MetaTrader 4 (MT4) is one of the best online trading platforms we have today. It is well appreciated by thousands of traders globally. It carries an excellent reputation in the forex market due to its versatile features. MT4 is accessible on Mac, Windows, other mobile apps & also on a web browser. Most brokers would recommend using it as it is a good quality platform.
MetaTrader has other versions available as well and those are equally helpful in effective trading. Hence, it is considered as the first preference to many traders and brokers even in 2021.
Since 2002, it has been doing great on the forex market, serving traders with quality trading.
In this article, we’ll get to know what the MetaTrader 4 system has for traders and how we can trade using it. This also includes demo accounts, tutorials, automated trading solutions, support & others.
Contents
Brokers Suggest MetaTrader 4
The brokers of established forex markets, mostly from the UK, USA & Europe, all offer MetaTrader 4. Their names include:
1. Admiral Markets
2. Trading 212
3. IC Markets
4. ZuluTrade
5. AvaTrade
6. 24option
7. Oanda
8. FXCM
9. FxPro
10. XTB
11. XM
12. IG
MetaTrader 4 Account Access
MetaTrader 4 can be easily downloaded from the MetaQuotes website, completely free. You can also get it on an online broker after registering with their service for a real or demo account.
You can personalize your MetaTrader 4 account and start exploring what it holds for trading. Information like trading costs, commissions, and spreads is all there for you to start trading. Its new version, MetaTrader 5 has more upgrading features. However, both the 4 & 5 editions are really good at managing multiple trading accounts using MultiTerminal.
Basics Steps to Trade
Know the components and start trading on the MT4 platform. The elements are explained to make it easy for you.
Symbol – Here you can find the materials for trading such as forex, gold, or stock indices
Volume – Choose lots or CFDs according to your trade size (1 lot is equal to 100,000)
Type – Select ‘instant execution’ to place a trade for buying or selling currency pairs.
Stop-loss – This tool is great for risk management. It will warn you of any loss that may occur and show you the gained pips.
Take-profit – This tool is in auto mode and will automatically stop after you profited at a certain level.
Comment – Leaving a comment based on your experience is helpful for your trading journal too.
Slippage – You can limit slippage to avoid any risk
Trade Positions
Select ‘view’ to enter the MetaTrader 4 terminal and then click ‘trade’. The right side of the profit column will guide you to enter or exit a position. In this way, you can modify stops and limits as well.
Trading Indicators
MetaTrader 4 already has 30 built-in technical indicators and you can also go for additional chart indicators that are easily available on MetaTrader’s Code Base and Market. The Elliott Wave indicator, Bollinger Bands, & pivot points are some indicators you may try as per your trading style.
Third-party trading elements like Stealth Orders and Alarm Manager are popular too. Stealth Orders keep your trade anonymous to others while Alarm Manager efficiently handles all your trading alerts, trading time-frames and notifications through a window setup. Java API can be applied to build extensions onto the MetaTrader 4 platform.
Automated Trading Solution (Expert Advisors)
The best attraction of the MetaTrader 4 platform is its automated trading component. Expert Advisor (EA) or technically you may say a robot software, gives excellent automated trading signals.
It also does analysis of FX price quotes. You can download trading bots with instructions from Code Base, absolutely free. Or, you can simply rent it out or buy it from the market, or freelance developers. Virtual hosting can run trading bots 24/7 through MetaTrader 4 VPS.
Traders can also build software robots on the MetaTrader 4 platform if they want, using Raspberry Pi 3 and Python. The MetaTrader 4 mobile app is also great for trading from your phone. This mobile app is also compatible with iPhones, iPads, and some Windows devices. Android users can download the MT4 APK file directly from the Google Play Store.
Mobile traders will have access to 3 types of charts, a few timeframes, 30 technical indicators, market prediction data,& a chat box to communicate with other traders.The MetaTrader 4 demo account has everything to experience real trading without any real money involved. Simply select ‘demo’ from the account options and open a new MetaTrader 4 demo account.
You can have access to historical data, indicators, copy trading through Signals and also Expert Advisors can be used on its demo account.
Support Team
You can find customer support easily available on MetaTrader 4 platform. The ‘Help’ button is there to provide you any basic level support like showing keyboard shortcuts. ‘Contact Us’ page is there to help you with any questions. The technical support team is also there to solve any account-related problems you may face.
The MetaTrader 4 online community is very dynamic and informative. You can find training courses, trading advice, tips and many other useful resources to improve your trading skills.
Final Evaluation
MetaTrader 4 is the most popular & efficient online trading platform, as rated by many brokers & traders. It has efficient software that is very convenient to use with advanced multifunctioning features. It readily provides complete assistance via technical analysis and automated trading service.
Other platforms also have some unique qualities to offer. However, MetaTrader 4 has achieved a significant place among its users due to its quality. The reviews show that it is worth choosing this platform to maintain effective long-term trading.
