Metatrader 4 MT4 Online Currency Trading Platform

A review of Metatrader 4 (MT4), one of the most well known online Forex trading platforms, in this case tested with the Alpari Micro Account.

If looking to trade currencies online, selection of an appropriate trading platform is critical. One of the most popular online trading platforms is Metatrader 4 also known as MT4. MT4 can often be downloaded without a charge from many online brokers, although registration is often required for either a live account or a demo account.
The following evaluation of Metatrader 4 is based upon the download available from the UK broker Alpari and has been tested by the writer with both a demo account and a live account.
Metatrader 4 (MT4) Online Trading Platform: What Can I Trade and When?
MT4 can be used to trade all of the major currency pairs offered by a broker, the platform linked to the Alpari mirco account allows the trading of 36 major currency pairs. Trades can be placed in the system at any time, allowing traders to follow opportunities across the world’s major hubs including Sydney, Tokyo, London and New York. It is however, worth noting that markets are only active between 20:15 GMT on Sunday night through to 22:00 GMT on Friday.
Placing an order in MT4 is relatively simple and requires the following information which is all presented in a single window labeled “new order.”

• Symbol: Select your currency pair
• Volume: The trade size in standard lots, 0.01 being the smallest volume of trade possible
• Stop Loss: Allows an automatic closing of a position at the specified loss price
• Take Profit: Allows an automatic closing of a position at the specified gain price
• Type: Allows selection of either instant execution or a pending order to be set up

Key Features Metatrader 4 (MT4)

Besides being able to place trades linked to a live account at any time, MT4 has a wide range of features which make the program the perfect online trading platform and include:

• Time Scales – The program features nine standard time increments from 1 minute increments to a monthly overview.

• Chart Display – Standard charts can be displayed in three setting including bar charts, candle sticks and as a line chart.

• Templates – In addition the currency chart, MT4 linked to the Alpari mirco account allows the imposition of a wide range of standard indicators including momentum, CCI and RSI along with a wide range of other options.

• Bottom Tabs – Along the bottom of the screen there are seven tabs allowing quick access to a range of information. Key amongst these may be the trade and account history tabs, the trade tab showing a summary of open positions and account history giving a display of the trades taken place in the current month.

As such, Metatrader 4 is a stable and simple platform allowing the trading of major currencies any time there is a market open. However, while the system is a simple one to use, remember that unless using a demo account, all trades placed are live with real financial consequences. As such, if new to the system, it is worth testing a few trades out first with a free demo account available from many brokers.

Source :  http://www.forexcashblog.com/metatrader-4-mt4-online-currency-trading-platform/