The MetaTrader 4 platform is arguably one of the most popular currency trading systems in the world. It is also free to download and use. In this article, we’ll take a deeper look into this prolific platform that’s taken the trading world by storm since 2005.
Metatrader 4 brief history
Although officially developed and launched in 2002, an enhanced version of the MetaTrader 4 platform (MT4) was released by MetaQuotes software almost 20 years ago. The software is essentially comprised of two parts, the server component (run by the broker) and the client component that is utilized by the broker’s customers to trade.
Over the last two decades, MT4 has become a favorite amongst global traders. Cementing its status as a leading currency trading platform is its robust tools, its technical & fundamental analysis functionalities, and its ability to automate trading through the use of trading robots (also known as Expert Advisors or EAs). MetaTrader 4 is also a highly flexible system, available for mobile and supporting Android, iOS, Mac, and Windows.
Who is MetaQuotes Software?
Founded in 2000, MetaQuotes Software has gone on to become a leading developer of different software applications for brokerages, banks, and exchanges. FX Charts was its first product released 23 years ago. It was a user-friendly trading platform with the ability to analyze currency pair quotes in the forex market. Revolutionary for its time, the platform very quickly gained considerable market share.
The company went on to develop and release the MetaQuotes platform which offered the MQL (MetaQuotes Language) programming language. This made the use of trading robots possible in financial trading. 2005 was a pivotal year for MetaQuotes with the release of its 4th generation platform, MT4, which made algorithmic trading available to an incredible number of traders across the globe.
Key MetaTrader 4 features
Not only is MetaTrader 4 free but it is also packed full of almost all the tools required by a trader to achieve success. The platform is highly regarded for its reliability, security, stability, and advanced trading features With frequent updates and advancements, MT4 continues to remain a platform of choice with a massive global following. Notably, this remains true for traders with varying levels of expertise. Let’s explore some of MetaTrader 4’s most in-demand features:
- Straight forward, easy-to-use interface, enabling users to quickly navigate and execute trades.
- Compliance with some of the highest security standards for the protection of sensitive information. This includes an encrypted exchange of data between servers and client terminals, as well as the encryption of a trader’s IP address, to safeguard accounts from attempted hacks.
- The ability to execute all types of trading strategies, be they simple or significantly complex.
- A combination of different order types, including 2 market orders, 4 pending orders, 2 stop orders, and a trailing stop.
- 3 execution modes (instant, request, and market) to boost flexibility.
- Advanced charting tools with a range of timeframes and economic indicators.
- Technical analysis tools comprised of 30 built-in indicators, 2k+ free custom indicators, and 700 paid ones, allowing a trader to analyze the market, regardless of complexity.
- 24 analytical objects: lines, channels, the Gann and Fibonacci tools, shapes, and arrows; to forecast the future price dynamics.
- Financial news and alert tools to keep traders informed of the latest market events.
Algorithmic trading
Algorithmic or automated trading is by far a standout feature of the MetaTrader 4 platform. Automated trading is a great way to remove emotions from the trading process, particularly when they lead to adverse trading decisions. Instead, Expert Advisors (EAs), or trading robots as they’re otherwise known are used to execute trades.
They use trading signals based on preset rules to automatically open or close a position and can do this an infinite number of times during a trading day. In this way, you are exposed to more trading opportunities without feelings of fear, greed, or impulsiveness hindering the process. This is not to say that algorithmic trading comes with zero risk, but it does offer a level of speed and accuracy that would otherwise be unachievable by a human.
Metatrader 4 mobile trading
The MT4 platform also accommodates trading on financial markets via iOS and Android-powered devices. Mobile versions of the system offer access to features like interactive quote charts, analytical tools, all trading orders, and more, much in the way the desktop version does. In addition, mobile users can also track their trades, monitor their account status, and enter and exit positions at the click of a button. Other useful features include push notifications and the ability to chat with other traders.
Opening a demo trading account
One of the best ways to test out the MetaTrader 4 platform for yourself is to sign up for a demo trading account. To do this requires selecting a broker that will help you navigate the process. T4Trade is one such broker. By registering for a demo trading account with T4Trade, you will have the opportunity to learn more about what the MT4 platform does, and how it can help you optimize your trading experience. You can apply different trading strategies, execute trades, monitor market conditions, and use technical or fundamental analysis, much in the same way as you would were you trading live. You’re able to do this using virtual funds, thereby protecting your capital.
A demo trading account also offers new traders a way to get a better understanding of the different financial markets and the factors that impact them, driving currency prices. Using a demo trading account can also help a trader build confidence as they gain more experience, without the fear of losing money. Furthermore, a demo account also provides a trader with a way to evaluate the services of the broker, be this their level of engagement, the speed of order execution, the availability of trading tools, and more.
Risk management
A word to the wise, remember that regardless of the many features the MT4 platform offers, and it offers a lot, adopting an effective risk management plan is key to protecting your money. While MetaTrader 4 can optimize the trading experience, this shouldn’t come at the expense of managing risk properly. This may be through the adoption of risk management techniques like stop-loss or take-home orders. It could also be in the form of continuous learning to ensure you remain skillful and informed.
Additionally, keeping a journal to track your trades is a great way to leverage historical data to optimize your existing trading strategy, thereby mitigating risk too. Be mindful of too much leverage or overtrading as well, both of which can lead to substantial losses. Ultimately, the MT4 is a great tool to help you streamline the trading process but managing risk is largely up to you as well.
Why T4Trade?
T4Trade is a leading broker with a global client base. The broker offers traders access to an extensive range of tradable instruments as well as some of the world’s most popular financial markets (shares, forex, metals, commodities, indices, futures). Traders can choose from various trading accounts that best fit their trading requirements.
They can also take advantage of competitive spreads, flexible leverage, and fast executions, among other benefits. The T4Trade Academy also provides traders with extensive educational resources. To boost their trading knowledge, enhance their skills, and increase confidence.
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.
