MT4 has revolutionised the trading world, making it easier than ever for traders to copy the trades of others. It can be a great way to learn the ropes and build your confidence, but choosing a reputable and reliable provider is crucial if you want to make the most of this strategy. Here we look at some of the key benefits of using MT4 when copy trading FX in Australia.
What is MT4, and how does it work when trading FX in Australia?
MetaTrader 4 (MT4) is a popular online trading platform that enables traders to buy and sell currencies, commodities, stocks and indices. It’s used by millions of traders worldwide and offers a range of features that make it ideal for copy trading. When you copy trade with MT4, you’re essentially mirroring the trades of another trader in real-time. It means you can take advantage of their expertise without having to do any of the legwork yourself.
Two main ways to copy trade with MT4 are through an Expert Advisor (EA) or a Signals Provider. EAs are automated trading programs that can be linked to your MT4 account. Once set up, they’ll automatically copy the trades of the trader you’re following. This hands-off approach can be great for those who don’t have the time or inclination to do their research.
On the other hand, Signals Providers provide trade alerts that you can manually copy and enter into your MT4 account. It gives you more control over which trades you take, but it requires a bit more work.
The benefits of using MT4 when copy trading FX in Australia
So, now that we know a bit more about MT4 copy trading and how it works, let’s take a look at some of the key benefits of using this platform when copy trading FX in Australia.
Safety and security
You’re entrusting your money to another trader when copy trading FX, so it’s essential to ensure your funds are safe and secure. MT4 is one of the world’s most reliable and trusted trading platforms, so you can rest assured that your money is in good hands.
Plus, all transactions on the MT4 platform are protected by 128-bit encryption, so you can be confident that your personal and financial information is safe from hackers.
MT4 is incredibly versatile and can be used to trade various instruments, not just Forex. It means you can diversify your portfolio and take advantage of opportunities in other markets, such as commodities, stocks and indices. Plus, with MT4, you’re not limited to trading only the majors – you can also trade various exotic currency pairs if you wish.
Speed and efficiency
MT4 is known for its speed and efficiency, thanks to its cutting-edge technology enabling traders to execute trades quickly and efficiently. Plus, with MT4, you won’t have to worry about slippage – this is when the price of an asset moves against you while your trade is being executed. Slippage can eat into your profits, but with MT4, it’s a thing of the past.
How to use MT4 to trade FX in Australia
Now that we know some of the key benefits of using MT4 to trade FX in Australia let’s look at how you can get started. If you’re new to copy trading, we recommend following these simple steps:
- Choose a reputable broker– ensure they offer MT4 and that ASIC regulates them.
- Open a demo account– this will allow you to test the platform and get to grips with how it works before risking any real money.
- Find a trader to follow– use the social trading features on your broker’s website to find a trader that suits your needs.
- Copy their trades– once you’re happy with the trader you’ve chosen, link your account to theirs and start copying their trades.
Tips for using MT4 when copy trading FX in Australia
If you’re new to copy trading FX, taking things slowly is essential. Don’t try to mirror the trades of your chosen trader all at once – start with a small portion of your account and gradually increase the amount you’re copying as you get more comfortable with the process.
It’s also a good idea to keep a close eye on your account balance and ensure you have enough funds to cover any potential losses. Remember, copy trading is not without risk – there’s always a chance that the trader you’re following could lose money.