Free Forex Trading Software – Metatrader 4 Review
I’ll start out this extensive course module – Technical Analysis (TA) with a Forex Trading Software section, writing a bit about the free popular Metatrader (MT4 & MT5) trading platform.
The reason is that some of the TA lessons will also include a brief Metatrader tutorial, a guide on how to implement the learned techniques into this currency trading platform, which i hope can be useful for Forex students, deciding to download this trading platform (DL links available below).
It’s a great, no cost way to start a Forex trading career, in case you’re on a budget or don’t want to invest in some expensive Forex trading software, when you’re just starting out and want to learn Forex trading as the main focus. In my opinion, this software has all the features needed for currency trading and so much more, TA included.
It’s an electronic trading platform used by millions of currency traders. It can also be used as an automated forex trading software, by using Expert Advisors (EA) coded in the MQL 4 (Metaquotes) language.
Basically what this means is that with your computer running, this software can trade for you while you’re at work, playing golf, whatever… And if you don’t want your computer running when you’re away, one can even use it on a VPS server.
So you (or an EA programmer) can code your own EAs and Custom Indicators and back test the results by using the back testing function and the historical data base this software is equipped with. How far back the historical data goes depends on the time frame used, i.e. H1 (hourly rates) goes back to 1999, as of this writing.
For a beginner in Forex trading, this software offers a no cost entry (excluding Broker Spread) into the Foreign Exchange trading world and another positive side is that most serious Forex Brokers these days now have a MT4 or MT5 platform option available, usually through either a Demo or Live account download.
Demo accounts usually expire after 30 days but in MT it’s easy to open a new one, so the trader can use it for another 30 days and so on. This can be done by right clicking the Account folder in the Navigator window and then click ‘Open an account’ on the menu.
To find this program on the Net try the search term “metatrader 4 download” or “metatrader 5 download” in Google. To find Metatrader brokerages through Google, common search phrases are “metatrader broker”, “metatrader 4 brokers”, “metatrader 5 brokers”, which is the newest version of this software. But the MT4 version is still very popular among many Fx traders.
Personally, i use mainly Oanda’s MT4 trading platform, i’ve had an account with this online broker for years and in my experience, it’s a stable and reliable brokerage, no problems so far.
And the Spreads are one of the lowest in the industry, so it’s highly recommended. In case readers want to try out the Oanda MT4 Demo/Practice, here is the link to the sign up page:
DL for MT4 iPhone Mobile version: https://itunes.apple.com/en/app/metatrader-4/id496212596
For more information, here is also the Oanda MT4 FAQ link http://fxtrade.oanda.com/trade-forex/metatrader/faq#maxtrade
A convenient feature with this broker is the option for Micro-Lot trading, which for a beginning Forex trader is a great, low risk start to Live trading, which makes it possible to open positions with very small Stop Losses in terms of money, but still have plenty of Stop Loss room in terms of Pips.
This is recommended in my view, until getting more experienced and can increase Lot sizes, with the goal of becoming profitable in the long run. Trading with real money (not only Demo trading) in this way, will gradually and better learn the trader how to deal with trading emotions connected to Profits, Losses, Greed and Fear, without doing too much damage to his mind and trading account, in the process.
Below is a list of other popular Metatrader Brokers:
(5 trading days per week version, follows the New York session)