MetaTrader 4 (MT4) is without doubt one of the most renowned names among traders in countries across the globe. Since its launch in 2005 by MetaQuotes Software, MT4 has gone on to become one of the most popular trading platforms worldwide.
Despite the release of other trading platforms including MetaTrader 5, MT4 remains a sought after currency trading system for international traders. In this blog, we’ll explore the reasons behind why MT4 has such a loyal following.
Why MT4 has a loyal following
1. Ease of use, reliability and stability
One of the key reasons MT4 continues to retain its popularity is its user-friendly interface. Trading can be challenging, particularly for those that lack experience, and the innate design of MT4 simplifies the complexities that arise. The platform has a clean, structured layout that’s incredibly simple to navigate. Traders can quickly access a range of trading tools without having to handle complicated menus.
Furthermore, the MetaTrader 4 platform is also renowned for its stability and exceptional performance. MT4 can manage high volumes of data and execute trades quickly, easily, and correctly. This reliability has facilitated the level of trust that traders have that the platform will perform well, regardless of market volatilities
2. Cutting-edge analysis tools and multiple order types
MetaTrader 4 is particularly renowned for its advanced charting tools required for technical analysis. The platform offers multiple timeframes and chart types, e.g. line, bar and candlestick charts. Furthermore, traders can tailor charts to their personal preference, apply different technical indicators, and use drawing tools to mark patterns and trends.
MT4 comes with multiple built-in technical indicators and analytical tools like Bollinger Bands, moving averages and Fibonacci retracements. Traders can also add custom indicators developed by themselves or the wider community. More specifically, this includes 30 built-in technical indicators, 2k+ free custom indicators and 700 paid ones. These functionalities allow traders to perform detailed market analysis, increasing the potential for better informed and successful trading outcomes.
In addition to the robust technical analysis tools MT4 offers, it also supports various order types. This include:
- Limit orders
- Stop orders
- Trailing stops
Having the ability to utilise different types of orders helps a trader to better manager their risk and execute trades more precisely. The trader is also able to implement a trading strategy of any complexity.
3. Flexibility and compatibility
The MT4 platform is highly customisable to the specific needs of individual traders. The platform can be tailored to fit the particular trading style of the user. This includes the visual customisation of charts, the creation of custom indicators, and even modifying the platform’s functionality using MQL4 coding. This level of flexibility ensures traders have all the tools and features they required to implement their strategies effectively.
Additionally, MT4 is compatible with a variety of operating systems, including metatrader 4 for MacOS, Linux, and MT4 Windows. There are also mobile versions available for both Metatrader 4 Iphone/Ipad ios and MT4 Android, allowing traders to access their accounts and manage their trades on the go. In this way, traders can stay connected to the market from virtually anywhere, internet connectivity permitted. This has also made MT4 accessible to traders who may have otherwise not had access to the financial markets.
4. MT4 Algorithmic trading and Expert Advisors
One of MT4’s most appealing features is its algorithmic (automated) trading, and support for trading robots, otherwise known as Expert Advisors (EAs). EAs allow for the automation of trade execution based on predefined criteria. EAs can be created using MQL4 programming language or can be selected from a library of pre-built EAs available online. Automated trading is a game-changer, enabling a trader to leverage market opportunities 24/7 without the need for human intervention. It also comes with a high level of accuracy and speed.
Moreover, algorithmic trading has also become popular because it reduces the impact of emotive trading. In other words, it mitigates the adverse impact of one’s psychology when trading to improve financial outcomes. However, this is not to say that automated trading is without risk or does not need monitoring, it absolutely does. This is why having an effective risk management plan in place is important to protect your capital.
5. Backtesting
MetaTrader 4 allows for the backtesting of trading strategies against historical data. Based on outcomes, a trader can then go on to tweak their trading strategies, or implement in live trades. Having the ability to analyse how a strategy would have performed in the past allows traders to optimise their approach and increase their potential for maximising profits in live markets.
6. Multilingual client terminal
MT4’s client terminal is available in multiple languages given the global nature of the trading community. This reduces the risk of trading mishaps being that traders can use the platform in their native language, making it more accessible and user-friendly to a diverse audience.
7. Consistent MT4 updates and optimisations
MetaQuotes Software continuously updates and improves MT4 to ensure it remains an innovative, leading trading platform. Updates includes new features, security optimisations, and performance upgrades. This ensures that MetaTrader 4 not only stays relevant but also competitive.
8. Demo trading
A large number of brokers allow traders to open demo trading accounts on the MT4 platform, allowing traders to familiarise themselves with the system before moving to live trading. The demo account simulates live market conditions, allowing traders to get a better feel for live trading, and to develop their skills over time. Traders use virtual funds to practices executing trades, thereby not putting their own money at risk.
This offers peace of mind, and the headspace to build the confidence required when real money is at risk. Having demo account is also useful for more experienced traders who want a way to test out different strategies, before deploying them in live markets.
9. Worldwide community
Since its release almost 20 years ago, MT4 has built a large, active community of traders and developers. This collaborative peer-to-peer engagement is a valuable resource for the exchange of ideas, insights, strategies, technical support, and more. Participants can also access forums, blogs, and other online groups. MetaQuotes and different brokers also offer extensive documentation and customer support for MT4 users.
It’s clear why the MetaTrader 4 platform holds universal appeal, with its range of features and functionalities that set it apart from other platforms. Saying that, to truly leverage the power of MT4, a trader should engage in ongoing learning, to ensure their knowledge and expertise stay on point too.
There are many ways for traders to widen their scope of trading related information and education, particularly with the number of resources available online. T4Trade’s Academy is also a great resource to acquire a trading related education. The academy offers webinars, podcasts, e-guides and videos on demand, all of which have been curated by expert research analysts to provide you with the insights needed to boost your capabilities.
In addition, T4Trade also offers a great blog that covers a variety of different topics, from trading fundamentals to trading strategies and more. Finally, traders can also make use of T4Trade’s cutting-edge Economic Calendar to monitor economic news and announcements, so as to better plan and execute trades.
MT4 Trading with T4Trade
T4Trade is a powerful global broker whose award-winning MT4 trading platform can help you become a better trader. Discover a secure trading environment with fast execution speeds, intuitive features and automated trading capabilities to test your trading strategies and techniques.
Access more than 300 financial instruments from 6 asset classes on a single platform. This includes shares, indices, forex, futures, metals and commodities. Choose from multiple acounts including Standard, Premium, Privilege and Cents accounts. Select an account that best suits your trading requirements, style, budget, skills and knowledge. Also take advantage of flexible leverage, competitive spreads and high quality 24/5 multilingual customer support via email or Live Chat.
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.
