If you’re from Australia and into forex trading, you are no stranger to the MT4 Australia platform. It is one of the default choices for beginner traders and perhaps the most popular.
This platform was developed way back in 2005 by Software Corp. Being a multi-asset trading platform, the MT4 can also be used for stocks, CFDs, and commodities. However, forex trading is the most popular asset category.
Though the MT4 platform is simple and easy to understand, you may encounter difficulties in getting the big picture of what to expect. This guide will talk all about that in detail.
Real-Time Access to Forex Quotes
The MT4 trading platform lists down market values and forex quotes in real-time. This enables faster and more accurate trade executions. The real-time bid against its respective trade will be listed under the ‘Market Watch’ window if you’re trading through a broker.
Not only that, but other details are also easily accessible, including currency, margin, contract size, spread, etc. Then there’s the market depth feature which shows real-time trade activities such as a currency pair’s number of sell or buy orders.
You can understand market sentiment through the market depth feature. For instance – if you find that the bid side liquidity is lower than the offer side, the market is bearish for a particular currency pair.
Fundamental and Technical Analysis Tools
Price analysis can be done on the MT4 Australia platform using many in-built charting and technical tools. Over 30 technical indicators exist, including Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), Fibonacci Retracements, and more.
Other than that, the platform offers 9 different time frames. Unlimited charts are accessible at once, and additional can be sourced from the MQL4 community. As a trader, you also get the flexibility to set alerts based on financial news, forecast price movements, define market entry and exit, and more.
Multiple Trading Orders
With two types of market orders, four pending orders, and three trade execution modes, the MT4 platform allows you to execute a trade using the strategy of your choice. All these mainly help with risk management.
For instance – the take-profit order enables the locking-in of desired profits before closing a position, the stop-loss order closes a position by default when the price moves in the direction opposite the forecast, and so on.
Given the platform’s straightforward interface, orders and execution modes can be launched from the ‘Toolbar’ window and easily modified or deleted. The platform is robust enough to support the needs of advanced traders.
High Stability and Robust Security
The MT4 trading platform is considered highly stable and secure, mainly because a 129-bit key encrypts the information exchange between clients and servers. Besides this, the platform fully supports the cryptographic Rivest, Shamir, and Adleman (RSA) digital signatures.
Even the traders’ IP addresses are encrypted. So, there’s no need to fear your money being lost to cyber criminals. Again, the platform boasts low slippages and is accessible through multiple devices such as PCs, smartphones, tablets, and more.
Above all, the MT4 Australia allows you to carry out automated trading without much intervention. You can even create customised EAs and indicators to deploy strategies.
Just remember to choose a trusted forex broker in Australia. There are many, but not every broker is suitable for every trader. This list should help you find yours. So, keep learning, keep earning, and happy trading.