What is MetaTrader and how does it work for online trading?

MetaTrader is a famous trading platform that allows both novices and experts to trade financial markets such as currency, stocks, commodities, and cryptocurrencies. It is available in two versions: MT4 and MT5, and includes tools for market analysis, trade execution, and automated techniques.

Here’s how it works in online trading:

1. Market Access: Connects you to a broker’s computer, allowing you to monitor live pricing and market data.
2. Market Analysis: It offers charts, technical indicators, and sketching tools for analysing price movements.
3. Order Placement: Allows you to purchase or sell assets immediately (market orders) or specify conditions for future trades (limit and stop orders).
4. Trade Management: MetaTrader assists you in monitoring open transactions, establishing stop-loss/take-profit levels, and managing risk.
5. Automation: Supports Expert Advisors (EAs) for automatic trading using pre-defined strategies.