According to a general, but a seemingly accurate rule of thumb, between 90% and 95% of all forex trades lose money. Now, this may seem disproportionately high, but when you make allowances for the complexity of the market and the sheer number of trades that are executed on a daily basis the suggestion appears far more reasonable.
If we take this statistic at face value, there are certainly considerable challenges facing forex traders in the marketplace. Many of these can be at least partially negated by trading online, however, particularly with the use of a progressive and easy to use the platform from the popular MetaTrader series.
3 of the Key Benefits Associated with the MetaTrader Platform
When trading on one of the numerous MetaTrader iterations, you will have access to some potential benefits and competitive advantages. For example: –
Instant Access to the Real-time Market, on or offline
Let’s start with what is arguably the single most important advantage for traders, which is the presence of an offline mode on some MetaTrader variations. The importance of such a feature should not be underestimated, particularly as it guarantees users access to the real-time market regardless of their precise location or circumstances.
Given that the forex market is so volatile and often vulnerable to wider, economic conditions, having the option of accessing your account through a smartphone and via an offline connection can make a substantial difference to the effectiveness of your trades. This is true for both novice and experienced traders, and regardless of your trading philosophy.
Hone your Skills Through a Demo Account Platform
The mobile, MetaTrader platform is compatible with a huge range of online trading sites and brokerage services, making it the ideal choice for the majority of existing account holders. This type of software is also renowned for its ease of use, meaning that you can seamlessly navigate your interface and execute trades from a registered smartphone or tablet.
An interesting consequence of this is that you can easily open up a demo account using your MetaTrader platform, which in turn enables you to refine and hone your strategy while on the move and in a simulated market environment. Not only will this make you a more accomplished trader, but it will also ensure that you are comfortable using the platform in the future.
Access a Huge Range of Analytical Tools
On a final note, it is important to recognize the sheer wealth of analytical tools that the MetaTrader software affords you access to. This range has increased with every new iteration, and the ever-expanding type of tools that it includes enables users to make quick, effective and ultimately informed trading decisions.
From historical trend analysis to real-time price movements, these tools can help to quickly distinguish between viable traders, ill-judged ones and those that have the potential to deliver huge gains. It is impossible to place a value on this type of insight, particularly given the current geopolitical climate and global financial woes.