Tips and tricks of the mt4 trading platform
Forex trading is such a lucrative business that every single day the number of traders in this industry is increasing. But trading the financial market is not easy at all. Those who are trading the forex market successfully has gone through many obstacles and hardship. In order to become a successful trader, you must have the proper knowledge about the financial industry. So for trading the different financial instrument you need a trading platform which will provide you the environment. There are many different types of trading platform in this industry but the mt4 trading platform tends to be the traders favorite choice. The rising popularity of the mt4 trading platform remains within its reliability and simplicity. In the eyes of trained professional mt4 is considered to be the best trading platform when it comes to execution speed. There are many novice traders in this industry who have devoted their lives to learning the technique of forex trading but they have skipped the advanced tricks and tips available in the mt4 platform. If you truly want to make profit consistently in this market then you must know every single bit of details of your trading environment. So let’s see some of the amazing features of the mt4 platform.
Fibonacci retracement tools
There are many amazing tools in the mt4 platform. If you are trading the forex industry for a couple of months then you must be familiarized with different tools available in the toolbar. One of the most amazing features in the mt4 platform is Fibonacci retracement tools. Fibonacci retracement tools are used by many professional traders to identify the trend reversal and specific entry point in any financial instrument. Those who are trend traders also use this tools to identify the retracement ratio of the prevailing trend. But there are other four types of Fibonacci retracement tools available in the Metatrader which is not known to many traders. There is a button named Insert in the tools bar containing the most advanced Fibonacci retracement tools. Professional traders also use the Fibonacci Arc and Fibonacci fan in their trading. This is also very much similar to the Fibonacci retracement tools. At a certain point, it becomes very difficult to draw proper retracement level in the currency pair only with the help of Fibonacci retracement tools. In that case, professional traders use the advanced Fibonacci tools like Fibonacci Fan and Fibonacci arc. Even many professional traders in the financial industry don’t know how that these tools even exist. If you are a swing trader or long time frame traders then you must know about these highly reliable tools available in the Metatrader 4.
Equidistant Channel tools
Channel trading is very much popular among the professional and novice traders. Making money is comparatively easier using the channel trading strategy. On the left side of the Fibonacci retracement tools button, the equidistant channel tools are present. Professional traders use these tools when the market moves within a confined region. The advanced channel drawing tools can easily be accessed by hitting the insert button in the toolbar. There you will find four different channel drawing tools which can be used in the technical analysis. One of the most popular channel drawing tools is the Fibonacci channel tools. These tools help the traders to identify the potential retracement level of the currency pair during its range movement. Linear regression is another type of channel drawing tools which is used by the many professional traders during cross pair analysis. The false spike and false move of the market can easily be identified by using the linear regression channel. In the eyes of trained professional, the standard deviation channel drawing tools are considered to be one of the best trading tools to identify the potential support and resistance level in the market. To be precise the channel drawing tools has been four different parts which are capable of plotting important support and resistance level in the ranging market.
You might be thinking what is the markup tools? Mark up tool is nothing but the Text tool in the mt4 platform. Trading the financial instrument successfully requires an extreme level of skills and determination. Professional traders use small notes in the chart so that they know the most significant level in the financial instrument. For instance, the high of a certain currency pair can be market as “high 21st April high”. Some of you might be wondering that this is not necessary but in reality, it is one of the most important things you should do when you do your analysis. If you start using the Text tools then you will definitely observe that your trading discipline and analysis level has developed to a great extent after a certain period of time. Always remember to highlight the key point in the chart. Use a different color to set the different priority level to your remarks.
Summary: As a free platform Metatrader has got everything needed for a professional trader. Even this is considered to be more efficient and reliable than many other paid trading platform. If you truly want to master the art of forex trading then you must know how to use your mt4 platform. All the functions and parameters must be well known to you since it will save a huge amount of your time and will provide the better trading environment. The more you learn about the mt4 platform the more arsenal you will have in your trading analysis. To be precise, you will have the options to choose the best trading tools and will be able to do your technical analysis with a great level of accuracy.