As a beginner, you need to take advantage of every profit-making trading opportunity that presents itself. Sometimes, this involves relying on experienced traders or traders who have more expertise. While this is something that is relatively hard to do on most trading platforms, it is quite easy to do for people who use top-tier trading platforms.
MetaTrader 4 is one of the most popular and feature-rich forex trading platforms in the world. It is among the best platforms when it comes to providing beginners with all the tools that they need to succeed, and one of its best features is the Trading Signals features.
Trading Signals is a feature that allows traders to easily and conveniently copy the deals that other successful traders have made. As a result, even a beginner trader can essentially make healthy returns from advanced trading strategies early on. What is even remarkable is the fact that he or she can have access to these trades immediately after they download metatrader4. Here are the features that make this aspect of social trading feature a favorite among traders.
Table of Contents
No paperwork required to take advantage of deals
In order to access advanced trading strategies, or to take advantage of a firm’s expertise, one typically has to deal with a lot of paperwork. They have to engage in discussions, negotiations, and sometimes even enter into longterm commitments. This is tedious, and as far as trading is concerned, it can be enough to wash away any advantage that having access to any expertise might have provided.
With the social trading service that the MetaTrader 4 platform provides, one does not have to enter into negotiations or go through the tedious experience of dealing with paperwork. You can easily subscribe to any signal that is available on the platform with a few clicks of the mouse. This makes the whole process smooth and stress-free. For beginners, it makes it less overwhelming and thus increases the likelihood that they will be able to take advantage of the benefits of social trading.
Advanced security features build confidence
To reduce the risks of traders getting defrauded, the platform has measures that are designed to ensure that only high-quality signals become available to users. For example, before being able to make a signal available to other traders, the signal provider has to pass a signal test. Registration and provision of personal data are also required. This, in addition to other quality control measures, helps to ensure that users will always have access to quality signals. These measures help to guarantee security and enhance the usefulness and reliability of the social trading feature.
Non-intrusive cost structure
Any service that charges you a commission is not ideal, especially for beginner traders. This is because commission-based charges tend to add up and can be quite expensive. Furthermore, since it is not an upfront cost, accounting for such charges can be a little bit tricky for beginner traders.
With the Trading Signals feature in MetaTrader 4, you don’t have to worry about commissions. The premium signals have a straightforward subscription fee. The process does not feature any hidden fees or paperwork. The cost of subscribing will also not fluctuate depending on your trading volume. This simplicity and straightforwardness makes it easy for users to both purchase and sell trading signals. It also makes it easy to account for these costs, something that makes it easier for traders to track their trading costs and margins.
Access to a large and active marketplace
Since the experts who provide signals automatically have access to all the people who are using MetaTrader 4, they are motivated to provide their trading signals mainly because of the earning potential of providing the service. This then ensures that traders always have a constant supply of quality signals that they can subscribe to. It is something that increases the odds of success, even for beginner traders.