Forex trading is a very popular activity that involves buying and selling currencies in the forex market. While many trading platforms cater to both beginner and professional traders, professional traders need advanced platforms to execute complex trading strategies and analyse market data. MetaTrader 4 stands out as the industry standard and the go-to choice globally, offering plenty of features tailored to the needs of professional traders.
In this article, we’ll explore the most popular platform used by both professional traders and beginners.
Key features of MetaTrader 4
Traders prefer MetaTrader 4 because of key usability features and functionalities. Let’s look at some of these:
User-friendly interface
- One of the main features of MetaTrader 4 is its intuitive interface. Traders of all levels, from beginners to professional traders, find it easy to navigate and use. The platform offers an intuitive design that makes it accessible to a diverse range of users.
Community
- MetaTrader 4 hosts a huge global community with millions of traders who come together online to share ideas, provide valuable insights, and engage in discussions about trading issues.
Trading system
- The MT4 trading platform supports three trade execution modes, including instant execution, market orders, pending orders, stop orders and a trailing stop function. Traders can send orders directly from the chart with a single click. The built-in tick chart feature provides a precise method for determining entry and exit points. MT4’s feature-rich environment allows traders to implement a wide variety of trading strategies in the forex market.
Analytische tools
- MetaTrader 4 is popular mainly because it provides an extensive range of technical analysis tools, including 30 built-in technical indicators and 24 graphic objects. These tools can be used to respond to market movements and price changes, and determine entry and exit points.
Advanced charting capabilities
- Traders can open an unlimited number of customisable charts on MT4, where a variety of graphical objects and indicators can be placed. These can also be combined across different timeframes for a single symbol. Symbols can be displayed in 9 timeframes, ranging from 1 min to monthly periods, so traders can view quotes in more depth.
Multilingual client terminal
- Wherever you are in the world, MetaTrader 4’s client terminal is available in many different languages. This minimises the risk of trading mishaps due to trading terms you don’t understand.
MT4 Mobile Applications
- A range of MT4 mobile applications (including iOS, Android, MAC, Linux, Windows, etc.) allow traders to enter and exit positions from anywhere in the world, at any time. This makes trading possible across multiple devices, provided they have internet connectivity.
Backtesting
- MetaTrader 4 allows for the backtesting of trading strategies on previous time periods to assess trade performance. Based on outcomes, traders can then improve trading strategies, or implement in live trades.
Algorithmic Trading
Algorithmic trading, or automated trading, is one of the most robust features of MetaTrader 4 which enables trading with the help of Expert Advisors (automated trading robots). Trading robots are programmed to analyse currency quotes and execute trading operations. Most trading strategies can be implemented using EAs which are built using MQL scripting language.
Automated trading provides another big advantage. It conducts trades mechanically based on traders’ settings, so it takes away the emotional factor from trading which may negatively affect investment decisions.
Trading robots are popular due to the speed and accuracy with which they execute trades. While automated trading can be effective, it’s important to recognise that, like any trading strategy, it carries inherent risks. Regardless of your level of experience, having an effective risk management plan in place is important for protecting your capital.
Why is MetaTrader 4 suitable for forex traders?
The MT4 trading platform equips traders with all the essential tools needed for successful online trading. The trading platform is suitable for beginners as it is easy to use and can be customised based on personal trading preferences and level of experience.
Here’s what makes MetaTrader 4 a successful platform:
User friendly and simple
The MT4 platform’s user friendly and simple interface makes it suitable for all types of traders. In just a few clicks, traders can access basic information such as indicators, charts or prices.
Betrouwbaarheid
Traders around the world choose the MetaTrader 4 trading platform for its stable performance and secure operations. MT4 is a dependable option for forex traders as downtime can be expensive for them in terms of their returns.
Functional
Traders can download MetaTrader 4 on Windows, Android, iPhone, and any web browser in just a few simple steps. They can just log in to their trading account and set the platform up and manage their positions even on their mobile device while they are on the go.
How to trade forex with MetaTrader 4
- Download and install the MT4 platform.
- Log in met een bestaande account of open een nieuwe account.
- Choose a forex broker.
- Enter your real or demo account login credentials (username and password provided in your welcome email).
- Start trading forex.
In summary
MetaTrader 4 is undoubtedly a top choice for both professional traders and beginners. Its user-friendly design suits beginners, while its advanced features cater to the needs of professional traders. With robust technical analysis tools, and the ability to automate trading strategies, MT4 provides the ideal solution for all traders. Ultimately, whether MT4 is the right platform for you depends on your specific trading goals, experience and preferences.
Signing up for a demo account to test MT4 is a good step to take to confirm what millions of traders are saying. The demo account will provide you with the best way to test MetaTrader 4 firsthand and give you a better idea of what to expect in your trading journey. In addition, registering for a demo trading account means you’ll get the chance to evaluate the broker that is providing you with access to the platform. This provides the ideal opportunity to assess the level of service you can expect to receive, and help you understand how they can help you further develop your trading skills and expertise.
Download MT4 and trade forex with T4Trade
T4Trade is a global forex broker and a leader in MT4 trading. MetaTrader 4 is free and can be downloaded from T4Trade’s official website. The MT4 trading platform can also be downloaded directly from the MetaQuotes website. With T4Trade’s MetaTrader 4 trading platform, traders are able to implement different strategies and enjoy lots of other features. They can also speculate on the charts while following the trends to find the right forex trading opportunity.
Clients can trade with flexible leverage, competitive trading conditions and low spreads. They can also choose from a range of account types that best suit their trading preferences.
The broker also gives access to more than 300 tradable instruments on 6 asset classes including forex, shares, indices, futures, commodities and metals.
In addition, T4Trade Academy provides traders with a wealth of educational resources to boost their trading knowledge and improve their skills. The global broker has many online resources such as webinars, videos on demand, podcasts, eBooks, and more. All the resources can be found on T4Trade’s website under the T4Trade Academy or Blog sections.
Disclaimer: This material is for general informational and educational purposes only and should not be considered investment advice or an investment recommendation. T4Trade is not responsible for any data provided by third parties referenced or hyperlinked in this communication.
