There are many different ways of trading the financial instrument in the world. Trading strategies and trading environment greatly vary from traders to traders. All the professional traders always make sure that they have a clear understanding about their trading platform since it helps them to perform the technical analysis in the forex market. Most of the novice traders struggle hard in the early part of their trading career since they don’t know how to trade the market properly. Even there are some traders who often don’t know the perfect way to use their trading platform. But if you truly want to become a professional trader in the forex market then it’s extremely important that you learn how to trade the market with your trading platform. There are many different types of a trading platform in the forex market but Metatrader 4 is considered to be the most popular trading platform both in the professional and novice traders’ community. If you truly want to become professional forex traders then it’s extremely important that you know the most important features of the mt4 platform so that you can take the best possible trade in the market. Let’s discuss some of the amazing parts of this platform which will enhance your trading performance to a great extent.
Pending orders: Most of the novice traders in the forex market almost spend 24 hours of the day on the Metatrader 4 platform in order to find the best price in the market to trade the different financial assets. But if they knew about the pending orders type of the mt4 platform than they could easily save a huge amount of their time in the market. All the professional traders in the forex market always use the pending features to take high probability trades in the market. If you are sure that the price will reverse its direction after hitting a certain level then you can easily use the limit orders type available in your pending orders. You can even use the stop orders type to trade the breakout in the market. But before you use the pending features of your trading platform make sure that you know how to do the technical analysis with a great level of precision. If you are not sure about a certain level in the market then don’t use the pending features of the trading platform. Use it wisely along with potential stop loss and take profit level since it will enhance your trading performance in the long run.
Use multiple charts: Most of the retail traders in the forex market fails to make money since they don’t use the higher time frame in the market. They simply use only one-time frame in their Metatrader 4 platform and execute their trade and incur a loss. But all the professional traders always use the multiple time frame analysis in the market to improve their winning edge in the market.SO if you truly want to learn how to use your trading platform life the professional trader then you need to learn the method of multiple time frame analysis. It’s true that you will have some difficulties in doing the multiple time frame analysis. But if you are truly committed to learning then you will eventually learn how to trade the market with multiple time frame analysis. The advanced coders have done a brilliant job in developing the charting tools in the mt4 platform so it’s your duty as a trader to learn how to use them with a great level of ease. Focus on your trading platform and explore its additional features since every single item can enhance your trading performance in the long run to a great extent.
Use the clean chart: Due to the technological advancement, the trader can easily install lots of EAs and indicators in their trading platform. Most of the novice traders in the forex market things that using too many indicators in the chart will increase their potential profit in the market. But when it comes to real life trading using too many indicators just increases the potential risk in the market. So as a full-time professional trader you should focus on the clean chart and try to trade the key support and resistance level in the market. It’s true that there are some professional traders in the forex market who often use one or two indicators in their technical analysis but they never take a trading decision based on indicators reading only. They simply use them as helping tools in their trading and try to filter the best possible trades in the market. If you look at the professional price action trader then you will be surprised to see that they all use the naked chart in their trading platform and take high-quality trades in the market. You should focus on the charting tools of your trading platform since it will really help you to find the potential entry point in the market.
Summary: As a professional trader you must feel comfortable with your trading platform. All the professional traders always make sure that they are comfortable with their trading platform in the market and they always keep their chart cleans. Look for price action candlestick pattern in the higher time frame and try to trade the key support and resistance level in the market. Once you find the best possible setups in the market execute your trade based on proper risk management factors. Since the developers are constantly working hard to bring new changes in the mt4 platform so you should always experience the new updates of your trading platform since it might help you in your trading significantly.