Cryptocurrency trading and forex trading have lots in common however there are some differences as well. Forex trading has existed for almost a century and the price of shares is known to fluctuate.
Cryptocurrency also can inflate widely beyond a reasonable price range but they will normally stabilize and correct themselves much quicker than the stock exchange.
With shares, most people tend to buy them and then resell them very quickly after to try and maximize their profit from the sale while the prices are up and before they drop.
Although buyers of other cryptocurrencies like bitcoin do the same, a lot of people actually purchase and hold onto them for much longer periods of time to maximize profit.
How to Begin Trading Cryptocurrency in MT4
Trading Bitcoin and cryptocurrency CFDs on the forex industry’s online trading platform MT4 has never been easier.
First You will need to open an account with a trustworthy forex broker, putting funds in the account before you start trading.
Both MT4 and MT5 have some excellent charting tools which can help you with your decision making.
Don't forget if you are new to all of this, make sure to start off with a small amount of money while you learn before moving on to bigger funds for bigger profit margins
Not all trading platforms are created equal, including MT4 and MT5, they can all differ slightly but most are customizable.
They should come with various sets of indicators, some can be quite basic while others can be a lot more complex and detailed.
The more detailed ones may seem confusing to begin with but they can be extremely useful once you learn how to read them. Basic ones have less tools but can still assist you with your trading decisions.
Best forex MT4 indicators as well as MT5 indicators should help you with your decision making but there is a lot to learn and understand first.
There are many great tutorials and help videos that can be found on youtube so if you are struggling have a search online for help.
Why Use A MT4 Indicator
MT4 has a wide range of trading capabilities for both Forex traders and brokers alike. Whether you are a novice or an expert it is suitable for everyone due to its ability to be customized and it being user friendly. The ability to be able share information is also vital and a useful tool.
Making sure you have proper risk management is extremely important in your trading. More often than not most people try to look for the best trading strategies online but if you don’t have great risk management, you are always going to struggle with your trading.
When opening a new position on MT4, you won't be able to see the percentage of your equity which you are going to risk in a trade.
Of course, you could work out the lot size and pip values beforehand, but the time factor is a key factor in trading and you will more likely want to get to the trade as quickly as possible so you should try the position size calculator.
The position size calculator will help you determine how many lots to trade based on entry and stop-loss level, risk tolerance, account size, account currency as well as the price of the quote currency.
Will 2020 be the year of Bitcoin?
Although bitcoin has been around for quite a while now its started to become even more of a household name.
As more and more people are being introduced to cryptocurrency, bitcoin is becoming more and more popular for not only professional traders but also those new to the game.
In recent years bitcoin has seen as many highs as it has lows but what does the future hold for this ever-popular cryptocurrency?
The Bitcoin price chart is still very volatile in 2020 but many believe that as time goes on things should start to settle down and at a good strong price. The last few months, in particular, have started to see good strong growth and many hope this trend will continue.
More Tips And Rules To Becoming A Successful Trader
Some basic tips to help you be more successful would be to always use a trading plan. Going in blind-sighted, unless you are extremely lucky, is never going to bring you long term success.
Treat trading like it's your business, and by this we mean to take it seriously. If you really want to be successful you need to stay sharp and on top of the game, keeping up to date with all the latest stats and deals taking place to help you make the right decisions and best choices.
Study the markets often and look for the best trends. The more you do this the better and easier you should find this. It does take lots of practice and time put in but to be a successful trader you need to put the hours in.
Risk only what you can afford, much like gambling only puts in money that if you should lose it's not going to be financially crippling for you. Always start off with small amounts when you are new to the trading game. Only when you get more expeirience and confidence should you start putting large amounts of money in but even then always follow the rule that you should only risk what you can afford to lose.
Always use the latest technology to help you with your trading. As technology moves so fast these days it can be hard to keep up, but utilizing every tool that's available to you will certainly help you become more successful
To Sum Up
MT4’s have been a really useful tool for forex trading and although it may seem a little complicated and daunting, to begin with, should you take your time to learn and study it will most definitely help you become much more successful.