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Metatrader Tools To Make Forex Trading Profitable
Alex M. Johnson
Forex trading is not easy, but it can be made easy by the use of certain tools. Metatrader tools are such tools that are specially designed to make forex trading profitable. These important tools are essential for any forex trader and help them make it profitable. These tools are easy to use and make you free from hassles. By using these indispensable metatrader tools, you can make forex trading a profitable business.
If you are looking for the right metatrader tools for trading, the following tools will definitely help to serve you better.
Investor Password to Copy or Duplicate Trades on Metatrader Account
When you open demo or real account on metatrader you will be given account number and two passwords. The first password is used to login to your account as a regular user for trading. The second password is called investor password. It is read-only password used to login to the account for observation purposes. You cannot close, modify or start any trades, but you can see the real and genuine trading history and even save the trading statement to your computer. Investor passwords are often used by forex signal services and account managers. If you have investor password you can copy/duplicate the trades to your account. You need to install and open two metatrader accounts on your computer. Account #1 with investor password will act as the server and account #2 will be the client account. Now you need to run a special software called Local Trade Copier on both platforms and all trades from account #1 will be copied to the account #2. Local Trade Copier (LTC) software has many features, you can select different lot size on the client side, choose what currency pairs to trade or not to trade. This software is one of the best metatrader tools that is compatible with any broker.
EMA26 Indicator to Trade Forex
EMA26 Indicator is one of the widely accepted metatrader tools. You have to use it on a 1 hour timeframe. Wait until price will cross EMA26, then it needs to move in the same direction for some time so we could identify that as a trend. Don t enter the market right away, wait for the price to go back until it touches EMA26. Now it is a good time to enter. Use wise stop loss and take profit. On EURUSD pair I use 100 pips take profit and 60 pips stop loss. This is the trend following trading style, so you must look out for sideways market. If your position hits stop loss level just stop trading for some time until you see fresh trend with a new entry. You can get 2-5 winners in 1 trend.
If you are into forex trading business, these metatrader tools will definitely help you to analyze the trends in a strategic way and to take advantage of the market.
Alex Johnson is an expert author who writes informative articles on
, metatrader account copier, and mt4 trade copier for forex traders interested in automated trading. For more information on forex trading and
, you can also visit www.ea-coder.com.