A Close Look at MetaTrader4: Features and Tips

MetaTrader4 is currently among the preferred trading software for mobile and online traders dabbling in the forex, contract for difference, and futures markets. In fact, the software is now considered as the industry standard. It is likewise used by most reputable and duly licensed brokers today.

Released back in 2005 by MetaQuotes Software, MetaTrader4 or simply MT4, is the company’s highly-anticipated and most advanced platform from a line of trading tools and platforms MetaQuotes had been developing since 2002.

MT4 is intended for use in conducting trades, analyzing the markets, and automating and copying successful trades. This post will provide more information about MT4, including its useful features, as well as important tips that can help you take the most benefits from using the platform.

MetaTrader 4 is one of the most popular trading platforms across the world.

Downloading and Installing MT4

Downloading the MetaTrader4 directly from the official website of MetaQuotes software is very easy, convenient, and more importantly, absolutely free. The trading platform is compatible with Mac, Linux, and Windows PCs. It also has mobile app versions for both Apple and Android devices. MetaTrader4 also has a browser version, the details of which will be covered later in this post.

When installing MT4, you only have to follow the instructions provided onscreen after downloading the file. The installation process, including setting up your trading account will take only several minutes.

MetaTrader4 Preferred by the Best Online Brokers

Today, you can find a lot of forex brokers using MT4 as their primary trading platform. Sadly, not too many of these businesses are legit, and can be recommended to traders looking for a broker to work with. One of these is Markets.com.

Markets.com is among the most reputable and largest forex brokers today. It is a fully regulated brokerage firm and duly licensed both by South Africa’s FSB and CySEC of Cyprus. Opening an account with Marketz.com will give you access to a wide range of currency pairs. You will also have access to MT4, and take advantage of all its tools and features.

If you are currently in search for a forex trading broker, and you prefer MetaTrader4 as your trading platform, it will serve you in good stead by opening an account with one of the leaders in the industry, Markets.com.

On the other hand, there are also reputable brokers that offer trading software developed in-house. These include:

  • 24Option – A fully regulated broker, 24Option boasts of a massive amount of assets. It also offers cryptocurrency CFD trading.
  • Plus500 – Plus500 is a regulated broker that offers a free demo account. It is the biggest CFD trading broker around.

Main Features of the MetaTrader4

MetaTrader4 is equipped with hundreds of tools and add-ons, including analytic and signal-based features that can be useful for traders of all skill and experience levels. By opening an account with a trading broker that offers the MT4 platform, you get access to all these features:

  • Trading and Analytical tools – With MT4, you can combine various types of modes and orders that you can adjust easily to adapt to the prevailing conditions on the market. When performing a trade on the MetaTrader4 platform, all you have to do is to pick an order type that is appropriate for you specific trading strategy.

You can use a market order, for instance, to promptly execute a trade. At the same time, you can place Stop Orders to implement damage control, and help curb your losses. With its hundreds of analysis tools, MT4 has got everything that happens on the markets covered 24/7.

  • Copy Trading and Signals – MT4 is equipped with the Trading Signals function that will let you analyze and copy successful trades in real time. A lot of highly successful forex traders serve as FX signal providers. They allow the public to see their trading positions. The service may either be free or available for a fee. When using the services of signal traders, it is important to check their performance.

While there are many signal traders plying their business online, you must be careful to choose one that has been performing well. After all, you will be copying their trades and it would be advisable to copy the trades of one who has a proven track record of success.

  • Web Trading – You can access a MetaTrader4 version for the web from your web browser, although the version has limited functionality. This is ideal if you’re online through a public or shared computer or if you merely want to see how your existing trading positions are faring, while you are out.
  • Mobile Trading – Today, there is a fast-growing number of people who go online via their iOS and Android smartphones and tablets. To address this growing market, MetaQuotes Software came up with a mobile version of their MT4 platform. You can download the app from your broker’s site, directly from the official MetaQuotes site, or via the Play Store and App Store.

The mobile version of the trading platform doesn’t have all the features available for the desktop version. However, the app is still quite comprehensive. The main advantage of the mobile app is that it allows you to open, close, and monitor your current trading positions anytime and anywhere, provided you have a stable net connection.

  • News and Alerts – To be successful in forex trading, you need to be aware of what’s happening on the forex market at all times. Thus, you must have access to the latest market news. This way, you can come up with well-planned strategies and make sound investments based on the latest trends and information.

MT4 makes the process easier with its financial news and alerts tool that keeps you up-to-date on the latest market developments. The tool is designed to send updates directly to your smartphone in real time. This is one MT4 feature that you should definitely take advantage of.

  • Free Demo Account – Most brokers today that offer the MT4 platform also offer a demo account for free. A demo account allows you to get a feel of the actual trading environment without risking real money. You can try out all the features, tools, and advanced functions of MT4 using virtual money. This way, you can test different strategies before using them on your live trading account.

Using a demo account is ideal if you are in the process of testing or developing new trading strategies and techniques, or you simply want to check out the platform before depositing money into your trading account.

Whether you are a newbie trader or have done a few trades before, you should definitely open an MT4 demo account. After all, why pass up the chance to gain more trading experience risk-free and at absolutely no cost to you?

Automated Trading with MT4’s Expert Advisor

One of the newest trends in forex trading is automated trading using FX trading bots. By using robots, you get the assurance that you will perform a trade once market conditions as programmed in the robot are met. The trade will happen even if you are away and unavailable to do it on your own.

MetaTrader4 is equipped with an automated trading tool known as Expert Advisor. It allows you to input specific patterns and signals that will prompt the robot to begin trading on your behalf. This way, you can implement your trading strategies without having to personally monitor your positions, and even while you’re sound asleep.

Expert Advisor is currently among the top automated trading bots in the industry. Missing trading opportunities just because you are momentarily away from your computer is a thing of the past. You can trust Expert Advisor to do all the trading for you – wherever you may be.

Final Word: Why Use MetaTrader4

There are pros and cons to choosing between a broker that offers an in-house developed trading platform and one that offers MetaTrader4. It is almost impossible to declare a winner here since the choice primarily depends on the trader’s preference. Having said that, however, there are many benefits that you can enjoy when using MT4.

For one, the trading platform was developed by a company that is totally focused and committed to developing trading tools. This does not mean that a broker with its own in-house platform is not focused on offering great brokerage services and customer experience. However, an in-house developed platform is often lacks stability and user-friendliness that leads to more difficult trading.

Likewise, a lot of platforms developed in-house have limited tools, features, and functionality. With these limitations, you get limited trading opportunities. On the other hand, MetaTrader4 is equipped with hundreds of tools, features, and functions that offer a lot more trading opportunities.

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