One of the favorite trading platform which covers all the necessary features needed in forex, is MetaTrader 4 (designed by Metaquote Software). Any forex trader should try out this free, limitless open source software.
MetaTrader 4 interface doesn’t have flashy buttons and shiny currency rate tables, so it might seem difficult to use in the beginning, however it combines many powerful features, including multilingual trading interface, lots of technical indicators and analyzing tools, variety of expert advisors, unlimited charting capabilities, fast and accurate performance and much more.
Apart from available indicators, an experienced trader can write a new indicator and install it on MetaTrader 4. As a result, there are thousands of different indicators, written by other traders. This is, indeed, a true advantage of MetaTrader 4 over other platforms available today.
Metatrader 4 offers expert advisors, strategy testers and indicators, which allow forex traders to perform series of tests on real historical data. With the available graphics, traders can examine market conditions and perform technical analysis. To make things more convenient, it is possible to open as many windows as needed with the selected information (for example, you can analyze the same data simultaneously on different types of charts – candle, bar and line).
Speaking of expert advisors, via MetaTrader 4 it is possible to run the expert advisor on the past data. This allows traders to check the performance in the past, for example last year, before running it on the live data.
Metatrader 4 platform allows a complete customization of the interface, including colors, sizes and chart representation according to your personal needs. This is very important for traders that spend numerous hours in front of the computer screen. After all, forex trading is mostly about analyzing and comparing charts!
Metatrader 4 is surely not the only platform with the advanced features. Well-developed platforms offer same features and many other interesting options; however MT4 still remains the popular platform among many traders and contributors.
An interesting feature of MetaTrader for testing expert advisors is the ability to run an expert advisor for a past period of time. For instance, before running the expert advisor with live data, it is possible to check the past performance of this expert advisor, e.g., during the past year.
Bare in mind that MetaTrader4 platforms offered by different brokers have different configuration. Despite the honorable name the platform has, it is still necessary to try it out via demo account. After couple of weeks, you will be able to figure out which broker offers a better configured platform. Pay attention to requite requests, trading and connection errors. Definitely stay away from brokers whose demo account doesn’t match the performance of the live account.
Lastly, the whole forex trading world is breathlessly waiting for the release of MetaTrader version 5 which is most likely to be more than just a simple update!