MetaTrader4 (MT4) is a software that facilitates CFD and forex trading. It is one of the popular trading platforms. The software is developed by MetaQuotes, which is the same company responsible for building MetaTrader5 (MT5). In addition to being a desktop and web software, the platform is mobile compatible. As such, you can access it for free via your tablet or smartphone.
In an attempt to enhance one’s trading experience, MT4 has features that allow for the analysis of financial markets as well as the use of expert advisors. One can also copy the deals of advanced traders. MT4 supports instant execution as part of its trade execution systems. Besides, you can utilize various orders in a trade, including 2 market orders, 2 stop orders, and 4 pending orders. You also have access to a trailing stop.
Features of the MT4 trading platform
Automated/algorithmic trading: As a highly customizable platform, MT4 allows traders to develop and utilize trading robots (expert advisors) as well as technical indicators. As such, you can develop your own automated trading program. Alternatively, one can purchase the program and integrate it into the trading platform. With the built-in debugger, it is safe to use the bought automated trading program.
MQL4 community: The community comprises traders whose accounts are with different brokers. As part of this feature, the participants can engage in copy trading. It entails selling your signals to other members.
User-friendly interface: it is easy to monitor the price movements of an asset, open positions, and customize charts on the MT4 platform. Besides, it is mobile compatible, which means that you can access it via your desktop as well as a laptop, tablet, or mobile phone.
Charting: The platform has nine timeframes that a trader can choose from and encompasses the candlestick, bar, and line chart types. One can also embed indicators and oscillators into the charts. This makes it easy to develop personalized trading strategies. Besides, you can use the tools to analyze price action.
What is the difference between MT4 and MT5?
There is a misconception that MT5 is an advancement of MT4. The truth is that the two trading platforms are designed differently. MT4 works for forex trading. Conversely, MT5 is ideal for traders who are interested in stocks and futures.
In terms of speed, MT5 is faster as it is multi-threaded with 64 bits, while MT4 is mono-threaded with 32 bits. The decision on which of the two platforms is suitable depends on the trader. Those looking for a straightforward platform would prefer MT4, while MT5 suits those looking for additional trading tools.
How to use MT4
To start trading on MT4, you will need to download the app either from the App Store or Google Play. Once you have signed up for a trading account, you start operating on a demo trading account or one with a real-money setup. The ‘Order’ window allows you to place an order instantly. Additionally, the ‘Navigator’ window contains all the indicators that you may wish to use as part of your analysis.
