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.