Trading With Meta Trader

         Trading with Meta Trader is becoming fruitful for traders. Meta Trader 4 or MT4 is a free online trading plate form which gives the trader an opportunity to have a sentiments free trading. As I have already discussed in my previous article that trading is more like a mind game. A trader does not loose money until he loses nerves. MT4 is a trade station which enables the trader to plan the entire trade strategy and then execution is all automatic. That's the reason that such trade is also called automated trade. The developed strategy parameters are called "expert advisers". A trader trading with MT4 programs his strategy into the "expert advisor", which get active and keep reading the live exchange rates and keep looking when the indicators show him the accurate scenario to open the trade according to the indicators advised by the trader's strategy. When all the conditions are met, the "expert advisor" automatically opens the trade with the given size and time-frame. This open position is meant to be closed by the EA at certain given condition or profit/loss level. Since it is a trading robot and have no sentiments like human, therefore human error and sentiments do not effect it and it makes either profitable or a loosing trade and closes the entry. 

          Once trading with meta trader, we exactly follow the rules which is taught in the very first lesson of online trading, that one should control the emotion. One should always trade the plan and should never change the trading plan after opening the trade. This key to success is very well followed while trading with meta trader. We can also say that MT4 trade station is a trader for traders. 

          All of the above is positive element of MT4 trade station. There are some set backs too with MT4. Previously we used to have MT4 stations which used to work only when out desktop computer is on. But now many Forex brokers have offered online MT4 facilities where you select the EA yourself and it keeps trading as per the plan given. The draw back is that all the expert ad visors are not good for all the currency pairs or stock exchanges in all time frames. There fore while selecting and EA we must back test is very carefully, although past results does not guarantee the future trades. Even then trading without the sentiments is such a big advantage that all other drawbacks are manageable. Since it consistently follows the plan therefore if we monitor the trades done on MT4, they are mostly put the account in positive directions. 

        While making trades on MT4, One must account for the approximate number of trades in the given conditions and money management. MT4 is not a money making machine, but it is just a faithful servant who will do as you order it, regardless of making profit or giving loss.