Using Metatrader

Filed under: Learn Forex Trading |

There are various platforms that you can trade the foreign exchange markets on, but one of the most popular is the platform known as Metatrader.

 

The one major drawback for me, as an Apple Mac user, is that Mac OSX does not support Metatrader. However, there is a way around this by setting up a VPS (virtual private server) for a monthly fee, which allows you to use a pc computer remotely via the Mac software “Remote Desktop”. This effectively gives you a second pc computer running on your Mac. In my opinion, it is well worth doing as Metatrader is a great platform to use.

Figure 1.

Figure 1 shows Metatrader set up to view fifteen forex pairs simultaneously. You can click on one of these pairs to get a better view (see Figure 2). You can also zoom in and zoom out, and view charts on 1-minute, 5-minutes, 15-minutes, 30-minute, 1-hour, 4-hour, daily, weekly, and monthly timeframes. To do this you simply click M1, M5, M15, M30, H1, H4, D1, W1, and MN (see Figure 3).

Figure 2.

There are various tools in Metatrader to help assist you in your trading. The Fibonacci tool is one I use a lot, together with the horizontal lines that you can draw on the chart. There are also a whole host of indicators that you can overlay on your charts. I only use the exponential moving average indicators, as I like to keep my charts clutter free. I also use the ‘rectangle’ tool in ‘insert’ and then ‘shapes’. I use this to draw in my areas of support and resistance and color it in green. This then stays in the background.

 

Figure 3.

All in all, I would not like to use any other platform to trade on, as everything I need is included in Metatrader. I have tried some other online platforms, and they always seem to fall short. Metatrader is the one for me – give it a try on a demo account. I’m sure you won’t be disappointed.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>