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How to Automate Your Trading Using MetaTrader
If you are a trader who wants to spend more time away from the screen, it's time to consider an automated system. The far-and-away preference among new and experienced traders is MetaTrader 4, a free-use platform for futures, commodities, CFDs, indices, cryptocurrencies and Forex pairs. Most of the better online brokers offer MetaTrader 4 for download directly from their sites.
With millions of traders already using this software, you should know the basics about how you can adapt the system to suit your own particular needs. Here are the key points to know so you can quickly set up the automated features you want:
Is this Platform Right for You?
Whether you are a new trader who wants to take small steps toward proficiency or an experienced professional who needs tons of data, MetaTrader 4 can get the job done. New traders report that the system is easy to understand and to use. There are plenty of educational tools build into the interface. That's nice when you want to quickly look up a trading term or see how a certain type of transaction works.
Best of all, there's a demo platform you can use as long as you like. This option is ideal for anyone who wants to try out the system and get used to it before making "real" trades. Experienced traders like the huge library of indicators and special graphical capabilities. Overall, MetaTrader 4 has been a success because it caters to traders of every level.
What Are the Main Advantages?
Some trading systems take forever to deploy and set up. MetaTrader 4 can be deployed in minutes on just about any computer by anyone. You do not need to be a technical genius to set it up. A related advantage is the amount of memory the system uses. Because it's so cleverly designed, MetaTrader 4 packs a punch. It delivers a massive amount of capability without hogging your computer's memory space. So, there's no need to worry about data overload.
MetaTrader 4 can handle complex trades and sophisticated transactions all day long but its saving grace is that its design is user friendly. Beginner investors typically spend about 30 minutes getting used to the layout of the main functions and page designs. Another big plus is its versatility. No matter what operating system you use, MT4 will do its job. Whether you use iOS, Windows, Mac, Android or Linux, there's never a compatibility issue.
Automating Your Trades
It takes a few seconds to automate your trades with the MT4 system. Simply call up the trade parameter screen and enter the data it asks you for. In the majority of situations, you'll want to tell the system your preferred price, the number of units you wish to buy and any timing criteria. After that, the trade will be executed to your specifications unless you cancel the setup. That's just a typical example of how a very simple trade would work. You can set your own criteria for trading however you like.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes.