how to open a real forex account on Metatrader 4 MetaTrader 4 is a platform for forex traders. Using MetaTrader 4 will be quite difficult for novice traders. Therefore, on this occasion, we will discuss a complete tutorial on how to register for MetaTrader 4 for beginners.
Foreign exchange aka forex is a foreign currency exchange transaction, also known as forex or forex in Indonesian. In trading Forex, clients can use a specialized platform called MetaTrader 4. However, for novice traders, the MetaTrader 4 platform is considered quite difficult to use.
What is Metatrader?
MetaTrader is a forex trading application that is very popular and widely used by forex traders. In addition to Forex investments, MetaTrader is also used for other virtual investments such as CFDs (Contracts for Difference). By forex traders, it can help metatrader traders to access online forex broker system.
There are 2 versions of MetaTrader, namely MetaTrader 4 and MetaTrader 5. MetaTrader 4 was first released in 2005 which is specifically designed for trading Forex, Futures and CFDs. Whereas MetaTrader 5 was released in 2010 which has been optimized for the latest developments in Forex trading technology.
Company MetaQuotes Corp. This application developed by was created with the aim of supporting mini trading with medium to high investment values. This application, also known as MT application, can really be a learning tool for novice traders. Because the MetaTrader application is equipped with sophisticated features and tools to help even novice traders analyze the financial markets.
For beginners, it is recommended to try the MetaTrader 4 platform, as MT4 is an easier and less complicated system for beginners to master. Even MT4 is much more popular than MT5 as it is more widely used by investors and forex brokers.
The MetaTrader 5 application has recently started to grow in popularity as more and more brokers are providing this platform. Furthermore, the MT5 application is designed to do some things that MT4 cannot, such as trading stocks and commodities on the exchange.
The MetaTrader application has many advantages and disadvantages for forex traders. The advantages of the MetaTrader platform are as follows:
- MetaTrader can be accessed and used on a variety of devices such as PC/Laptop and Smartphone. Especially on Windows, Mac, Android and iOS operating systems.
- Access to a wide variety of trading products such as Forex, CFDs, Futures and Indices and Commodities.
- The MetaTrader app is available in several languages.
- There is an internal email system that allows forex traders to receive information about forex news, messages from forex brokers, etc. directly.
- Data is easy to export, both softcopy and print data.
- Supports various execution techniques, both market execution and instant execution.
- It is equipped with encryption that is updated regularly to prove that it is a good security system.
Keep in mind that this MetaTrader application is not an application created by a broker, but by MetaQuotes Corp, a specialized forex trading tool development company. MT application so that traders do not have to readjust from the beginning with other forex trading applications.
How to open a real forex account in Metatrader 4 easy for beginners
In order to trade Forex, potential traders must first have an account, either a real account or a demo account. For beginners who still want to learn Forex trading, they can use a demo account where the capital is virtual or not real.
In order to have an account, potential traders must first register with the chosen forex broker. The data required to register a real account includes:
- Email address.
- Scan the identity card for data verification.
- Bank account for deposit and withdrawal flow.
- Have an account with Liberty Reserve Bank.
After having a forex account, traders can directly install the MetaTrader 4 trading terminal application on desktop, Android or iOS. please open the official website https://www.metatrader4.com/
Then the trader has to login first. The account number and password to log in can be found in the email on account registration. If you are successful in logging in, you will see a green connection status.
After that, you can continue to use MetaTrader 4 to perform forex trading transactions.
MetaTrader 4 Features
To more easily understand how to use MetaTrader 4, traders must first understand the features inherent in the MetaTrader 4 platform.
1. Can be used for demo account
The advantage of MetaTrader is that it can be used for both demo and real accounts. Whether it is using a demo account or a real account, there is no difference in the application. All the features and functions are the same for both real and demo accounts. The only difference is that a virtual account from a demo account is also virtual money.
2. There are different order types
There are 3 types of order types namely Market order type, Pending order type and Other order type.
- Market order types are further divided into 2, namely buy and sell which can be executed instantly.
- The types of pending orders are divided into 4, namely Buy Stop, Buy Limit, Sell Stop and Sell Limit. Also can be executed directly.
- Other types of orders include Take Profit and Stop Loss for automated trading, as well as Trailing Stop which are useful for maximizing profits.
3. Chart and Indicator Features
There are various comprehensive features for charts and indicators, including interactive charts with 9 time frames, which can help traders draw detailed conclusions about market price movement conditions. Then technical indicators include Moving Averages, Ichimoku, Bollinger, Fractal, etc.
Custom indicators include CCI, ATR, Bull Power, Bear Power, RSI, etc. Then MetaEditor and STG Tester.
4. Has a trading robot library
Trading robots can be downloaded as per the needs of the traders. This trading robot can be created from a script that can execute transactions automatically.
5. Financial news information in real-time
The news feature in MetaTrader provides real-time news and analysis from market analysts.
6. Notification Time
The use of this feature is for the accuracy of analysis for fundamental traders.
Using a Demo Account for Beginners
Traders who are new to forex trading are advised to use a demo account first. This demo account was created with the aim of giving beginners the opportunity to learn how to trade Forex. Furthermore, it can also be used to try out new forex trading strategies.
Traders are free to open as many demo accounts as they want, as there is no limit. However, keep in mind that any demo account that is inactive for 180 days will be automatically closed.
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