The MetaTrader 4 (MT4) trading platform is the industry standard. Moreover, it is a very well-known trading platform. In fact, the majority of forex and CFDs brokers offer it to their clients. Both professional traders as well as beginners tend to use MT4 for a variety of reasons.
Its user-friendly interface makes it attractive to beginners. Furthermore, it offers an extensive range of technical indicators and charting features. In addition, the ability to use Expert Advisors (EAs) to automate trades makes it even more powerful. As a result, it is a popular tool among professional traders.
The MetaTrader4 trading platform
MetaQuotes developed MetaTrader 4 in 2005, and forex traders primarily use this widespread trading platform.
Despite its primary role in forex trading, traders also use MT4 to trade a wide range of CFDs in other financial markets. For example, it supports trading in stocks, metals, commodities, and indices.
One key reason for its popularity is its flexibility. Moreover, traders can customize the platform or use it for automated trading. As a result, MT4 remains an extremely interesting and widely used tool.
These automation features are some of the reasons professional traders love the MT4 trading platform. Many popular and reputable CFD brokers allow their clients to use the MetaTrader4 (MT4) trading platform. In addition, it is quite easy to integrate a broker into the MetaTrader4 platform.
Professional traders and MT4
Full-time forex and CFD traders definitely use MT4 to trade mainly forex. However, they also use it to trade other markets. For instance, MT4 is commonly used for trading oil, precious metals, and commodities. Additionally, it is used for trading stock indices and individual shares.
One of the reasons professionals use MT4 is its ability to use custom indicators. As mentioned earlier, you can buy or build these indicators yourself. This feature is one of the key advantages of MetaTrader 4.
Many professional traders recommend downloading MT4 for free. This allows you to take it for a test drive. By doing so, you can conduct your trade analysis. Moreover, it gives you the opportunity to test yourself before placing actual trades on your preferred broker’s platform.
Opening a live account with an MT4 broker, such as T4Trade, is very easy. Additionally, you can explore some of MT4’s features through a demo account. This demo account is provided by the broker, allowing you to practice and familiarize yourself with the platform.
How do professional traders use MT4?
Professional traders provide their own trading methods online and suggest ways to use MT4 through live webinars or through their books. Since they have become experts in their field, they share their experience and ways to trade with MetaTrader 4.
Also, professional traders use MT4 coded indicators that they have created themselves. Additionally, they are often willing to share these indicators with you. Furthermore, traders can buy indicators online. As a result, they have managed to stick with MT4 and trade successfully in the long term.
Using indicators with MT4
Some argue that indicators lag. Since they may react after a price already moves, traders often consider them too late to the party and inefficient. However, this is not the case, especially when you use a combination of them, so professional traders enjoy trading with MT4 and using a variety of indicators.
Professional traders always chase an edge, they want that specific advantage, that little extra push that will allow them to stay ahead of the curve. What works for one trader may not work for another since different factors and traits shape most successful traders.
Each trader is different. Their opinions, risk tolerance, and mental capacity vary. Additionally, they have unique characteristics and elements that shape who they are.
However, traders cannot question certain trading methods, specific rules, and the use of a reliable, bullet-proof platform like MT4 because they simply work.
Years of testing and success have made certain aspects of trading undeniably trusted. So is MT4. This is why many professional traders have built their strategies and methods using this popular platform.
The best predictive system to trade is your own!
Traders tend to say that the best trading system to use to trade any market is the one created by you. Professional traders using MT4 suggest that you do your own research and then create your own trading indicators.
Building your own technical analysis system to speculate on the markets is not an easy fit and requires an in-depth understanding of the markets, real price action and technical analysis.
To build such a system, you will need to combine two or three indicators. MACD, MACD Price Divergences, RSI, Bollinger Bands and Ichimoku Kinko Hyo are some of the most popular indicators used by professional traders.
Some general tips by professional traders
Doing your own research and reading lots of books and online sources by reliable traders or brokers will give you a basic idea of how to trade on MT4 in a more advanced and professional manner. However, make sure you understand the risks and that you have a good grasp of everything.
Back-test your system using a demo account or a micro-lot account before going for a standard-lot account so you are always in control of your funds. Remember, avoid overtrading!
Using indicators is great, but they are part of a complete trading system which also includes entry/exit strategy and a money management system.
Creating custom indicators with MT4
You can develop your own custom indicator in MetaQuotes Language 4. A technical indicator is a mathematical conversion of security price and/or volume to predict future changes in price.
By using indicators, you will be able to determine whether the current trend will remain the same or where it will turn. Indicators allow you to improve your trading decisions and gain a more complete view of where prices may go next.
MetaTrader 4 offers 30 built-in indicators, over 2,000 free custom indicators and 700 paid ones, allowing you to sift through any level of complexity.
The EA Builder is also another excellent app for downloading already-built indicators for Metatrader 4, but these indicators can also be modified.
T4trade trading with MT4
From professional traders to beginners, trading online is known to be a risky activity that requires several intellectual abilities and emotional skills.
Being aware that you are in no way special, but just another trader in a never-ending sea of sharks where unpredictable fluctuations can at any time wipe you out is key as it will help you develop the right mindset to stay alive in the market and grow.
Frompatience, to flexibility and caution, traders utilise all their strengths and expertise to minimise their disadvantages and gain a head start in this competitive race.
Choosing the right forex broker with MT4 is half the work, as this essential step will prove to help you in the long run.
A reliable and trusted forex broker will provide assistance and real security of your funds, as well as competitive trading conditions. The rest is up to you.
Educating yourself, implementing a trade plan and maintaining a journal of your trading activity is also very important as it will keep you focused and help you improve.
A proper trading plan should include all the criteria for selecting trades, detailing the conditions for entering and closing positions, and more.
As always keep an open mind, adapt and develop and enjoy the ride. MT4 is a powerful tool, and if you know how to use it right, no matter the level of your expertise, whether you are a beginner or a professional trader, you will find it rewarding and you will remain faithful to it.
Disklaimer: 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.
