2005 revolutionised FX trading for non-institutional investors, as it structured the chaos of different system and applications existing until then. However, the program may be downloaded from the website of the broker tradefort mt4 forex be used for the trading account, thus benefiting from pre-configured currency pairs, IP addresses and other parameters.
When using the software package for the first time, a demo account can usually be opened with the FX broker, a few brokers may ask for a registration and account opening on their website beforehand. Charts Charts can be produced for all tradable items of the broker, their chart type, colours and similar can be configured at the user’s discretion. Also indicators can be added as desired, a variety of well-known indicators is already pre-installed. Nevertheless, instant execution orders and pending orders should be available as a minimum. When placing an order, take profit and stop limit information can be entered in addition to the ticket size.
Basically all users can develop their own Expert Advisors which will trade according to the programmed trading strategy. Expert Advisors can be very simple trading systems or complex strategies like neuronal networks and genetic algorithms. The use of Expert Advisors comes along with a number of advantages. EAs can monitor the market around the clock and react to specific market situation without the trader’s permanent presence. Since FX markets are active for 24 hours on business days, this allows the benefit from all trading opportunities in the market. Additionally, there is no limit to the number of currency pairs and markets to be monitored simultaneously. Expert Advisors also permit the concurrent use of several trading strategies for further risk diversification.