Currency trading on the foreign exchange market is a good modern way to test your trader skills. With a lot of room for growth and improvement, Forex trading can be a simple hobby, a side hustle, and eventually - even your main source of income.
The history of the exchange of goods is a fascinating one. The shifts in different currency standards kept shaping and refining our markets. The introduction of the free-floating system in 1973 - a monetary system in which exchange rates can move by the sheer influence of market forces without government interference, has opened the gates for currency speculation and interference.
Forex trading in the past required a different skillset and a lot of insider knowledge. The internet and the systems it created have eliminated the barriers that constrain potentially talented traders and gave them full access to the foreign exchange market. In this article, we will discuss MetaTrader 4 (MT4) - the gold standard tool for Forex trading, its interaction with a broker of your choice, and other advantages it presents.
The customizability of a trading platform
The beauty of MT4 is its applicability for everyone. Every beginner has to recognize this platform because it also offers a great, progressive learning experience that will help you either master its customizable tools or accumulate enough knowledge to move on to more advanced platforms.
Setting up MetaTrader 4
Once you create your account, download MT4 to a device of your choice. A desktop version on a Windows Operating System will give you the most benefits without the necessity of other applications to ensure its proper functionality.
To start your trading career, click on the "tools" section in the toolbar and select "new order". To speed things up, you can also use the F9 shortcut. The order window can be a bit overwhelming for beginners, but understanding its components will quickly help you grasp the basics of currency trading:
- Symbol window gives you options of markets you can trade
- Volume adjusts the number of contracts
- Stop loss helps you stop the trade in unfavorable circumstances to cut your losses
- Take profit locks in your desired profit to minimize risks and avoid harmful fluctuations
- Type helps you adjust the time when your trade opens. Choose "instant execution" to execute the trade instantly.
Space for growth and scalability
MetaTrader 4 has plenty of add-ons and tools that will help you personalize your trading experience. Expert Advisors (EA) are the supreme helpers that help you automate your trades if you choose to do so. Customization is the best way to organize the bombardment of market information into quickly understandable segments. Virtual Private Servers (VPS) help intermediate and advanced traders realize their trading strategies by improving other factors that increase the margin of error for your decisions. VPS Forex trader is a great provider that offers servers with customizable hardware and locations closest to your broker to reduce latency and speed up executed trades. Tech-savvy users thrive in a modern Forex market by maximizing technical tools and using them to their advantage. If you want to be a successful trader, focus on technical proficiency to ensure growth and scalability.
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.
Forex trading is a great opportunity for proactive, business-oriented individuals looking for trading experience and passive income opportunities. While trading on the foreign exchange market was far less accessible and dependant on less efficient communication devices in the past, today, anyone can try their luck in Forex. While it may be easy to get into, trading has a high skill ceiling, allowing you to turn additional income into serious wealth.
Modern Forex trading operations get executed on digital platforms that assist the process with a multitude of tools for displaying valuable information and automating certain parts of the process. While you can find plenty of software supported by brokers, MetaTrader 4 (MT4) is an old-timer that struck gold and captured the hearts of most traders. The customizability of the platform helps users create the most comfortable, personalized setups depending on their skill level.
If you are a complete beginner, you are in luck. In this article, we will help you take the first steps in the world of Forex trading. The popularity of MT4 makes it the best choice for newbies because you will have tons of educational sources available to guide you through your journey. Here is how you trade on Forex using MT4!
Understanding the Foreign Exchange Market (Forex)
While you will encounter plenty of praise for the flexibility of MT4, let's gloss over the basics of Forex. The market outshines stock trading and other markets due to its size and accessibility. Just like cryptocurrency trading, Forex currency exchange runs continuously, 24 hours a day.
To start trading on the Foreign Exchange Market, find a broker and download a free MT4 platform. The broker will act as a middleman that grants you access to the market, while the software allows you to modify the presentation of data, automate steps with robots - Expert Advisors (EA), and of course - perform trades.
Placing your first order
To place your first order, click on the "order" icon. Here you can select the desired currency pair, make adjustments to your position size in the "Volume" box, choose whether you want to sell or buy by clicking on the color highlighted windows. The "type" box grants us different types of execution depending on certain conditions. For your first attempt, leave it at "Instant Execution", and experiment with other options once you get a deeper understanding of the market.
How can I get the most value out of the platform?
The modern, digitalized trading environment is dominated by the most efficient means of communication and automation. More than 70% of executed trades on Forex are automated. While MT4 provides great tools for algorithmic execution, Virtual Private Servers give traders the best locations, hardware, and internet speed for forex trading. VPS Forex Trader is a great hosting provider that offers customizable options for experienced traders who want to maximize the precision of executed trades on Forex. Remote connection to a server allows traders to monitor and tweak the sequence of performed tasks, while a superior VPS location that is close to your broker and great internet speed minimize the margin of error and the luck factor in Forex trading. To get the most out of the MetaTrader 4 trading platform, set it up on a Virtual Private Server.
Thanks to the internet, anyone can start trading on the foreign exchange market. With modern customizable software, Forex, and cooperation with available brokers, you can start exchanging currency from the comfort of your own home. Testing your trading skills can be a great way to generate passive income and diversify work opportunities in the future. However, the modern trader has to possess some level of technical proficiency to compete in an easily accessible market.
Because the web creates an immensely powerful system that connects us and allows us to communicate with individuals all around the world, there are more Forex traders that trade through broker servers than ever before. Anyone can start executing their first trades in no time, but the ones that want to turn it into a living utilize both old tricks of the trade, and new technological solutions to manipulate software and achieve optimal efficiency.
Modern trading platforms like MetaTrader 4 (MT4) have revolutionized the foreign exchange market. The customizability of MT4 helps both beginner and experienced traders with adjustable data presentation, scalability, and even automation. Expert Advisors (EA) are the main game-changer, allowing us to apply algorithmic automation for to execute the most routine trades without interruption.
Traders that want to stand out in the modern Forex environment hold on to every advantage they can get. With so many talented individuals and the tools that help them achieve near excellence, the rest boils down to optimal hardware, location, and internet connection. A trader that takes all the right decisions can come up short due to latency, unexpected power outages, and other external factors.
Thankfully we can deal with these problems by incorporating Virtual Private Servers (VPS). Instead of basing the trading system on a home computer, experienced traders rent a VPS to get a portion of a protected server in a location closest to their broker. In these optimal conditions, long-term trading plans can avoid unexpected interruptions and margins of error.
Most Forex traders use Windows Operating System because it provides the best support for trading software, and a trading VPS usually comes with Windows as well. But what about Linux users? How can you connect to a VPS on your Linux distribution to keep a watchful eye on a trading system and make adjustments?
Connecting to a Windows VPS through Linux is very easy and allows you to get the best of both worlds without any OS changes. Most Linux distributions have an open-source software called Rdesktop. To establish a connection, open your terminal window, and type in the command "rdekstop", your VPS IP address, and the port followed by a semicolon.
Most Linux users understand the limitations of their OS for Forex trading and use Windows on their VPS to run MT4 or other trading software. We recommend checking out VPSForexTrader - a reliable hosting provider that offers customizable deals tailored for trading on the foreign exchange market. Just choose the most favorable location and hardware options, and you will be able to connect to your remote VPS on Linux in no time!