Want to Trade Forex? Here's What to Know

MetaTrader 4 offers a wide range of advanced charting tools and order types, as well as price-quotes in real time to make prudent trading decisions. The platform has a user-friendly interface grouped into four main windows – the Chart window, Market Watch, Navigator and Terminal – and beginners can quickly get used to its main functionalities. If you intend to day-trade the markets, you’ll spend most of your time in front of your trading platform, so it’s of crucial importance to have a platform that suits all your needs, besides being fast and reliable.

Related: Currency Hedged ETFs to Help Keep Forex Swings in Check

Traders can analyze price-charts in a variety of ways, add indicators with the click of a mouse and quickly manage their open positions. In addition, you can also place pending orders with MetaTrader 4 which will execute automatically once the price reaches a certain level, so you don’t have to wait in front of your screen for hours for a trade setup to form. This is a useful tool for breakout traders – simply place a pending order below or above a major support or resistance, and let the platform do the rest.

This article has been republished with permission from Modest Money.