trader install that software in their devices. In those charts, trader can use indicators that will help the trader to analyze the market. These indicators are technical indicators. These indicators indicate the expected movement of market, the convergence / divergance of market. The trend of market and many more indicators are available. Some of them are free and some of them are paid. We recommend traders to use free indicators that are already available with MetaTrader 4.
Traders can also make their strategies with the help of time frame, indicators and market timings/trends. They can use short to long time frame along with some indicators. The most famous pair of MACD and moving average. This is only one strategy, there are hundreds of strategies that traders make and use in their trading. Readers of this article should choose their own strategy and they should make their own unique strategy.
Why MetaTrader 4?
It is most convenient and most usable, simple and comprehensive MetaTrader. Traders can use any kind of strategy in version 4. For example, if a trader want to make a strategy of hedging, then he will easily do that in MetaTrader 4, but he will not be able to do it in MetaTrader 5. It is not available in it. Traders are not able to hedge a trade because if he opens a buy trade and try to hedge by a sell trade then it will open a sell trade and buy trade will close automatically with loss. This is the main difference that we found in MetaTrader 5.
MetaTrader 4 and 5 both can be used in automatic trading. There are some other automatic trading system in market. cTrader and cAlgo these are two automatic trading systems that traders are using nowadays. But if there is a newbie then it is highly recommended to do manual trading rather than automatic. This is because when he starts trading manually then he will be able to understand the market movement and the trading platform. If he is going to use robot or auto trading system then he will not be able to polish his trading skill. He will not make strategy, rather he will use only robots and auto systems to make money. As a result he will take this as money making only, not in professional way.
This is our advice to readers to trade in manual and go in the depth of market to understand. Polish your skills by practices and then trade safely. If you have any question then comment below and don’t forget to like us on Facebook.
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