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Monday, 25 June 2012

MetaTrader Forex Brokers

MetaTrader 4 is increasingly becoming one of the most popular Forex trading platforms available. As a result there are now a wide range of MetaTrader 4 Forex brokers to choose from. While some brokers have introduced the platform in parallel with their own platforms, increasingly many are becoming solely MetaTrader 4 Forex brokers.

Below we highlight five reasons as to why you should explore the MetaTrader 4 platform prior to deciding on which trading platform use.

1. Forex Brokers allow MetaTrader 4 to be downloaded for Free

The MetaTrader 4 trading platform can be downloaded for free. You don't even need to open a live account to try it out as most brokers will offer a free demo account for you to trial. This enables you to test out the platform and get used to its functionality without the requirement to open a live account.

2. MetaTrader 4 is a complete Forex Trading Portal

The MetaTrader trading platform supports a range of chart types in including bar, linen and candle charts. The premium charts offer real time price updates and can display data in multiple timeframes for each currency pair.

Furthermore many MetaTrader 4 Forex brokers will also provide quality newsfeeds from Reuters or Dow Jones newswires for example. These are feed directly into the platform which helps to make MetaTrader a one stop dealing platform for serious Forex traders.

3. MetaTrader 4 Forex Brokers provide trading indicators

Most brokers will supply the platform with a large range of trading indicators to be used on the platform. These include both common technical indicators including moving averages and oscillators to more advanced trading indicators. These are easily applied directly to the chart and will update in real time.

More exotic indicators are available and if they are not provided by the broker they can generally be downloaded for free from the internet and installed on your platform.

For those who are experienced in programming the interface also allows you to program your own indicators and strategies and carry out full backtesting.This is something that few other platforms offer.

4. MetaTrader 4 Forex Brokers allow Scalping and Hedging Strategies

This is increasingly the case. Many brokers are also now tolerant to the use of 'Expert Advisors' or EA's. These can be loaded into the platform to provide complete trading strategies with both trade entry and exit signals. Some allow complete automation of a trading strategy on your account and can simply be left to execute 24 hours a day.

Both commercial and free EA's are available. These have proven particularly popular among traders looking to add a further dimension to their trading and boost their returns.

5. MetaTrader 4 Is a Common Forex Broker Platform

Because MetaTrader is so widely used you can easily run multiple accounts across different brokers and still use the same platform. This also means that you can easily move an indicator from one MetaTrader 4 Forex broker account to another. Similarly any templates or Expert advisors that you own can easily be copied across or reused.

An added benefit is that you can switch from one MetaTrader 4 Forex broker to another without having to familiarize yourself with a new trading platform. You can visit www.forextechnicalchartist.com to find out more about the best Metatrader 4 Forex Brokers.

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