What is Forex terminal or trading program?
Forex trading terminal is a specially designed program, which enables a trader to open and close positions, monitor movement of the currency pairs and carry out technical analysis using indicators and oscillators. In order to start trading in the currency market, a trader has to register with a selected broker and download Forex trading terminal. So, what facilities will this program provide to a trader?
- First of all, in a terminal a trader can see price movement in the real time mode and keep abreast of the important news and events.
- Secondly, a trader can promptly open or close positions, place pending orders, as well as stop loss or take profit orders.
- Thirdly, the terminal provides facilities for carrying out technical analysis of the price charts using built-in technical indicators and advisors. A trader can also download additional trading tools from the Internet.
- Trading terminal also provides facilities for creating new technical indicators, oscillators or advisers with the help of the programming language MQL 4 (MetaQuotes Language 4).
- A trader can develop and test his/her own trading strategy in the trading terminal and check its effectiveness using the history of the trading quotes free of charge.
Due to this program a trader can trade using only one window, which is very helpful considering the amount information required for a trader’s work. Ergonomic design of the trading terminals and a set of trading functions provide a trader with all facilities necessary for making transactions. A trader can focus only on trading and do not scatter attention on unimportant things.
Modern trading terminals
A few years earlier the number of trading terminals was quite limited. Nowadays, there is great variety of the trading terminals and every trader can choose the one, which suites him/her purposes the most. What trading terminals are used by traders at Forex?
- JForex – this trading terminal is widely used by the foreign brokers. This terminal is designed for traders using strategies based on the Java programming language, but not MQL4.
- Power Trader – this trading terminal provides intercommunication between a trader and liquidity provider (banks). This feature makes the platform popular among experienced traders.
- MetaTrader4 is one of the widely used trading platforms in the Forex market. MT5, which has been developed after MT4, did not gain the same status. MT4 is easy to learn and easy to use by the traders of various experience. MT4 allows to control trading accounts not only via a computer, but also via mobile devices, such as smartphones. Most of the modern advisors and indicators are designed for MT4 (although Power Trader platform can “read” MT4 indicators). Note that MultiTerminal is a new component of MT4.
What is Forex MultiTerminal?
MultiTerminal is based on MT4. However this new terminal is designed for simultaneous management of multiple accounts. Using MuliTerminal a trader can work with many accounts simultaneously using just one trading terminal – MultiTerminal.
At the same time MultiTerminal has the same all advantages of MT4, such as:
- User friendly interface;
- Variety of functions;
- Easy to learn.
And finally: what are the main principles, which you will apply when you want to buy a desk? If you are going to draw, you will not pick up a drafting table. Try to apply the same principles when you select a trading platform. Your trading terminal shall meet your needs. If you are not going to trade on the multiple accounts, your trading terminal does not need functions for it. However, if MultiTerminal is what you have been looking for in order to meet your professional ambitions, then download it and enjoy.
We wish you good luck!
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The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.