Best Forex Brokers Offering MetaTrader 4
Background Guide To MetaTrader 4
Created by MetaQuotes, MetaTrader 4 has become the most popular Forex online trading platform which also allows CFDs and future market trading. Australian forex brokers that offer MetaTrader 4 (MT4) can download the platform for free once they open the site. By having the software forex traders can review currency prices, make trades and execute sophisticated strategies which may involve automation.
With a reasonable computer and internet speed MT4 takes just minutes to download and install. Once you activate the download through the MetaQuotes or from a best forex broker site you will need to accept their licence agreement and then accept the download as shown in the screenshot below. This is the time to read the licence agreement to make sure your comfortable with MetaQuotes terms and conditions.
Once you have downloaded MT4 the program with launch with default parameters. The central box will require a forex broker to open either a demo or main account. You can at this stage search for the forex broker you wish to trade with with forex broker companies like Pepperstone and IC Markets instructing how to select themselves and what server to us. If you don’t choose a broker the default is a demo account. Once you have successfully proceeded data will load up on the screen with charting updated periodically.
Once you login the standard MT4 screen opens with four standard chart windows. Each window tracks a unique currency pairing with the defaults showing the most commonly traded such as the EUR/USD.
At the top is a toolbar section while on the left is the “market watch” section where you can view a snapshot of the key currency pairing and their ask and bid prices. In this Symbol section you can click on the ‘tick chart’ which displays the price activity of an individual currency pairing.
The navigator section is just under ‘market watch’ and allows forex traders to view their forex trading account, indicators and utilise expert tools from scripts to expert advisors (with utilisers automation).
At the bottom of the MT4 there is the ‘Terminal’ section. The trade tab (the furthest on the left) allows traders to view open orders, trades. Elements such as current open orders, stop loss levels and profit/loss can be viewed here. There is also an ‘Account History’ tab which shows past orders.
Below shows all these areas on a screenshot of a real demo account dated on the 22/02/2016.
The four charts in the middle of MT4 can be changed to suit an individuals forex trading style and preferences. Just ‘right click’ on the chart you want to change and click on the ‘properties’ option at the bottom of the options. As the screenshot below highlights colours can be adjusted by variable from the line to the foreground and background.
Setting Up A Forex Trade
Once launching the MetaTrader connection you will be viewing live currency data. If you instead want to view past data or back-test a forex strategy you will first need to download the data from the MetaTrader 4 history centre.
You can open an order go to the ‘order’ window through either:
- Clicking on the left hand ‘market watch’ panel and selecting the ‘new order’ button
- Clicking on one of the charts in the middle, then select trading and then ‘new order’.
- Clicking on the “New Order” button in the top navigation toolbar.
The three methods above will open a standard new order box. Shown below. The symbol field allows traders to select the currency pairing they wish to make the trade for and changes the graph on the left. The Volume field determines the size of the trade. The default is 100,000 units also known a 1 lot which is a high volume trade with most traders preferring lower levels. Below this there are additional options including ‘stop loss’ & ‘take profit’ which most Australian forex brokers support. It should be noted these are not ‘guaranteed stop loss orders’ so slippage in highly volatile markets may mean you lose more than this amount. Comment is a field for your own reference while ‘Type’ allows you to choose if you want to instantly make the trade or make a pending order where the trader sets the price when they want to enter the market. The final two buttons allow you to ‘sell’ or ‘buy’ which determine the trade direction of the currency pairing.
You can compare MetaTrader’s best forex brokers in the comparison table below which is clickable for more information. The key factors that traders should consider when selecting the best forex broker for their forex trading tactics include:
- Leverage – What multiple of the initial deposit will the broker ‘lend’ allowing you to increase your risk profile
- Execution Speed – What technology platform exists to minimise latency from fibre optic cable to fast server speeds
- Fees – What spreads and commissions exist on trades
- Regulation – Is the forex broker regulated in Australia providing safeguards for traders such as segregated client accounts
Overall, this is a starting guide on MetaTrader 4 and the best forex brokers available that offer the platform. Navigate through this website more for detailed information on both MetaTrader and Australian forex broker providers.