Forex trading has become popular over the years. With advancements in technology, traders can now access their accounts from anywhere in the world at any time. MetaTrader for iPhone is a mobile trading platform that allows traders to access their accounts on the go, making it possible to trade Forex anytime, anywhere. This article will look at how to use MetaTrader for iPhone to trade Forex effectively.
What is MetaTrader?
MetaTrader is a mobile trading platform developed by MetaQuotes Software. The platform allows traders to access their accounts on the go, making it possible to trade Forex anytime, anywhere. The platform offers many features, including real-time quotes, advanced charting tools, and the ability to execute trades from a mobile device.
Getting Started with MetaTrader
To get started with MetaTrader for iPhone, download the app from the App Store. Once you have downloaded the app, you must log in to your Forex trading account. If you do not have an account, you need to create one.
Navigating the mobile trading platform
The MetaTrader interface is user-friendly and easy to navigate. The platform offers a wide range of features accessible from the main screen. The main screen displays real-time quotes, and you can switch between different currency pairs by swiping left or right. You can also access advanced charting tools by tapping the chart icon in the screen’s bottom left corner.
Analyzing the Forex Market with MetaTrader
This mobile trading platform offers a range of charting tools that allow traders to analyze the Forex market effectively. The platform offers a range of chart types, including line, bar, and candlestick charts. Traders can add technical indicators to their charts, such as moving averages, Bollinger Bands, and RSI. These indicators can help traders identify trends in the market and make informed trading decisions.
Executing Trades
MetaTrader for iPhone allows traders to execute trades from their mobile devices. To execute a trade, tap on the currency pair you wish to trade and tap on the ‘New Order’ button. From there, you can select your trading volume, stop loss, take profit levels, and execute the trade. Moreover, MetaTrader for iPhone also provides real-time updates on the status of executed trades and the account balance, allowing traders to stay on top of their trading activities.
Managing Your Trades
This trading platform allows traders to manage their trades from their mobile devices. Traders can modify their stop loss, take profit levels, and their trades directly from the app. The platform also offers real-time updates on open positions and account balances. Additionally, the platform’s user-friendly interface makes it easy for traders to manage their trades efficiently, and the real-time updates enable them to respond quickly to changes in the market.
Using Expert Advisors with MetaTrader
Expert Advisors (EAs) can be used with this platform for iPhone. EAs can be programmed to execute trades automatically based on predefined rules. It can be helpful for traders who want to automate their trading strategy or who do not have the time to monitor the markets themselves. Using Expert Advisors can also help traders to eliminate emotional bias from their trading decisions, as EAs operate based on predefined rules and algorithms rather than emotional responses to market fluctuations.
MetaTrader for iPhone is a powerful mobile trading platform that allows traders to access their accounts on the go. The platform offers many features, including real-time quotes and the ability to execute trades from a mobile device. Traders can also use Expert Advisors to automate their trading strategy. By using this platform, traders can trade Forex anytime, anywhere, making it a valuable tool for traders who want to stay connected to the markets at all times.