Currency trading on the foreign exchange is a great opportunity for individuals looking to test their trading skills. Unlike stock trading, it does not require a big portfolio to begin your career. While the availability of Forex trading makes it a very competitive market, persistent, ambitious, talented traders have more leeway to manipulate available tools and develop unique trading strategies.
The effects of information technologies have brought convenience to the world of trading. With gatekeeping out of the way, tech-savvy geeks can dominate the market from the comfort of their own homes. With enough interest, the hobby can turn into a profitable side hustle and even your main source of income.
To satisfy the needs of ambitious traders, we have a fair share of useful trading platforms that offer customizability and valuable insight to navigate your system. MetaTrader 4 (MT4), a platform developed MetaQuotes Software, created a gold standard for online trading. Even after 17 years since its release, it remains the most popular platform due to its immense customizability.
In this article, we will teach you to execute your first trade on MT4. With great features and scalability, the platform offers a great learning experience and growth opportunities.
Create an account and download a platform
The first step does not require a lot of explanation. The installation process does not differ from the ones we encounter on daily basis. Once you create an account with the broker of your choice, download the platform for free and proceed with the installation instructions.
Execute your first order
Once you have your account up and running on the platform, locate the "New order" button on the toolbar or press the F9 shortcut. Now adjust the parameters to execute the desired trade. The "Symbol" window lets you choose the currencies, while "volume" adjusts the amount. Different types of orders help you automate and manipulate the timeline, but for your first order, choose instant execution.
Great customization potential
What makes MT4 attractive for beginner traders and a good platform for long-term traders is its impeccable customization. Graph changes and indicators help us track changes to make appropriate decisions.
However, the best tools that can help you turn a hobby into a decent livelihood are Expert Advisors (EA). The majority of trades on Forex today are automated. A lot of simple executions are easily manageable with algorithmic automation, which gives great scalability opportunities.
What separates great traders from good ones is the maximization of software and hardware capabilities. To get greater internet speed and locations close to a chosen broken, we recommend renting Virtual Private Servers (VPS). VPS Forex Trader is a great company that offers customizable servers on which traders can run their instances of MT4. With servers for trading in high demand, this provider offers great flexibility to fit any trading strategy. When combined with EAs, automated trading does not encounter unfortunate interruptions, such as power outages and other risks that may force you to turn off your computer. Such complementary tools will help you maximize the benefits of MT4 - the most popular Forex trading platform.