Millennials are known as the digital-savvy group. Very familiar with technological advances. No wonder many of them choose professions related to the digital world, starting to become YouTubers, celebrities, influencers, including online businesses. The reason is simple, online business is not bound by location and time. Anytime and anywhere can be done.
Now from the various online businesses that millennials are engaged in, foreign currency trading (foreign exchange/forex trading) is now increasingly in demand. Profits are derived from the rise and fall of currency trading prices between countries. So in order to be able to transact comfortably and your investment money is safe, make sure you have an account on a trusted, credible, and reputable forex broker platform.
Short Guide for Beginners
It’s better to choose a forex broker that provides a deposit with a low nominal so you can start practicing forex trading from a small value first. For beginners, it is very important to know the best forex trading platform for beginners that are safe and good. Finding it is fairly easy. The more crowded the forex market, the greater the number of forex brokers. This makes it quite difficult for beginners to find a trusted forex broker.
No need to offer many additional tools or indicators, a broker is said to have good qualifications for beginners as long as it can meet the basic needs of traders, such as a trading platform (at least MT4), major forex pairs as trading instruments, deposit and withdrawal options, and so on.
Developed by MetaQuotes Software Corp, this application is quite popular among traders. In addition to trading, this forex application also makes it easy for you to connect with hundreds of forex brokers. Launching the official website, MetaTrader 4 makes it easy for traders to carry out technical analysis along with a flexible trading system. Not only that, this application even helps you to get real-time price quotes.
For beginners who are still very new to the forex trading platform, they may feel confused about what to do next after installing MT4. In fact, MT4 has a very vital role because this is where traders can carry out their trading activities. For this reason, this article was written for beginners as a guide on how to use MT4.
MT4 Components
Market Watch: Useful to see the Bid and Ask prices of the various pairs available. On this screen, you can also make modifications by right-clicking the mouse on the price column. This step will allow you to add columns of Time, High/Low, Symbols, Detailed specifications of each pair (Symbols – Properties), bring up a new Graph Chart, and so on.
Navigator: This section is located below the Market Watch screen and contains your account data and scripts or EA.
Chart: The main screen that displays currency price movements
Terminal: Located at the very bottom which is useful for viewing the status of your orders, financial reports, news, and so on.
Server Status Signal Bar: Indicates internet connection detected by your MT4. It’s important to make sure that this section displays ever-changing numbers, or else it doesn’t show 0kb.
This indicates that the MT4 chart is working with an adequate internet connection. The bigger the number, the better the connection performance, so that your activities using MT4 will be smoother. In addition, you can also see the indication of the signal color. If all are red, it means that the server has not been connected or there is a problem with the connection. You can click on the signal for you to re-scan the server allocation.
Before starting to use MT4, pay attention to the parts above that can be shifted or resized in size, and can also be hidden as needed by clicking or dragging and then moving around, and so on. You can also bring it back by pressing the “View” menu above.
Becoming a forex trader is not an easy matter and at the same time can not be used as a trial and error. Knowledge, accuracy, and prudence are needed, because without it all the money traded will run out in an instant.
is forex trading profitable? For those who want to dive into the world of forex trading and become successful traders, then you can learn tips for successful forex trading specifically for beginner traders:
1. Learn Forex Trading
2. Avoid Handing Over Forex Transactions to Others
3. Choose the Right and Trusted Forex Broker
4. Understand Money Management
5. Keep Calm in Managing Loss Trading
