It might be controversial to say that a builder is only as good as the tools he uses, but this sentiment is certainly true for traders. You could take the most proficient of traders, but with sluggish trade executions, limited indicators, and high fees, suddenly a profitable strategy can morph into an unviable one.
This is why the topic of which accounts and brokers to use is crucial, and it raises the question of whether the increasingly popular MetaTrader 4 account from FxPro is the way to go for our success in finance and trading.
MT4 platform features
The first thing we consider when choosing a broker and platform is the features and interface that we can immediately see. MetaTrader 4 has been many traders’ number-one choice for almost 20 years now, and it mostly comes down to features and functionality.
MetaTrader 4 is free, yet it provides cutting-edge analytical technologies. There are 23 analytical objects with 30 built-in technical indicators – more than enough for any beginner to get started. The 2 stop orders, 2 market orders, and 3 execution modes also allow to capitalize better on opportunities, but equally minimize risk and exposure. For example, you could place to stop order at the same time as you open a position, to better manage risk.
So what about the advanced traders? Well, MetaTrader 4 has additional services and add-ons that make the platform truly customizable and scaleable. It can even be used for some algo trading, showing that it offers something for every trader. Algo trading is a branch of trading whereby you can use robots and other trading programmes to trade on your behalf, automatically. If you enjoy coding and are an accomplished trader, you could write your own. If not, you could buy or rent trading scripts from others.
MT4 by FxPro
FxPro a CFD and Forex broker founded over 15 years ago, with a long track record. It has built its reputation on good customer service, competitive fees, and ultimately, a wide range of account types for traders of all types. One choice faced when signing up to FxPro is whether to go with their MT4 account, or another one.
It’s true that the native FxPro platform is modern and slick, but that’s perhaps where the praise ends. Often dubbed to be a bit vanilla, the native platform seriously lacks charting capabilities and the integration capacity of MetaTrader 4.
FxPro MT4 is a great combination because it actually comes with over 50 technical indicators, as well as integration with Trading Central, which is a technical analysis service. This plug-in works directly with MetaTrader 4, and can essentially automate the searching for trading opportunities for you. Add-ons and integrations are often associated with advanced traders, but having software that can suggest and flag up opportunities is perfect for a beginner trader limited by time.
FxPro also offers its own virtual private server (VPS) for free if you meet certain trading volume requirements (otherwise it will come at a small monthly cost). This VPS can supercharge your trading, as it can run trading scripts in the background. Given Forex markets are open 24 hours of the day, 5 days a week, and FxPro is specialized in Forex trading, it means traders can capitalize on all trading opportunities – not just when they’re awake.
How to download the FxPro’s MetaTrader 4 platform
Another one of the benefits of using FxPro MetaTrader 4 is that it’s easy to download. It’s available on a wide range of devices and operating systems, such as Mac, Windows, Android, and iOS, and the desktop device should have 1GB of free hard disk space and 1GB of RAM at the minimum. Remember, MT4 has a web platform too, meaning it’s business as usual even with a new device; simply access the website without any installation.