If you open a demo or live account with an online Forex broker you have to use a trading platform in order to execute trades with that broker.
A trading platform is a software which provides a mechanism for the trade execution and includes additional tools to facilitate technical analysis like e.g. Japanese Candlestick charts with indicators.
Many brokers provide a choice of different trading platforms. Almost without exception every retail broker provides the Metatrader 4 platform. It is useful
to have some knowledge about this platform and how it works. This article will provide an introduction to Metatrader.
Two Metatrader platforms are often used and available: Metatrader 4 and Metatrader 5. Both of these are available as free standalone software for the user to download and install on their own computer or device. The Metatrader platforms are offered by MetaQuotes Software Corp.
The Metatrader 5 platform is a newer release. Most traders have mostly continued using the MT4 platform so we will focus on Metatrader 4.
Brokers which are providing accounts compatible with Metatrader 4 usually provide download links where a demo or live account can be opened and a customized platform downloaded and installed making the process a little easier.
When a demo or live account is up and running the tick-by tick price changes in that broker’s price feeds can be displayed and analysed within the Metatrader 4 trading platform. The mainly uses of Metatrader 4 are:
Your broker will probably provide traders the choice of using either Metatrader 4 or at least one other trading platform. Often the alternative to Metatrader 4 is a proprietary browser-based platform. You should have in mind the advantages and disadvantages of choosing Metatrader 4 over any likely alternatives.
Please read on: MetaTrader 4 User Guide - Navigation