Are you looking for an additional source of income? If yes, then Forex trading could be a good option for you. Over the years, Forex has emerged as the most liquid and profit multiplying financial markets attracting first time traders and advance traditional market traders too. The right currency buying and selling decisions at the right time can help you maximize your returns on investments easily.
The advent of Forex Metatrader, electronic trading platform has made currency trades convenient for those who have a day time job and engage in trades for a second source of income.
Developed by MetaQuotes Software Corporation, Metatrader is an electronic platform created in 2002. It is one of the complete and truly programmable platforms with its own programming language. What makes it stand out is that it is independent of the FX brokers. However, brokers from across the globe are incorporating this software into their platforms for high functionality and performance.
So far there have been two versions of this software MT4 and MT5. MT4 is widely used by most of the brokers as compared to MT5. This platform includes features like diverse technical analysis tools, ability to run EA’s (Expert Advisor) and Forex Robots.
Reasons For the Metatrader Software Booming Popularity
Here are some reasons for the success of the Metatrader software among brokers and traders:
When it comes to Forex trading, the major concern of any trader is the security. With Metatrader, you can say goodbye to your worries as it offers outstanding security to investors by keeping personal and transaction details safe and hidden from unauthorized users. The data on this platform is encrypted between the trader and the server with a 129 bit key. This hides the trader’s IP address from intruders. This ensures safety and peace of mind to the traders.
This is the most exciting feature about MT software. It has revolutionized FX trades and taken it to a new level. The automated trading feature is ideal for those who are busy with their everyday errands and can’t keep track of the money market fluctuations and trade opportunities. With the help of the Expert Advisor’s and Forex Robots, you can monitor the currency market second by second. And by setting certain specified FX parameters, the Forex Robots can engage in and handle all your trades automatically.
Ability To Import and Export Data
In addition to keeping track of all your Forex trades, Metatrader also enables you to import and export data for better analysis.
MT is also compatible with various mobile platforms including iPhone, iPad, Windows Pocket and Android. You can download the MT software on your mobile device and engage in trade on the go from any part of the world at any time through your smart phone or PDA. You can access financial markets and stay updated with the FX news and events without being tied to the desk.
Manage Multiple Accounts
The MT platform also offers the facility of managing several accounts. The Multi-terminal feature enables you to run and manage multiple accounts with ease at the same time including live and demo accounts.
In Built Technical Analysis FX Indicators
A variety of FX indicators are built in MT software that enables traders to perform technical analysis quickly and make smart FX buying and selling decisions. Additionally, if you wish to use other FX tools besides the ones already embedded into the software, you can easily do so. You can use the customizable indicator function to code other FX technical analysis tools as per your needs.
It also comes with an email service built into the system. It enables traders to receive messages from the broker and also FX market updates.
How To Get Started?
For a better understanding of this software it is advisable to download it and create a demo account to practice on it first. Once you get the hang of it, you can set your trade parameters for Expert Advisors and let the EA’s trade for you automatically when you are not around or you are asleep.