Understanding the Metatrader Platform
The MetaTrader platform from Metaquotes is the free, user friendly trading platform you will need to use if you want to trade using most of the automated trading system robots, such as the Bogie EA or any of the other thousands available now on the market. I have been using this platform for many months now and have found it far easier to use than most of the platforms I have seen and used in the past. It features easy to use controls, has a full compliment of built in functions and indicators and it is very stable. If you have more than one trading account, you will probably agree that using a common platform for all of them makes it far less confusing when switching between accounts. MetaTrader lets you use the same interface, but with different brokers. The Broker GameThere are hundreds of brokers that presently offer MetaTrader for their clients and the list is getting longer every day. Be sure to do your homework to ensure the broker you choose for a live account is reputable.Stick to registered brokers such as Alpari, FXCM, Velocity Fx (Gain Capital) or any of the other big guns in this business. Smaller brokers may offer you what seems like a better deal, but your personal risk will be much higher. Be sure to double check the credentials of any broker before you send them your money. Some regulatory bodies, such as the CFTC and the NFA are increasing the capital requirements of Forex brokers to help protect us little people against loss. This is a good thing since there are constant examples of brokers going broke and leaving traders with huge losses. The Expert AdvisorsThe largest benefit of using the MetaTrader platform is the ability to use trading robots, or Expert Advisors (EA's). There are thousands of these EA's available and new ones are being developed every day.Please, please, please test any EA on a demo account before letting it trade an account with real money. You need to fully understand how these robots perform in all market conditions. Don't just blindly believe the trading results that advertisers show you. Give MetaTrader a Test DriveIf you have not yet discovered the MT4 platform, I think you should give it a try. It opens up a whole new world of possibilities within our trading universe.All the brokers that offer MetaTrader accounts also offer free demo accounts. Set up a demo account or two and check out how this platform works. I think you will be pleasantly surprised. Wishing you trading success,
|
