What is MetaTrader 4?
MT4 is a trading platform that brings a host of unique tools and functions to trading indexes, stocks, CFDs, commodities and Forex. As it can be tailored to suit a range of needs, even brokers can use it instead of their own proprietary platforms to remain competitive and on top of the latest trends. All a trader will need to do is download MT4, either directly from the website or from their broker’s, and start making the most of what’s on offer.
The advantages of using MT4
1. Real-time access to market prices
One of the top features of MT4 is the ability to access the most up-to-date trading information with real-time currency quotes and estimates with the Depth of Market feature. This depicts aspects of market activity, such as the buy orders for numerous currency pairs. Traders can use other vital data portrayed in the ‘Watch Window’, such as margin ratio, contract size, margin currency, spread and more.
2. A user-friendly interface
This platform was designed with usability in mind, so that traders of all skill levels will be able to get involved with little fuss. Supporting a host of strategies, two ways to carry out trades, automatic triggers, charts, trailing stop orders, access to personal trading history, unlimited technical tools, demo-trading capabilities, educational resources and simple-to-use controls; it’s flexible and straightforward to use.
3. Automated trading options
Traders have the ability to set automated trading algorithms to minimise emotional bias and time spent trading when other things can be taken care of.
4. Stability and accessibility
There is little to no downtime with MetaTrader 4, so you’re not likely to miss worthwhile trades due to freezing or similar functionality issues. As a result, trade executions are fast and have little chance of slippage. Traders can use the platform on a multitude of devices, so you can trade whenever and however you want on smartphones, tablets, laptops and desktop computers.
The mobile app features:
- Interactive graphing, sorting and analytical functions
- Push alerts
- Real-time communication
5. Expert advisors
When you want to execute trades automatically, diversify your portfolio and more, there are a host of Expert Advisors to choose from. This gets even better when you learn that each will be uniquely designed to meet your trading needs and that you can even create your own and run it with little difficulty.
6. Security
As security is a major concern where your financial assets are concerned, you’ll be pleased to know that MT4 is not only reliable, but secure. All information is encrypted (including IP addresses), RSA digital signatures are supported and as the platform is global, it complies with a host of location-based.
The cons
As this is such a widely-used platform, there are of course some downsides that need to be considered before downloading and using MT4. Some users report difficulty when tailoring the platform to their needs, as some programming knowledge is required. Some also find that the platform is better suited to businesses and brokerages than the individual trader and this can prompt them to use the proprietary software provided by their own trading platform instead. Recent updates seem to have caused some discourse in the community also, and the structures of Fibonacci charts and trend lines have become a little less accessible.
The final downside is that customer service seems to be lacking and can be considered the most frustrating issue of the platform.
Risk management
As trading can be volatile, it’s essential to carry out research into the latest market data news for industries you’re looking to trade in. Make use of demos accounts as well as stop losses to protect yourself from losses.
Overall thoughts on MetaTrader 4
With all of the above in mind, this platform does have some worthwhile advantages alongside notable disadvantages, but it is still one of the most widely used trading platforms out there. It’s important to do your research and consider your trading needs before downloading it, so click here to find out more about MetaTrader 4 to ensure you’ll get the best from your trading efforts.
Disclaimer:
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when spread betting and/or trading CFDs. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
Marketing for CFDs and spread betting is not intended for US citizens as prohibited under US regulation.
