If you’re into forex trading already or just started out, you’ve most likely come across MetaTrader 4 (MT4). Its features and simple design make it one of the most popular trading platforms around the world for both new forex traders and professionals.
Read on to find out what MT4 is, why so many beginners choose it as well as what its main features are.
Why do beginners choose MT4?
MT4 is great for forex traders of all levels of experience. Its easy-to-use design, useful learning materials, advanced tools and more, make it very convenient for traders who are just starting out.
It’s also a way to familiarise yourself with trading and gain the experience you need with expert support. New forex traders could also start with opening a demo account. This will enable you to practise trading under real conditions before using real funds.
Also keep in mind that efficient trading requires skills and a solid trading plan as well. In case you aren’t familiar with how to use MT4 efficiently, it’s of high importance to go with a broker that can help you get the most out of the 거래 플랫폼.
Simple & accessible
MetaTrader 4 offers a simple interface that is pretty straightforward and easy to comprehend whether you are a beginner or an experienced trader.
Charts, market updates, tools and everything else you need is well-organised and easy to find. Although it is simple, it is also easily adaptable as it can be downloaded and work on any device, irrespective of how old or new they are.
Advanced MT4 tools for market analysis
Traders choose MT4 for various reasons. One of the most popular ones is its wide variety of analysis features. There are 9 different time settings to view charts, 23 drawing tools to use and 30 built-in technical indicators to access.
Additionally, custom tools can be created, and extra ones can be downloaded from the built-in market. Traders can also stay up to date with real-time alerts, news and market developments.
Automated trading supported
With MT4 you can automate your trades with special programs known as Expert Advisors (EAs). Its built-in development tools help you build, test and enhance any simple or complex automated systems. You can easily create and fine-tune trading robots and indicators through MetaEditor and Strategy Tester.
Trading anytime, anywhere
MT4 allows trading from your computer, mobile phone, tablet or web browser. It is supported by Windows,, macOS, iOS, 안드로이드, and it works online too.
With this flexibility, you can easily monitor the markets and trade wherever you are. Without limiting your strategy, scalping, hedging and various other methods are supported by MT4.
MT4 Recognised globally
It launched in 2005 and since then, MT4 has built a strong reputation among numerous forex traders around the world. It has received various industry awards, securing its place as the most trusted and widely used platform worldwide.
What are the disadvantages of using MT4?
Although MetaTrader 4 is very popular, there might be some disadvantages, especially for beginners. The primary focus of the platform is currency pairs. It offers fewer options for those who want to trade assets like 주식 또는 원자재.
While it provides basic order types it lacks more advanced features like special conditional orders. Some traders may find this limiting, specifically if we compare it with more modern platforms that offer more flexibility or tools.
Another disadvantage is that it is missing built-in news or economic calendar. This makes it harder for beginner traders to keep up with market news to decide on a trade.
To get such information, traders tend to use extra websites or tools. Also, some forex traders occasionally experience problems with how stable the platform is and with drawing tools such as Fibonacci charts and trend lines.
What are the key features of MT4?
As discussed, MT4 allows traders to create, modify, and use automated trading systems, supported by its built-in MQL4 IDE (Integrated Development Environment).
This programming environment enables traders to build various trading tools that work directly on MetaTrader 4. The system is the programming language used to build various trading tools working on MetaTrader 4 directly.
Its strong security and advanced technology are two of the factors that make it popular.
With MQL4 traders can create various tools like:
- Expert Advisors (EAs): Automated programs with which traders run trading strategies without working manually.
- Custom indicators: Some indicators are already provided. Other than these, forex traders can create their own depending on certain rules that help analyse the market.
- Scripts: These are small applications that perform tasks including closing all open positions or removing indicators from a chart.
- Libraries: These are collections of different functions that can be used again in various tailored applications on MT4.
There are also two important tools:
- MetaEditor: This is a tool used to write, edit and test the code for EAs and indicators.
- Strategy Tester: Traders can test and enhance their automated strategies to ensure they work properly prior to using them in real trading.
7 steps to trade forex with MT4
Below is an easy step-by-step on how to trade with MT4:
Download & install the platform
First, you will need to download MT4 on your computer and then follow the steps to install it.
Place your first trade
You will need to log into MT4. Then, to open a trade window, click “New Order” or press F9. Add your stop-loss and take-profit orders after selecting the trading symbol and determining the trading volume.
Check your open & pending orders
To view your current trades as well as pending orders, press Ctrl+T or go to View and then Terminal. After that, click on “Trade”. You can close the trade or cancel a pending order by clicking the “x” next to it.
Modify orders
To change or remove an order, you should open the Terminal window by clicking Ctrl+T, right-clicking on the order under “Trade” tab and selecting “Modify or Delete Order”
Tailor charts
With MT4 you can customise your charts, add indicators, draw trendlines and make any changes to help you with your analysis.
Set price alerts
Price alerts can be created so that you get notified once prices hit specific levels. Press Ctrl+T or go to View, then Terminal, right-click and select “Create” under “Alerts” tab.
View trade history & download reports
To view previous trades, press Ctrl+T or go to View, then Terminal and select “Account History”. You can right-click and choose “Save as Report” or “Save as Detailed Report” to download a report.
Final thoughts
MT4 is one of the top trading platforms because of this interface, tools and strong security. If you are new to trading or have years of trading expertise, it provides everything one needs to trade in the foreign exchange market. For beginners, MT4 is one of the simplest and most reliable options.
The platform offers many useful tools like 기술적 지표, various chart types and timeframes. Traders can create automated strategies like EAs and customise the platform to fit their needs.
MT4 works on any device and is available in numerous languages. Last but not least, it offers a reliable trading environment with instant forex prices.
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.
