If you’re thinking of investing your money but unsure of which market or asset class to target first, you may well be attracted by the lucrative (but volatile) foreign exchange.
After all, this entity now sees an estimated $6.6 trillion traded globally every single day, with this number having increased markedly from $5.1 trillion seven years ago. This increase has been largely driven by part-time traders, who have enjoyed far greater access to the marketplace through the digital age.
This is thanks largely to the emergence of platforms like the MT4 webtrader app, which provide almost instant access to the global forex space. But what are the other benefits of using the MT4 webtrader app for forex trading?
Enjoy Real-time Access to Market Prices and Liquidity
The forex market is impacted by various macroeconomic factors, which continue to trigger price shifts on a recurring and daily basis. This is why strategies such as scalping and day trading are so popular, as they enable investors to leverage the derivative nature of currency and utilise volatility to their advantage.
With apps such as the MT4 webtrader, you can enjoy real-time market prices within the 24-hour marketplace, so long as you have a viable device and a live Internet connection.
This affords you tremendous flexibility in terms of how you look to trade currency, particularly if you retain a short-term outlook and want to speculate on price movements within relatively short periods of time.
This also enables you to optimise the high levels of liquidity that exist in the forex market, particularly when trading major currency pairings (like the USD/JPY) that are incredibly easy to buy and sell in real-time.
Make the Most of More Than 30 Technical Indicators
Regardless of your trading strategy, most investors analyse historical data in order to predict future price movements and realise a viable profit.
To achieve this, you can use so-called “technical indicators”, which are essentially heuristic or pattern-driven signals that are most commonly produced by price or trading volumes.
Fortunately, the MT4 webtrader app is home to more than 30 technical indicators, including popular examples such as trend indicators and oscillators. The latter indicators are designed to track the forces of supply and demand in the forex market, with this providing significant insight into real-time and future price shifts.
The Presence of Automated Trading
When starting out as a forex trader, it’s recommended that you initially focus on one or two major pairings that benefit from increased liquidity and relatively predictable price trends.
However, you may want to scale your efforts in line with rising profitability and increased experience, and there’s no doubt that the MT4 webtrader app enables you to evolve your strategies as you continue to grow.
It achieves this by offering automated trading for investors, with so-called ‘Expert Advisors’ established as forex robots that can facilitate multiple trades within a short space of time.
The MT4 also utilises automation to help users manage risk in real-time, with tools such as stop losses deployed to automatically close positions once they’ve incurred a predetermined level of loss.