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Thursday, 28 June 2012

MT4 Forex Brokers

Why MT4 Forex Brokers Are Better For You

Ever since the introduction of MetaTrader 4 (MT4) by MetaQuotes, many brokers have bought the licensing rights of this platform to provide this trading client to traders under the brokers' wing. Indeed, there are now over 300 MetaTrader Forex brokers, and the number is set to grow. So why is this brainchild of MetaQuotes so popular amongst brokers?

Benefits of going under MetaTrader Forex Brokers

1. Ease of use - MT4, the most popular version provided by almost all MetaTrader Forex Brokers, is very user-friendly. Its interface is intuitively designed and the essentials are all clearly laid out for the trader. For example, in the "Charts" window, the toolbar contains useful tools such as pip rulers and line-drawers to give traders a graphical aid when deciding on the execution of a particular trade.

2. Expert advisors - Expert advisors are programs that execute trades based on a very specific set of rules and instructions. This provides one of the main reasons for the popularity of the MetaTrader platform. The use of expert advisors potentially allows traders to essentially trade hands-off, or at least trade without the influence of greed or fear.

Expert advisors are designed and programmed by a C-like programming language known as MQL4. As such, traders fluent in this language can customize their own expert advisors or create them from scratch. These expert advisors will, in essence, mimic the trading behavior set up by their programmers, determining the viability of a trade based on only logic alone.

3. Free-of-charge - The MetaTrader trading platform is free-of-charge. This means that you can download the trading platform from any MetaTrader Forex Brokers or directly from the MetaTrader webpage itself and run it on your computer without paying a single cent.

4. Vibrant MT4 community - The MT4 community is an active one. Many programmers have created and sold expert advisors to traders and these traders actively review the utility of these expert advisors. In addition, MQL4 programmers frequently create custom indicators, and share them on various Forex forums. This has led to a thriving market for pre-made expert advisors and has also led to the creation of many expert advisors and custom indicators for the community.

How do I start trading on MT4?

As mentioned, it is free-of-charge to download MT4. However, you can only trade in Forex with this platform by going through a MetaTrader Forex Broker. The broker will act as the middleman, consolidating and executing orders from traders. Luckily, because of the popularity of MT4, most major Forex brokers, such as Oanda and AvaFX will allow traders to trade through MT4 as well as their own in house developed platforms.

It is therefore no wonder that MetaTrader is currently the most popular trading platform with financial traders. With so many advantages from using this platform, the reason for the abundance of MetaTrader Forex Brokers is self-explanatory.

To find out more about using MetaTrader brokers to help automate your Forex trading and for a selection of top Metatrader Forex broker offers, visit the independent automated Forex trading review site at www.fxsystemtrader.com, Good luck!

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