Forex trading can be a time consuming activity that requires close analysis of the foreign exchange market. Since money movement helps everyone around the globe determine the fair value of currency and come up with a fair rate of exchange, it is important for rookie traders to learn the basics of trading foreign exchange.

MetaTrader 4 comes as a handy tool for speculative traders since the finance tool allows for close Forex analysis while on the go. Predictions are easier to make since you get to view charts in real time anywhere you are. But MataTrader 4 didn’t become the widely used trading software if it was only capable of closely monitoring financial markets.

Find out the other features after the jump.

 

The value of currency, as we all know, works under the principle of supply and demand. What makes Forex trading attractive is that the market can only go two directions- up or down-which means anyone can have a 50/50 chance of being correct, without really knowing anything from the art of trading. Since with some knowledge you can increase your chances of success, MetaTrader 4 comes in handy as it allows you to practice trading using a demo account.

Once you’ve got a demo account, you can then check out all the features available, like the Quotes, Charts, Trade and History buttons.

The interactive charts allow you to zoom in on and scroll through values as you take a look at the fluctuations of the currency over the past few days. You can certainly predict the future value of one currency by observing patterns.

You can, of course, check out the other currency pairs available. If you want to learn how the US dollar fares against the Australian dollar, for example, you can just tap on the radial button like in the picture above.

You can also trade directly using the app, since it has more than 1000 servers of various Forex brokers available. Tapping on the History button allows you to view your trading history, so you’d know how much you lost and how much you need to recover to be able to retire comfortably. If you’re pretty good at predicting price direction (thanks to the countless hours using dummy accounts), you’ll be able to control the size of your win and loss, and you’ll be able to learn more about the nuances of Forex trading. It can take some time, but it’s bound to be worth it (especially since MetaTrader 4 costs nothing).

Download the one now and start learning before getting truly neck-deep involved in foreign exchange!

If you like trading stocks, you may want to check out MetaTrader 5.