MetaTrader 4 (MT4) is arguably one of the most popular and widely used trading platforms worldwide. Launched by MetaQuotes Software in 2005, the platform has since evolved to become an invaluable tool for traders everywhere. It is particularly renowned for its ease of use, innovative analytics tools, and extensive range of features that cater to both beginner and professional traders. So complete is the MetaTrader 4 offering that it has become a staple for traders across the globe.
More about MetaTrader 4
Before we dive into getting a real account on MetaTrader 4, it is important to get a good understanding of the fundamentals of the platform. Let’s explore 3 core functionalities of MT4 that provide traders with almost everything they need to be successful.
1. Technical analysis
For one, MT4 is highly sought after for the level of technical analysis that it offers. It provides a diverse range of indicators (30 built-in, 2k+ custom for free, and 700 paid). This enables a trader to analyse any market, no matter how complex.
Additionally, MetaTrader 4 also offers 24 analytical objects. This includes shapes, arrows, lines, channels, Fibonacci tools, and many others. Traders can apply these objects to charts and indicator windows, thereby facilitating tasks such as price direction forecasting, trend detection, and setting support/resistance levels.
Symbols can also be displayed across 9 timeframes, ranging from 1 minute to monthly. This ensures that traders can view detailed quote dynamics. It also means that they can combine technical indicators and graphical objects on different periods of a specific sympbol. This facilitates a more analytical, objective approach to reading data and reducing emotive factors in decision making.
2. Automated trading
Also known as algorithmic trading, automatic trading is one of MetaTrader 4’s strongest features. It allows a trader to develop, test and enforce Expert Advisors (trading robots) and indicators of any complexity for trade execution.
This capability is enabled by the MQL4 object-oriented programming language. Automated trading offers high efficiency, flexibility, increased speed, higher volume of trades and accuracy.
Algorithmic trading is also valuable in that it reduces the potential adverse consequences of emotive trading. Afterall, trading can be an incredibly stressful endeavor. If risk management measures aren’t implemented, the likelihood of losing most, if not all, of your capital is high.
Regardless of whether one is trading forex, commodities, indices, futures or metals, high volatility and price fluctuations can evoke feelings of fear, rage, greed, arrogance, etc. This in turn often leads to impulsive decision making that lacks objective analysis or rationale.
Trading robots execute trades based on pre-established rules and criteria, significantly faster than any individual could achieve. EA’s also tend to be very accurate, although not without mistakes, so monitoring trading activity remains critical.
3. Mobile trading on MetaTrader 4
MetaTrader 4 mobile applications accommodate trading in financial markets across across multiple devices powered by iOS, Android, MAC. This makes trading using MT4 incredibly flexible and convenient. Using MetaTrader 4 mobile versions are similar to desktop versions. In fact, traders can access interactive quote charts, trading orders, popular analytical tools, and more.
They can also track trading history and monitor their accounts wherever they are, on the go. They can buy and sell financial instruments in a single click. Other components include chat with other traders and push notifications.
Getting started on MetaTrader 4
Step 1:
The first step in the process of getting started on MT4 is to select a broker that best caters to your needs and goals. Choosing the right broker for you requires proper research and due diligence.
But, for the most part, consider a forex broker that:
- A responsible regulatory authority regulates it to safeguard your funds when engaging in live trading.
- offers your favourite class of asset, e.g. metals, commodities, stocks, currency pairs, indices, etc.
- offers access to a demo trading account and the MetaTrader 4 platform so that you can become accustomed to using the system.
- provides multiple account types so that you can choose one that aligns with your level of expertise, budget, and risk tolerance.
- is transparent in regards to potential fees and/or commissions.
- offers competitive spreads, top speed in executing trades, and quick and easy fund withdrawals/deposits.
- has a top-tier multilingual customer team that can speak to you in your language, to ensure an optimal trading experience.
Step 2:
The 2nd step in the process is to register for a demo trading account, especially if you’re new to trading. A demo account allows you to learn the MetaTrader 4 better before you start trading live. It does this by offering:
- a simulated trading environment in which you can get a feel for market conditions as they fluctuate in real life.
- virtual funds which you can use to test trading strategies and implement trades, thereby refining your skills without using real money.
- the ability to learn more about technical and fundamental analysis to make informed trading decisions.
- the option to test out automated trading for increased efficiency and speed.
Step 3:
Traders usually transition to a live trading account as the third step in starting on MetaTrader 4, a process typically initiated once they have gained enough knowledge and experience.
This involves signing up for a real account and funding it with capital. Your broker determines the acceptable methods of payment for depositing funds.
Funding the account ensures you have the money required to start executing trades and handling price fluctuations. Signing up for a real account will also likely include the following actions:
- completion of an online account registration form
- You verify your identity by submitting various documentation such as a government-issued ID, proof of address, and any other requirements specified by the broker.
- Your account will then undergo approval and verification. During this process, you will likely receive your login credentials, such as a username and password, as well as information about the server.
- Following that, you’ll open MT4 on your device and choose “log in to trade account,” where you’ll probably be asked to input your credentials.
- Once you have successfully logged in and funded your account, you’ll then be able to launch into live trading live on MetaTrader 4.
Other important tips and information
As you delve into trading, remember to remain mindful of the risks involved to ensure you don’t lose all your money. Ensure you start your journey properly equipped with the knowledge and a plan so you remain focused and disciplined.
But what does this actually entail?
- Build a trading plan that definitively states your goals, your budget, and the level of risk you’re will to face.
- Integrate risk management techniques into your entire trading plan. This may be stop loss orders, take profit orders, trailing stops, position sizing, or portfolio diversification. Whatever they may be, make them a part of your plan to protect your money.
- Dedicate time to ongoing learning. The trading world is constantly evolving. Markets rise and fall, and technologies advance. External factors like political instabilities, financial releases, and even environmental disasters impact trades. Having the ability to handle these challenges requires a phenomenal grasp on the complexities of trading. This requires education and constantly monitoring the markets.
If you’re looking to start dabbling in some trading, consider signing up with T4Trade. T4Trade is a popular broker that seeks to empower its traders with knowledge and skills to achieve successful trading outcomes. The broker also offers its traders a high quality, flexible trading experience through its MetaTrader 4 platform, with an ongoing focus on new technologies and service offering.
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.
