MetaTrader, the famous forex trading platform
MetaTrader 4 is a free-of-charge program specially designed for online trading in the Forex market. The built-in technical indicators allow you to analyze securities’ quotes, whilst the MQL4 network enables the development and usage of automated trading strategies. In order to trade in the financial market, traders need a program that allows them to analyze quotes, make trades and develop strategies.
MetaTrader 4 is a complete online trading package designed for providing brokerage services to Forex markets. The system has all that is needed for brokerage companies and at present, is considered the best online Forex trading platform. Until now, there are over 200 brokerage companies and banks worldwide that are using the MetaTrader 4.
MetaTrader 4 allows you the possibility of developing and using automated trading programs, known as the Expert Advisors (EA), to do the trading for you.
The Expert Advisor is a small program that you can embed/install into MetaTrader software. It is written in a specific programming language called MetaQuotes Programming Language Version 4 (abbreviated to MQL4). It can be switched on and off to automate your trades. It can analyze the chart as any indicator do plus it can, at specific conditions, open, modify and close trading orders for you.
Why Do Average Forex Traders Lose Money?
According to DailyFX.com, A Premier Site For Forex Trading News, Charts, Signals, & Strategies, most forex traders lost money due to poor money management. A lot of traders just do not seem to follow a simple good money management strategy: Take your profit quickly and cut your losses short. Unfortunately, this strategy is actually harder than it sounds because of a few natural, built-in traits that all humans have. Humans are made greedy, fearful and thus, inconsistent. That is why, according to DailyFX again, most traders would probably lose all their money in one single trade right after winning a few.
Making money by trading forex is all about consistently taking profit, no matter how small it is and consistently cut your losses at losing trades. The BEST forex trading strategy is to do all that, plus consistently look for currency pairs that would give you indication of a winning trade. Has anybody done this? sure. Can just ANYBODY do this? I think not. This is why Expert Advisor is needed.
- It runs 24/7
- It consistently look for winning trade
- It consistently cut loses to minimal
- It has no greed, no fear and very consistent
- It does all of the above for all currency pairs simultaneously
- Most importantly, it has ingrained strategies in its mind and will stick to it no matter what
Again, can a human do this? yes. you would need at least 4 PC monitors and probably a few computers to cover the need of the processing power and you, sitting in front of them for hours and hours. Or, you could save yourself from a lot of trouble by using a profitable expert advisor instead.
How To Select The Best And Most Profitable Expert Advisor
There are 4 things that you would have to look for a money-making expert advisor:
- High percentage of winning trades – means the EA would detect a lot more winning trades than losing ones. In other word, the EA that has the least drawdown percentage (losing trades).
- The least loss in each trade – means the EA has strict stop-loss policy to ensure minimal losses on losing trades.
- Software maker/seller that can show proven, Live forex account results that meets both requirements above on their website.
- Have huge customer base – indicating satisfaction of the product usage.