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Learn how to Download, Install and Setup the Metatrader 4 platform onto your computer in this tutorial presented by IC Markets.
Ecn Forex Brokers Canada – Forex Metatrader Brokers
Ecn Forex Brokers Canada
Forex MetaTrader Brokers are those Forex brokers who offer the MetaTrader 4 (MT4) platform to their clients.
In case you are new to Forex – the “platform” is the software that allows you to monitor the market and open and close trades from within your forex broker account. There are many brokers out there and many platforms but MetaTrader is by far the most popular one. Consequently the number of Forex MetaTrader brokers is also quite large compared to the other brokers out there.
Why is it so important whether your forex broker offers the MetaTrader platform or some other platform? MetaTrader has not become the most popular platform out there accidentally. This software has some exceptional features compared to many of the other platforms available today! Let’s quickly go over them:
1. MT4 is Free. Forex MetaTrader Brokers let clients and prospective client download the software for free and create a demo account on their servers! This a great way to polish your trading skills without risking real money! Once you download the platform it is very easy to install and the interface is very intuitive and feature-rich. There are no “Bronze” versions, Web-version etc. All the features of MetaTrader are immediately available to all clients as soon as they download the platform.
2. The MetaTrader platform is integrated with Charts, meaning that not only does it show current prices of the currencies to the users but it also allows them to open charts, place Technical Analysis indicators and oscillators on the charts (e.g. MA and RSI) all in one application. You will not have a whole mess of windows all over you desktop – it’s all contained tightly within the MetaTrader 4 main window. As a direct consequence of this integration – placing an order is really easy! Simply right click on the chart and select New Order from the Trading context menu! If you click in the area where you want your price to be the system will offer to open a pending order at that price! How convenient is that?!
3. The fact that the charts are a part of MT4 and automatically available means that you are actually getting 2 pieces of software for free – the platform and the charts! Remember – there’s still many brokers out there who will give you the trading platform for free but will not provide you with free charts. You have to pay to get access to charts with these brokers. Not the case with forex MetaTrader brokers! Ecn Forex Brokers Canada
4. Automation! Perhaps one of the best feature of the MetaTrader platform and that is why both Forex MetaTrader brokers and their clients love this software is the built-in automation system! MT4 supports a special programming language called MQL which allows traders to create their own indicators, scripts and even fully automated trading robots! The robots are called EA’s (“Electronic Advisers”) and are in essence programs, which everyone can use with MetaTrader to analyze data, automate a range of tasks, create alerts or even automate the entire trading process completely!
There are many EA’s available with the most popular one definitely being Forex-Autopilot. This amazing MQL program will trade on your behalf – monitoring the market, opening and closing positions for you day in and day out, regardless of whether you are sitting at your computer or playing golf or sleeping!
Even though Forex-Autopilot is a pretty profitable little robot and has sold by far the most copies of all similar products available on the market, my personal vote goes for FAP-Turbo, another robot developed by the same team. Although it is not quite as popular as forex-autopilot (and the only reason in my opinion is because it is brand new – released in Nov 2008!) it definitely outperforms FAP in all aspects: providing real-time results on its web site (information from 3 real accounts being traded in real time, streamed to the site LIVE!), placing server-based Stop-Loss and Take-Profit orders (Forex-Autopilot relied only on internal, programmatic stop loss and take profit, and providing 2 strategies which the robot selects automatically which one to used based on timerframe and market conditions.
5. MT4 offers tons of other features not available on other platforms. It has a huge arsenal of technical analysis indicators and you can always plug in more – since you can add more MQL modules to your MetaTrader station at any time!
You can customize the look and feel of your charts. You can export and import your data and preferences.
Another very important feature is that every Forex MetaTrader broker keeps an archive of historical prices and these prices are available for download through your MT4 system. You can use these prices to test your own strategies or you can run the robots on these data thus testing how profitable it will be. Many other parameters such as slippage, Stop-Loss and Take Profit available at time of placing an order, etc., to detailed to over them here! Ecn Forex Brokers Canada
Components Of Metatrader
The Metatrader is a program that many Forex traders use when it comes to the speculation of currency pairs. It is developed by MetaQuotes Software, and has gained favor for its ability to help decrease the workload required to be done in order to make successful trades. Currently, the best of the Metatrader series is the MT4. MT5 is still under beta-testing, but when it does take off, it would definitely be much better than the previous one. As for number 4, here are the useful components that you will find in it.
The client terminal refers to the part of the program that the client or receiving traders will use. It is provided by the brokers they have chosen, and is used as real time trading or as a demo version in which clients can practice their trades with. Basically, it comes with trade operations, charts, as well as analyses in real time. With the MQL, a programming language for the platform, these can be updated by the brokers so that clients can enjoy customized items when they use expert advisors. There are 50 indicators provided in which helps pinpoint crucial data to you. These indicators can nevertheless be customized so that you can choose the particular data you are interested in attaining.
Another component is the MT4 mobile, which allows users to use their accounts via mobile phones or laptops. The server component would refer to the place where all requests are sent and handled for trade operations. This is where you will receive your data from and where your data will be sent to for trading, as well as keep your trade records. This is controlled by the administrator, the one who manages its settings. There is also the MT4 manager that handles the inquiries customers bring forth, and would help them manage their accounts. The last component would be the data center, which acts between the server and the client terminals, so that there is no overload in the main server.
Fixing Metatrader Software
There are cases wherein you need to fix the metatrader software. No matter how reliable they seem to be, applications also have their own limits. Though most people think that fixing metatrader software automatically requires a professional, there are cases that you can do the repair. There are several procedures you may perform to check and troubleshoot some metatrader software concerns.
Check the Installation
Some systems malfunction because they are not properly installed. Check if all system requirements are met or if there is a glitch in one of the installation components. Generally, the program you obtain from metatrader providers contain more than just one file. Make sure you have copy and pasted or properly installed all of the components. The folders contained in the program downloaded should be reflected in the root directory of the metatrader.
It is necessary to have the same filenames for each component. This is crucial for traders using third party software that is not developed by a certain programmer. In case the system still reports missing files then this is the time when you consult the provider.
Some metatrader programs function according to the type of account. For instance, there are live accounts and demo accounts. If the account is no longer active then certainly the applications won’t function anymore. The system won’t be able to manage the trade process. Demo accounts and live accounts have their expiration dates and terms. Make sure you satisfy the terms indicated.
Another misconception is that metatrader applications malfunction solely because there is a glitch in the program downloaded. This is not the case always. Sometimes the problem can also be in the metatrader platform itself. If the network is experiencing problem, it is most likely that you will also have problems with your applications.