| Forex MetaTrader Brokers are those Forex brokers | | | | definitely outperforms FAP in all aspects: providing |
| who offer the MetaTrader 4 (MT4) platform to their | | | | real-time results on its web site (information from 3 |
| clients. | | | | real accounts being traded in real time, streamed to |
| In case you are new to Forex - the "platform" is the | | | | the site LIVE!), placing server-based Stop-Loss and |
| software that allows you to monitor the market and | | | | Take-Profit orders (Forex-Autopilot relied only on |
| open and close trades from within your forex broker | | | | internal, programmatic stop loss and take profit, and |
| account. There are many brokers out there and | | | | providing 2 strategies which the robot selects |
| many platforms but MetaTrader is by far the most | | | | automatically which one to used based on timerframe |
| popular one. Consequently the number of Forex | | | | and market conditions. |
| MetaTrader brokers is also quite large compared to | | | | 5. MT4 offers tons of other features not available on |
| the other brokers out there. | | | | other platforms. It has a huge arsenal of technical |
| Why is it so important whether your forex broker | | | | analysis indicators and you can always plug in more - |
| offers the MetaTrader platform or some other | | | | since you can add more MQL modules to your |
| platform? MetaTrader has not become the most | | | | MetaTrader station at any time! |
| popular platform out there accidentally. This software | | | | You can customize the look and feel of your charts. |
| has some exceptional features compared to many of | | | | You can export and import your data and |
| the other platforms available today! Let's quickly go | | | | preferences. |
| over them: | | | | Another very important feature is that every Forex |
| 1. MT4 is Free. Forex MetaTrader Brokers let clients | | | | MetaTrader broker keeps an archive of historical |
| and prospective client download the software for | | | | prices and these prices are available for download |
| free and create a demo account on their servers! | | | | through your MT4 system. You can use these prices |
| This a great way to polish your trading skills without | | | | to test your own strategies or you can run the |
| risking real money! Once you download the platform | | | | robots on these data thus testing how profitable it |
| it is very easy to install and the interface is very | | | | will be. Many other parameters such as slippage, |
| intuitive and feature-rich. There are no "Bronze" | | | | Stop-Loss and Take Profit available at time of placing |
| versions, Web-version etc. All the features of | | | | an order, etc., to detailed to over them here! |
| MetaTrader are immediately available to all clients as | | | | Below you will find a link to a list of all known Forex |
| soon as they download the platform. | | | | MetaTrader brokers. Here's some of the most |
| 2. The MetaTrader platform is integrated with Charts, | | | | popular ones, for your convenience: |
| meaning that not only does it show current prices of | | | | - IBFX |
| the currencies to the users but it also allows them to | | | | - FXCM |
| open charts, place Technical Analysis indicators and | | | | - Alpari |
| oscillators on the charts (e.g. MA and RSI) all in one | | | | - FXDD |
| application. You will not have a whole mess of | | | | Keep in mind that even though there are lots of |
| windows all over you desktop - it's all contained | | | | Forex MetaTrader brokers out there you will need to |
| tightly within the MetaTrader 4 main window. As a | | | | choose the one which is most suitable for your |
| direct consequence of this integration - placing an | | | | trading style and preferences! Not all Forex |
| order is really easy! Simply right click on the chart and | | | | MetaTrader brokers are equal! Although they all offer |
| select New Order from the Trading context menu! If | | | | essentially the same trading software to their clients, |
| you click in the area where you want your price to | | | | their internal account settings such as swap rates, |
| be the system will offer to open a pending order at | | | | minimum lot sizes, spreads, etc. may be quite |
| that price! How convenient is that?! | | | | different. Some may not be suitable to your trading |
| 3. The fact that the charts are a part of MT4 and | | | | style! |
| automatically available means that you are actually | | | | For example - if you plan to use "scalping" strategies |
| getting 2 pieces of software for free - the platform | | | | or scalping EA's you will need to go with a forex |
| and the charts! Remember - there's still many brokers | | | | MetaTrader brokers which is STP or NDD. These are |
| out there who will give you the trading platform for | | | | acronyms for "straight through processing" and "no |
| free but will not provide you with free charts. You | | | | dealing desk" and essentially mean that your broker is |
| have to pay to get access to charts with these | | | | not a Market Maker broker. You see... while many MM |
| brokers. Not the case with forex MetaTrader | | | | brokers often look for ways to take advantage of |
| brokers! | | | | their clients and trade against them, the STP brokers |
| 4. Automation! Perhaps one of the best feature of | | | | really don't care whether their clients' trades are |
| the MetaTrader platform and that is why both Forex | | | | winning or losing. Because their client's win is not the |
| MetaTrader brokers and their clients love this | | | | brokers' loss since they don't take a counter part to |
| software is the built-in automation system! MT4 | | | | their clients' trading transactions! Hence the NDD |
| supports a special programming language called MQL | | | | Forex brokers will only be too happy to know that |
| which allows traders to create their own indicators, | | | | their clients do well as this way they will stay as their |
| scripts and even fully automated trading robots! The | | | | clients longer and bring them more commissions. By |
| robots are called EA's ("Electronic Advisers") and are | | | | the way - ECN which stands for "Electronic |
| in essence programs, which everyone can use with | | | | communication network" is another name for STP or |
| MetaTrader to analyze data, automate a range of | | | | NDD brokers. |
| tasks, create alerts or even automate the entire | | | | How to find out whether your broker trades against |
| trading process completely! | | | | you? Ask them! Don't be shy! Call them, email them |
| There are many EA's available with the most popular | | | | or chat with their CS reps. It's a good idea to ask |
| one definitely being Forex-Autopilot. This amazing | | | | them even before you download the demo |
| MQL program will trade on your behalf - monitoring | | | | software, whether they are STP or NDD broker. If |
| the market, opening and closing positions for you day | | | | they start giving you vague answers instead of a |
| in and day out, regardless of whether you are sitting | | | | clear Yes or No - then you know that these |
| at your computer or playing golf or sleeping! | | | | particular forex MetaTrader brokers are not STP |
| Even though Forex-Autopilot is a pretty profitable | | | | NDD/ECN. |
| little robot and has sold by far the most copies of all | | | | Another thing to watch for - some Forex |
| similar products available on the market, my personal | | | | MetaTrader brokers will not allow robots on their |
| vote goes for FAP-Turbo, another robot developed | | | | servers! Others, such as ODL Securities have a policy |
| by the same team. Although it is not quite as popular | | | | against certain EAs (in particular FAP-Turbo because |
| as forex-autopilot (and the only reason in my opinion | | | | this EA is "too profitable" and hence is hurting the MM |
| is because it is brand new - released in Nov 2008!) it | | | | broker's financial interests). |