What is MetaTrader 4?

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What is MetaTrader 4?

If you’re going to cross a big river, you need a boat or a bridge. If you are going to trade Forex online, you need specialized trading software. Once installed on your computer, the software becomes a bridge connecting you to the Forex market.

MetaTrader4 Defined

MetaTrader4 or MT4 is a common trading platform that makes available everything you need for online trading via a single interface. This platform provides a powerful combination of analytical and trading tools that enable you to perform the simplest to the most complex Forex trade strategies.    

Easy to download and install, MetaTrader enables you to analyze price charts, locate chart patterns, and buy and sell opportunities called trade setups. The platform executes targets and predefined stop losses in real-time while giving you instant and easy access to pending and trailing stop orders.  

Using MT4 saves you from the annoyance associated with missing trade opportunities or staying consistently close to your PC or mobile device. If you’ve been wondering about MetaTrader and how to use it, our guide will discuss everything you need to know about MetaTrader4.     

What Makes MT4 so Popular?

To say that MetaTrader4 is popular is an understatement. The following are the reasons why MT4 has a good reputation in the Forex trading community.

Simple and Easy to Use

The MetaTrader4 is highly advanced software that presents an amazingly understandable, user-friendly interface that even a novice can navigate without a hassle. The platform is equipped with front-end and back-end office instruments for creating expert-advisor settings and controlling chart displays besides intuitive display alternatives for multiple chart setups.

Convenient

Considered among the most advanced trading software globally, MT4 enables you to perform up-to-date technical analysis though algorithms, graphs and in-depth charts to give you instate rates at competitive price spreads. Add daily market reports, automatic alerts and data analysis at the click of a button and you have a winner. MetaTrader4 enables you to customize multiple charts concurrently while analyzing any custom indicators.  

Free to use

The multi-asset trading platform, trusted by millions of Forex traders because of its extensive features, is a benchmark in online Forex trade. You can trade in Forex, stocks, commodities, CFDs and indices without paying a premium as expected. You enjoy MT4’s multi-device operability, advanced analytical capabilities and automated trading functions for free.  

Security and Peace of Mind  

MetaTrader4 is completely secure and stable trading software. The platform encrypts all the data exchanged between servers and terminals via a 129-bit key besides supporting RSA digital signatures. Your trading account is out-of-reach of cybercriminals as your IP is hidden. These features allow you to perform high-speed monetary transactions from devices like tablets, smartphones and desktops in a completely secure environment.

Broker Availability

Hundreds of Forex brokers choose MetaTrader4 as their primary software while it remains the favorite among millions of traders. MT4’s widespread popularity is as a result of its user-friendly interface that avails easy navigation. Since it remains the most easily-available platform in the Forex market, you can be sure to find your preferred broker on the list of leading MT4 Forex brokers.     

These are some of our top recommended Forex brokers. We highly suggest you check out our accompanying guide to make sure your next move in Forex trading is an educated one.

What Can You Trade On MT4?

Forex Trading

MetaTrader is designed for the Forex market where traders take advantage of fluctuations in the money market by speculating and opening opposite positions. Thankfully, you can also trade indexes, stocks, bonds, commodities, metals or financial derivatives. All you need to do is open an account with a trusted Forex broker, fund your account and have a chance to trade any of the following: 

CFDs (Contracts for difference): CFDs are a popular trading instrument that becomes a launching pad for most investors into the financial market. CFD brokers offer them alongside similar assets like commodities, Forex and spot metals, where they derive their value from the underlying asset. With CFDs you trade without owning the underlying asset.  

Cryptocurrencies: Crypto-based CFD trading is in all ways similar to Forex trade as it involves earning profits from price difference caused by market volatility. You can trade cryptocurrency CFDs using the Forex market’s most popular software, MetaTrader4. Some Forex brokers that offer desktop and mobile device-compliant versions.   

Indices: Indices trading offers investors a different way to benefit from the global equity market without identifying, selling or directly owning specific stock or group of stock. MT4’s powerful charting tools will help you make you trading decisions.  

How Do You Use MT4?

Before you can use MetaTrader4, find a reputable Forex broker and open a trading account. Once you have a live or demo account running under your name, it’s time for MT4 installation. The best way to select a Forex broker is to run through several online rankings and listings. Be careful to choose a broker who’s’ regulated by their local financial authority, practices funds segregation, has decent spreads, and has excellent customer service.  

Installing MT4

Installing MetaTrader4 is simple, and it’s available for different operating systems. If you are using Windows, as soon as you download MT4, run the .exe file and follow the step by step on-screen instructions in the installation wizard. There are different download instructions for Mac users, Android users and iPhone users. 

Logging in to MT4

The first time you run MetaTrader4, it will prompt you to enter account details. However, if it doesn’t, click on the “File” tab on the top left of the screen and select “Login to Trade Account.” Choose between the full trading and demo trading account details. 

Logging out of MT4

MetaTrader4 doesn’t have a specific logout procedure. In case you don’t want your login details saved on MT4, make sure “Save Account Information” isn’t checked the moment you log in. The system logs you out automatically when you close MT4.  

Trading a Currency Pair on MT4

To open a trade in MT4, select the “Order” window and place an instant order. Pick your preferred currency pair by clicking on the “Window” tam atop the platform, followed by “New Window.” Once it’s done, click on “New Order” on the MetaTrader4 toolbar or press on “F9” on your keyboard to open the “Order” window.    

To execute a trade at the market bid or offer, you must now input your preferred trade size or lots inside the “Volume” box before clicking “Sell or Buy” by selecting “Market Execution “ as the order type.  

The “Market Execution “setting is what allows the instant order within the MT4 platform. However, take note that there is more to making a trade within MetaTrader4 than dealing at the market. You can buy or sell by selecting a limit or stop order choosing from the “Type” dropdown. This way, you can buy and sell on MT4 at precise, desired levels far from the current market price instead of executing at the current prevailing rate.    

How do I use MetaTrader 4 demo?

After downloading the application and signing in, on the ‘Select trading servers’ screen, select the appropriate demo server and press “Next”.

How do I deposit money on MT4?

To deposit funds onto your account, go to the Payments section of your profile, and select “Deposit to account”.

What is MetaTrader 5?

MT4 is designed for CFD forex instruments, while MT5 is an all-in-one multi-asset trading platform that covers both centralised and non-centralised markets, thus including stocks, futures and FX trading instruments.

Concluding Thoughts on MT4

Our guide on MetaTrader4 has detailed its most important features and showed you how you could easily use the platform in Forex, Cryptocurrency, CFDs, and Indices trading. The best way to internalize the tips and techniques you have learned is by opening your account and practice using MetaTrader4 yourself.

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