Any dealer seeks to increase profits from transactions while trading on Forex. Traders often create two or more accounts to achieve such a purpose. When operating with multiple profiles, choosing the right trading terminal is essential. Otherwise, the effectiveness of a multi-account approach to work on Forex will be low.
Experienced dealers apply MT4 MultiTerminal to go in for trading using multiple profiles. It’s a specific component of MetaTrader 4. The add-on appeared in December 2006. Experts in the investing sphere recommend downloading MT4 MultiTerminal on websites of trustworthy brokers (e. g., fbs.com). Only reputable platforms offer the gratis software that excels in stable operation.
Benefits of Using Multiple Accounts for Forex Trading
One of the main reasons is the possibility of reducing risks. Using several Forex profiles is a chance to diversify funds and decrease the probability of losing money. The other advantages are:
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- Ability to conduct different types of trades – this option will be helpful for intraday traders who occasionally make currency bets on long-term market fluctuations. It doesn’t make sense to mix these two tactics. Such an approach may confuse the trading plan and complicate the statistics analysis.
- Opportunity to test different theories without any risks – the best way to try out new trading strategies is by applying separate accounts.
- Possibility to start trading with an exotic currency pair – very little information can often be found about rare fiat money or crypto. A separate profile is suitable for studying the features of such currencies.
Nay, using multiple Forex accounts will help dealers focus on a specific trading option when applying each separate profile.
Peculiarities of MT4 MultiTerminal
This tool is a convenient bot only for traders who make Forex transactions by applying several accounts simultaneously. It’s also comfortable for managers working with a few investor profiles. Using the described component, traders shouldn’t spend loads of time switching from one account to another. Additionally, the described tool allows opening and closing one or more positions on several accounts with a single click of a button.
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Primary Advantages of MT4 MultiTerminal
The described terminal has an almost similar function menu as a standard MetaTrader 4 version. The main difference between these tools is that the MultiTerminal allows dealers to manage up to 128 real and 10 demo accounts contemporaneously instead of 1. The other benefits of the MT4 multi-profile versions are:
- Support for market and pending orders.
- Storing the history of all transactions for each account in the appropriate section. Such an option makes it convenient. For example, to analyze past mistakes or check personal trading theories.
- Comprehensive interface – all buttons, as well as sections, are in prominent places.
Furthermore, it’s worth noting reliable data protection in MT4 MultiTerminal. The first defense level is the specific 128-bit security cipher. The second protection degree involves the system of electronic digital signatures (EDS). The latter applies public and personal keys. The signatures are stored on the hard drive of the traders’ PCs. The public key is freely available and confirms the authenticity of the signature made by the private one. At the same time, possessing the public key doesn’t make it possible to decode the private signature.
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MT4 MultiTerminal System Requirements
To install the tool, a trader should have a computer equipped with at least a 1 GHz CPU, 512 MB RAM, and a hard disk containing free 50 MB or more. The software is compatible with all popular browsers (Chrome, Firefox, Internet Explorer, Opera, as well as Safari). In addition, the trading tool has several language versions. Traders may get more information about MT4 MultiTerminal, e. g., on the FBS official website.
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