Advantages of MT4
Advantages of MT4
The MetaTrader 4 platform is one of the most globally recognized and prestigious trading platforms used by countless investors from around the world. It offers online trading on a number of devices, from iPad and Smartphone to traditional desktop trading, and is considered to provide benchmark standards within the online forex trading industry, thanks to its unique benefits and features.
Also known as MT4, it has been highly rated in countless online trading reviews thanks to its efficient tools, multiple timeframes – from one minute (M1) up to one month (MN) – and numerous currency pairs, commodities and other financial instruments to trade. It presents endless benefits to traders of all levels, which is why it is the platform of choice for so many people. Its popularity comes largely as a result of its full customisability, its complete range of trading tools and the infinite possibilities that it presents.
If you wish to trade on the MetaTrader 4 platform then you will need to sign up with a forex broker that offers MT4 forex trading. The MetaTrader 4 platform is free to download and takes just a few minutes to install on your PC, laptop, smartphone or tablet. Once you have installed the platform and opened an account, you will be able to begin trading straightaway.
Some of the many benefits of the platform are:
MT4 forex trading offers some of the most powerful trading in the world. Due to the international usage of the platform, the server is able to support tens of thousands of trades at a given moment while processing hundreds of different financial instruments. Trading forex on the MT4 platform is therefore incredibly accurate and precise, meaning that the prices you are quoted with are provided in real-time.
Trading safety and security
All forex trading on the MT4 platform is carried out in the safest and most secure environment as trading involves transferring funds and private account information every single day. Thanks to a solid security system including 128-bit data encryption between the trader and the server as well as the use of RSA digital signatures, all personal data is kept out of danger from account hacks. Further still, the investor's IP address is entirely concealed, ensuring the system cannot be hacked.
Regarded as one of the most advanced pieces of trading software in the world, the MT4 platform enables traders to perform accurate technical analysis as it features in-depth charts, algorithms and graphs to provide real-time rates at competitively priced spreads. In addition, automatic alerts, daily market reports and data analysis are provided at the click of a button, meaning that traders do not have to go far to receive important information and updates. You can customise multiple charts simultaneously and analyse any custom indicators all through the convenience of the MT4 trading platform.
The platform offers 30 built-in technical indicators, over 2000 free custom indicators and 700 paid ones, ensuring market analysis at any level of complexity. These come with adjustable graphical settings and interactive charts that allow you to stay afloat of current market activities.
The MetaTrader 4 platform is ideal for traders of every level as it is completely flexible, extremely user-friendly and fully customisable for a unique trading experience. For example, you can add or remove the grid lines at the back of the trading platform. You can also make the bars bigger or smaller according to your preferences, or change from bars to candlesticks for easier reading.
Right click in the chart area and click on 'Grid'
Other adjustable elements of the platform include the bear candle, bull candle, stop levels, bar up, bar down and much more. There are numerous ways to customise the colouring during MT4 forex trading simply by right clicking on the chart, selecting 'Properties' and then customising every aspect of the chart based on your desired colours. The ability to draw support and resistance levels, trend lines or channels is also very straightforward – the possibilities the platform presents to traders are practically endless.
Different trading orders
The benefits of the MT4 platform do not stop there. This fully customizable and intuitive user interface meets the needs of every type of trader, whether you wish to immediately execute trades or prefer to place pending orders. You can also place trailing stops and stop loss and take profit orders, all of which are expedient features designed to minimize risk. No matter how simple or complex your trading strategies might be, the MT4 trading system allows you to implement them with ease.
If your forex broker offers the MetaTrader 4 platform then it is recommended to test drive the platform first on a demo trading account to see if it performs all the tasks you need it to perform. With the demo account you can also familiarise yourself with the functionalities of the platform and trade under simulated market conditions before opening a live forex trading account.
Implement Expert Advisers
MT4 forex trading also lets traders implement Expert Advisers if preferred, which are specially programmed softwares integrated onto the MT4 platform. Using MQL4 language, they allow automated trading to take place and can be programmed to trade independently through your trading account.
If you find it difficult to find the time for manual trading then you can use Expert Advisors through the MetaTrader 4 platform. Expert Advisors are ideal in that they can be pre-programmed based on your personal trading requirements. From here, simply attach the EA to the MT4 platform and leave it to trade on your behalf, scanning the market on a 24-hour basis and eliminating any obstacles in analytical and trading activity.
Read our article to learn more about automated forex trading software.
Another reason why the MetaTrader 4 platform has stood the test of time as one of the world's greatest trading platforms is due to its multilanguage service. Wherever you are from in the world you can set the platform to your preferred language (there are more than 20 available) to eliminate trading errors due to lack of understanding of foreign terms and notions.
Click 'View' then 'Languages' to select your preferred language. Restart the programme for the changes to take effect.
The Market Watch Window
During online trading you will undoubtedly need to keep an eye on the market. You can do this by viewing the Market Watch window which can be found by clicking 'View' then 'Market Watch.' The Market Watch window displays the live exchange prices of all the currency pairs, commodities and indexes available to trade on MT4. Simple place the cursor on the Market Watch window, right click then click 'Show All'. You can also remove currency pairs that are irrelevant to your trades. Simply highlight the pairs you do not need, right click and select 'Hide.'
Get started with MetaTrader 4 today
With its endless educational resources, technical analysis tools, user-friendly interface and much more, the MT4 platform remains an attractive option for novice and veteran traders alike. Take advantage of MT4 forex trading and begin trading today with the MetaTrader 4 platform.