If you've tried Metatrader before, then you know all about the high-tech tools that are available for Forex trading platforms. MetaTrader is one of the more popular and sought after Forex trading software applications. So, what's so great about MetaTrader?
MetaTrader is not actually a full fledged forex trading platform, it's a trading software application, and many Forex brokerage firms offer it as a free demo. But the really annoying thing when wishing to begin forex trading is obtaining a demo account and then having to complete a lengthy manual sign up process with a contact phone number and an email address. I wish there was an easier way. Luckily, there is and it's called MetaTrader4.
Entering a forex trading environment using MetaTrader4 is quite easy actually. The first step you will need to take is to select a broker from the list of offerings available on MetaTrader. After you've chosen your broker you can go to "My Account" and create a new demo account which will be available through your chosen broker's website. Once you've created a new account, you can then log into your MetaTrader4 account through your chosen broker's website where you will be prompted for all your personal and financial details which will secure your account.
Once you've created a demo account you can then log into your MetaTrader4 platform and perform any of the following transactions: buy and sell, deposit funds, or set up trading strategies. You can then navigate between the Currencies option in the "My Menu" section of your MetaTrader4 Home Page. If you like, you can even customize your Forex robot with one of the many pre-set strategies. When you switch from one currency pair to another, you can also drag the currency pairs icons around on the toolbar until you find the one you want. Dragging the currencies around will highlight them and you can then click on them to open their quotes. This makes it very easy to perform instant trading when switching between different currencies.
Some people may think that it would be a good idea to download metatrader 4 platform software in order to get started with the forex market. Although downloading the software is perfectly acceptable, it may not be beneficial to you in the long run as it could limit your ability to effectively learn how to use the program. I recommend that you instead create a free account on MetaTrader and learn how to use the platform before making the decision to download metatrader 4 demo software.
Once you have created a free MetaTrader account, you can then open a MetaTrader account using the same dashboard as the one used in the demo account. This way you are working with the same tools that you will eventually be using with a real forex trading platform. Switching from one platform to another does not have to be complicated and you can easily drag and drop currency pairs from the MetaTrader platform. Once you have made the decision to download metatrader 4, you can simply select the "Open" option from the main menu to begin the process. Once you have installed the software and have been successful with your demo account, you can then choose to continue building a new account using the same dashboard.