Advantages of MetaTrader 4 Platform
Metatrader 4 is a trading platform that is widely used by brokers as software for buying and selling on financial markets.
The presence of Metatrader has been able to shift the old technology where previously forex transactions were carried out by phone.
How to use this software that you need to download and install on your computer or smartphone and you can access it from your device. On this platform, you can buy and sell different currencies at current prices.
This article is a review of the advantages of using Metatrader 4.
What is MetaTrader 4?
Metatrader 4 is a trading platform developed by Metaquotes in 2005. This trading platform is widely used for online forex trading.
The Metatrader 4 platform is very popular because it has lots of cool features, and it also supports automated trading.
At present Metaquotes is also developing Metatrader 5 with advanced features, where there are several differences compared to Metatrader 4.
By default, the Metatrader 4 platform includes a variety of tools as an analysis toolbox for traders. Multi-options indicator, the timeframe from M1, M5, M15, M30, H1, H4, D1, W1, and MN. There is also a strategy tester for backtesting the trading robot or strategy.
Metatrader 4 is available for PC, as well as mobile platforms and web traders, each with its advantages and disadvantages.
Webtrader is very simple, you only need to log in via a browser at a specific web address. The platform for PC you need to download and install on your computer. The platform is user friendly and lightweight and doesn't take up a lot of bandwidth And the mobile platform can help you make transactions anywhere and anytime.
How do Metatrader 4 work
Many brokers support Metatrader 4 and even most brokers use this platform for their clients. The company purchased a license from Metaquotes to use the platform on behalf of the company.
And traders will log in to Metatrader 4 to be able to access the market and buy and sell trading instruments offered by the broker.
Depending on the broker's server and also the type of trading account, this can cause the speed of market orders to vary from broker to broker.
If available, it is recommended that traders use the broker's server closest to your location.
Metatrader 4 feature
Why do so many brokers choose to use Metatrader 4? It is not without reason because the Metatrader 4 trading platform offers a wide variety of powerful features that traders can rely on in transactions on the financial markets.
Some of the excellent features of Metatrader 4 are as follows.
Graphical displays and indicators that can be adjusted in color for the background can help traders analyze the movement of currency pairs on each time frame.
Market watch which consists of several symbols that represent the features of trading with others to place bids or ask for the latest prices.
Navigator window that allows traders to make observations and navigate through different accounts.
The terminal features also complement the advantages of MetaTrader as quality trading software.
All technical analysis activities such as ROI, moving average and Fibonacci observations can be carried out with the help of MetaTrader software.
Ease of opening and closing orders in Instant Execution, Market Execution, and Pending Orders.
A feature for monitoring currency price movements in the form of bar, line, and candlestick charts.
A feature to access trading history and view the status of a trading account balance
Automatic trading feature
Advantages Metatrader 4 Platform
1. Trade Multiple Assets
This trading platform is present on the market and has been helping a trader make deals for over 20 years now. While it is associated with Forex, it’s used to trade other markets. It allows traders to analyze and make transactions on any market. It has the ability to integrate with external programs.
2. Perfect for Developers
You can use the mt4 platform to build your algorithm from scratch. But you need tools to be able to do this. To get started you need some knowledge of SQL code, otherwise, you can hire expert advisors. With this feature of the mt4 platform, you can automate your trading strategies.
3. A secured platform
One advantage of Metatrader 4 is that it is secure. When money is involved, traders always want to be sure their money and data is secure. The Metatrader 4 data and server is encrypted with a 128-bit key, which means it meets the highest security standard. Data exchange between traders and the brokers’ is encrypted. So, you can be sure that using the Metatrader 4 platform poses no security risk. Most cases of security breach come from clients’ negligence. It is wise to keep your login details private.
4. A multi-language platform
Users of MT4 are from different countries. They can use the platform conveniently because it contains a wide range of languages. Traders can switch the platform to their native language at any time. Imagine being able to interpret charts and communicate with the platform in your mother tongue. This feature of Metatrader 4 is vital because it helps prevent common errors made by traders due to a lack of understanding of languages not known to them.
To change the language of the mt4, go to language settings, choose a language, and restart the software.
5. A Customizable Platform
Don’t like the look of the platform? Not a problem. You can customize the platform to suit your preferences. There are so many things you can change on the platform. The Metatrader 4 charts come in different colors you can change to suit your preference. To change the chart colors, right-click on it, and select properties. A new window will open, where you can change the colors of various elements of the chart.
You can also set up one-click trade to save time and energy when placing a new trade. Set your default trade size before enabling one-click trading. To do this, go to tools>>options>>trade, select a default lot size, and check the ‘one-click trading’ button. Accept terms and conditions to complete the changes. To use this feature, click on the arrow icon found on the top left corner of the chart to show the one-click options. Every time you click the buy or sell, an order is opened in the lot size you specified when you enabled the one-click trading feature.
Another interesting thing you can add to the platform is an indicator. Adding custom indicators to the platform is awesome. Customized indicators help you to understand the market better and make more profit.
There are so many things you change on the mt4 platform to suit your needs. This is probably one of the biggest advantages of Metatrader 4.
6. A platform with advanced chart capabilities
If you want to succeed in Forex, you must study the price movement of currency pairs. There is no better way to do that than using price charts. Luckily, the Metatrader 4 platform has all the charting tools you need to trade and analyze the market simultaneously. As mentioned above, you can customize the charts and add your indicators. You can open multiple charts in multiple time frames to get a better view of the market.
7. Automated Trading
It is one thing to automate a trading strategy, it is another to run it. The mt4 platform allows you to run expert advisors that can trade on your behalf. This can be helpful when you don’t have the time to sit around all day monitoring trades or looking for entry points. Attach the expert advisor to your mt4 and let it trade for you.
Forex brokers use the platform as a means of communication between them and their clients. As a trader, you can read messages from your broker in real-time.
With so much information and processes on the Metatrader 4 platform, one might think it will accommodate too much space on devices and even run slowly. It might interest you to know that the platform is incredibly low on resources and it keeps its disruption of your device to a minimum level. One of the mt4 platform key benefits is its low latency execution ensuring your trades are processed in ultrafast time. This means it is very fast in delivering your orders.
10. Different trading orders.
There are different orders on the Metatrader 4 platform. The two basic types are the market and pending orders. With market orders, you can set the stop loss and take profit levels, depending on your broker. Pending orders are of four types; buy limit, sell limit, buy stop, and sell stop.
How to use MetaTrader 4
Metatrader 4 is very user friendly, even beginners will easily navigate the platform's built-in features.
The Metatrader 4 platform for PC has an elegant appearance with the top bar containing a shortcut menu which makes it easy to use.
Meanwhile, on the left panel, there is a market watch and navigator. The bottom window bar contains a terminal where you can access trades, trading history. news, exposure, alerts, mailbox, market, signal, codebase, articles, experts, and journals.
Simply put, to open a new order you can use the New Order button on the top bar, a new window will appear, you can adjust the position size via this box. Or want to use a pending order to ask at a specific price and keep the pending order active.
If you want to add a default Metatrader 4 indicator, you can use the shortcut on the top panel, with a symbol that resembles a + sign, or via the top menu Insert >> Indicator.
Quite a lot of indicator options are available, RSI, MACD, Moving average, and so on. However, if you want to add a custom indicator, you need an indicator file and then paste it in the Indicator folder from the MQL4 data folder which can be opened via the File >> Open data folder top menu.
To try a trading simulation using a strategy tester that can be opened with the Ctrl + R hotkey, but to try a trading simulation you need to install the simulator software that you can find on the mql5 market or other available sources.
If you want to use a trading robot or expert advisor you can attach it to the chart via the navigator window then scroll to the expert advisor and expand to find the EAs installed on the platform.
If you have an Expert advisor file, you can paste it in the Expert folder in the MQL4 data folder. To display the new robot you can use the refresh button by right-clicking in the navigator window.
Metatrader 4 is a popular trading platform and is widely used by forex and CFD brokers and is also in development with Crypto trading.
Advanced use requires more specific knowledge, for example on how to connect the platform with a VPS to run a trading robot via a cloud computer.
Or you can subscribe to trading signals that are integrated into the platform.
A trading strategy built into the Metatrader 4 client terminal using codes in MQL4. To create indicators or expert advisors you need to learn this programming language.
It may be very complicated for beginners, but if you already understand the C ++ programming language it will be easier to learn it.