Trading in Forex is often confused with guaranteed profits and success. It’s not uncommon to see ads from providers that try to entice subscribers to trade and invest in exchange for a relaxing and luxurious life. It’s common to see both huge losses and large profits in Forex. However, the high risk of massive profits can be an attractive factor that can intrigue you into dabbling into the Forex trade yourself.
Since losses are not uncommon, instead of using paid forex signals as soon as you step into the game, it would be better to be cautious and use free forex signals instead. It’s easy to engage in trades and exchange free signals on various trading platforms. That’s where free trading platforms like MetaTrader 4 and 5 come into the picture. That’s why it’s important to understand how to trade forex signals on platforms like Metatrader 4.
What is Metatrader 4?
Once you have legitimate and forex signals with high accuracy on their results, you can use them and trade on forex trading platforms like Metatrader 4.
Metatrader 4 is one of the most popular and more used trading platforms for trading forex signals and CFDs, commodities, indices, futures, and even cryptocurrencies.
Additionally, some brokers license the platform and make it available to the public. It’s available through more than 750 brokers and banks for the service of traders from all over.
Metatrader 4 is so popular because it’s easily accessible and available to anyone who wants to trade. Beginners and seasoned traders- all can use MetaTrader 4.
The platform was developed by the Metaquotes software corporation in 2000 and made it available to all operating systems. There are also versions of Metatrader 4 available for mobile use, on which the traders can take trades and make an analysis.
While the mobile-friendly version can be very convenient to use on the go, it doesn’t offer all the available features on the desktop and PC versions. So for more comprehensive analysis and trading, the PC version would be a better choice for traders.
How To Use Metatrader 4?
To use the MetaTrader 4 trading platform online, you can download it from your broker’s site as nearly 95% of the brokers make it available through them.
It’s free to download and use. You’ll need to make an account, and you can use the free demo account to test the features the MetaTrader 4 platform has to offer.
You’ll then need to fund your account so that you can begin your journey to trading. After that, you’ll be free to make trades on your chosen device and analyze the strategies.
You would need to choose your specific market before you begin your trading, and in the case of Forex trading, you can choose the FX market.
You can then set up your charts and add indicators. You can even set up price alerts. You can make your trades, analyze them, manage them and keep track of them in your reading history as well. If you don’t want to trade with paid signals, you can easily find free forex signals from free signals providers and begin trading. It’s important to do your research and check out the legitimacy of the free forex signals before you proceed.
What is Metatrader 5?
After the immense success of Metatrader 4 in the Forex trading world, five years later, the developers released Metatrader 5. This platform focused on the trades of stock and commodities, which would help the traders dive into the centralized markets. The MetaTrader 5 is more popular in the US because it applies the no-hedging regulations. It also has inbuilt strategy testers available.
Though released later, Metatrader 5 did not see the immense success that its previous platform Metatrader 4 did.
MetaTrader 5, too, can be downloaded and installed from your brokers’ sites and can be used to trade and analyze the markets as is done on Metatrader 4.
Like MetaTrader 4, MetaTrader 5 is also completely free to use for traders.
Is Metatrader 5 better than Metatrader 4?
Though MetaTrader 5 was released years after the development and success of MetaTrader 4, it’s not as widely used as MT4. There are differences between both the platforms in terms of their focus and programming language. The Metatrader 5 (MT5) is focused on trading non Forex CFDs and allows for the Depth of market functionality.
MT4 was built keeping the forex trade in mind, using the MQL4 programming language, and allowing only single backtesting, unlike MT5, which allows for multiple ones.
There is also no economic calendar included in the MetaTrader 4.
Metatrader 4 is still the most widely used platform and doesn’t seem to be in danger of phasing out. Metatrader 5 will be a better choice if you need to comply with US-based regulations. Otherwise, MT4 remains the most widely used platform.
How to Trade Using Free Forex Signals on Metatrader 4?
Trading on MT4 using free forex signals is possible. You can use the free forex signals you get from free signals providers and use the mirror trading technology to copy and paste other live traders’ forex signals. This can be possible when successful traders provide public access to their Forex trades for free. Otherwise, you may need to subscribe to them to check out their grades. Sometimes, such traders even provide access to their forex trades for small fees, becoming signal providers themselves.
If you wish to use free signals from free signal providers, then there are many available, too. Forex.com, MQL5 ForexGDP, JKonFX, Learn2Trade, and Daily forex are some of them. Some paid forex signal providers provide free subscription periods to traders, too.
Final Thoughts
While Forex trading sure has its ups and downs, iIf you’re not well versed with the strategies and don’t arm yourself up with the available knowledge on Forex trading, forex signals, and free forex signals at that, it can be a grueling and risky experience.
Presently, the sharing of free forex signals on social media platforms like Telegram, WhatsApp, Instagram, and Reddit is very prevalent. The difficulty arises when you have to decide on the legitimacy of the free forex signals. Trading on Free forex trading platforms like Metatrader with free signals makes it easy to cut down on the risks.
