Filling up your trader toolbox with the right tools and trading strategies is half the battle when you are a forex trader. One of those indispensable tools is the MetaTrader4 (mt4) charting software that is available free of charge on the web.
Mt4 is the latest and greatest version of this software created by MetaQuotes Software Corp, specially designed for online trading, for technical analysis, and for the development and operation of custom technical indicators and automated trading systems. In recent years the retail forex trading community has seen an incredible surge of customizable, home-grown indicators and expert advisors from traders near and far building these on mt4 and sharing them with other traders in online communities and forums. This revolution in technical analysis fueled by the mt4 system has really given the trader an edge in finding new and tested systems for pulling profits out of the forex market.
This platform has some nice features that traders really love. Mt4 not only covers all currency pairs but can also provide charts for the futures and commodities markets. It can be based in any currency as well as any language. Also, trading directly from the mt4 charts is available with supported brokers. But the most impressive feature is the programmable indicators and automated trading programs (expert advisors, EA’s) that can actually do the trading for you. By using EA’s you can eliminate the need to sit for endless hours in front of a screen watching price movements in the financial markets, pretty revolutionary. Most EA’s and custom indicators are made available for free on the internet, although some traders do also sell these for a price, which sometimes is controversial in forex circles. Afterall, why sell a true winning system when you could just use it yourself to make millions?
There are only certain forex brokers that support mt4 for trading directly from the charts. These include:
Forex.com (Gain Capital)
Water House Capital (WHC)
Traders using a broker that does not support mt4 can still benefit. Download and open a free demo account mt4 from any of the above brokers and you can use all the charting and technical indicators, but continue to trade with your current broker. Water House Capital (WHC) has a nice mt4 platform that includes Dow futures chart, oil price chart, and other commodities, as well as all currency pairs. Not every mt4 downloaded from different brokers will have all of these features. It is also a good idea to have another price feed open and running on your desktop while trading just to see that your broker is showing correct price action. If you want to utilize expert advisors for automated trading, then you must open a live account with a broker that does support mt4.
Indicate Your Indicators
In order to build your own technical indicators and expert advisors mt4 has the built-in MetaEditor which allows you to do this, while the Strategy Tester can be used for testing and optimizing your expert advisor. Most traders like to use already built and tested indicators, there are hundreds out there. Just google “mt4 indicators and expert advisors” to find extensive lists of these for free on the internet.
There are several places on the internet now specifically directed to mt4 traders. These forums and websites are places where traders post their indicators and expert advisers. Besides forexfactory.com, there is also strategybuilderfx.com, and metatrader4.com with mt4 user forums. An mt4 user guide can be found at metaquotes.net/userguides . But for anyone who is moderately proficient with basic charts, they will have no problem learning the ins and outs of this charting software.
Mt4 has really changed the landscape of trading forex in many ways. Now traders develop and share their own technical indicators and expert advisors, constantly evolving the way in which traders analyze and trade this market. This is so important today as this highly volatile market also is always evolving. The mt4 charts, custom indicators, and ea’s can be an important tool to help pull in those daily forex profits.