There’s no doubt that forex trading represents a big and fast-growing business across the globe, even in developing economies such as Africa.
Here, exponential growth levels in activity have seen the number of forex traders based in Africa reach 1.3 million, with this trend having been accelerated during the coronavirus pandemic and people sought out new income streams from home.
This has been largely empowered through the rise of trading apps such as the MT4, which are incredibly user-friendly and accessible in 2021. But how exactly can this platform help you to make money?
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How Does the MT4 Work?
In simple terms, the MT4, or MetaTrader 4, is a comprehensive trading platform and system that’s built on the proprietary MQL 4 programming language.
Founded in 2005 and now synonymous with forex trading all over the world, the MT4 is tailormade for buying and selling currency and connects users to a raft of analytical tools and technical indicators in real-time.
It’s also inherently accessible in the digital age, as you can complete an MT4 download on your PC, laptop or mobile app, with dedicated software available for each channel.
What’s more, all three versions can be used interchangeably to access a single trading account, as they each connect to the same Cloud-based servers and are capable of sharing data instantly.
You can subsequently access your account in real-time across any number of devices, as you look to analyse the live market conditions and execute the most informed and effective orders possible.
How Can the App Help You to Make Money as a Trader?
Undoubtedly, the MT4 is ideal for novice traders who are new to the forex market, while its unique specification also makes it easier to make money as a trader.
This is important, especially given the fact that as many as 70% of forex traders are thought to lose money consistently over time.
But how is the MT4 designed to help you make money? Firstly, it has the capacity to create customisable charts and indicators, which can be used to help inform trading decisions more accurately and in real-time.
In total, there are three visual formats for your charts; namely a line chart, bar graph and Japanese candlestick chart. Each one can be opened with just a few taps using the ‘Quotes’ feature, in which the visuals can be personalised to boost comprehension and the speed with which information is processed.
You can also utilise a variety of time-frames through the MT4, depending on your underlying strategy and approach.
Remember, each one will come with a specific set of instruments, so being able to select a time-frame that suits your strategy and risk appetite is crucial to holistic and successful forex trading. For example, a scalper can use minimal time-frames of just 30 minutes to build and execute trades, whereas swing traders will adjust their choice to cover a period of days or weeks.
