After the pandemic, the world will never be the same. Many people have understood that even the most successful business can be destroyed in one day because of the governmental decisions entrepreneurs do not influence on. That is why many people have started to use all the available resources to find a backup source of income. Forex trading is one of the possibilities to make money without even leaving one’s home and successfully combining it with the main business. Those who have decided to connect their lives with trading on the market for foreign exchange should carefully select a broker, an intermediary for trading, as well as a platform. Among platforms available for beginning traders, MetaTrader 4 is one of the simplest to get started. If you are interested in how to use MetaTrader 4 and what a good trading platform should be like, read the main features below.
To trade on the Forex market, you will, first of all, have to select a broker. The choice of platform to trade will mostly depend on the options supported by a chosen broker. And vice versa, when you are choosing a broker, it is worth paying attention to the range of platforms it works with. So, here is what you need to pay attention to selecting a platform for trading.
- It should be free
Any trading platform can be provided for a fee. Reliable brokers do not offer platforms that are available for a charge.
- It should have a convenient interface
It is one of the most essential aspects for beginners who need to concentrate on acquiring knowledge and practice instead of being confused with price charts and analytical objects. For instance, the already mentioned MT4 has got a beginner-friendly interface, while the range of functions is a bit limited if compared to the next version, i.e., MT5. A trader can switch to the latter after gaining some experience and feeling more confident in the Forex market.
- It should have more instruments that you plan to trade now
A beginner should start with Forex trading, i.e., work with currencies. But it is generally recommended to diversify the portfolio of a trader. Thus, look for a platform that offers not only currencies but also:
- CFDs, and
- spot metals.
Otherwise, in the future, you will have to look for another platform that supports more trading instruments.
- It should provide a demo account
Practice is crucial for a beginning trader. No one would be happy to study and make mistakes that will cost real money. The demo mode of trading makes it possible to practice with virtual money. So, to avoid being frustrated because of the first failures on the market, make sure a chosen platform has a demo account.
- It should have easy access to support
Using any software, there can be questions. Be sure a chosen platform replies fast and has convenient communication channels. The selection of a trading platform is vital. The more scrupulously you treat this process, the better your experience on the Forex market will be.