Developed by MetaQuotes Software and released in 2005, MetaTrader 4 (MT4) remains one of the most popular trading platforms among retail forex traders. While other platforms have been launched since, MT4 has maintained a loyal user base for a variety of reasons.
For one, it’s simple to use and offers practically all of the trading tools a trader might need to execute trades. Additionally, the platform is renowned for its automated (algorithmic) trading and its advanced analytics features and functionalities. But as technology progresses rapidly, so too does support.
This raises the following question: can you still download and effectively use MetaTrader 4? Before we answer this question, let’s explore what makes MT4 so appealing to a global community of traders and developers.
Why MetaTrader 4 is so popular
Easy to use
The MetaTrader 4 platform has one of the most user friendly interfaces amongst its competitors. It’s intuitive and straightforward. It’s also incredibly versatile. This makes it a great choice for both beginners and experienced traders.
Cutting-edge tools
MT4 offers advanced trading tools for detailed market analysis. It includes a wide variety of charts and technical indicators.
Algorithmic trading
MetaTrader 4 offers Expert Advisors (EAs) or trading robots as they’re more commonly known for automating one’s trades. This allows for an exponentially larger volume of trade executions than what any one person can undertake.
MetaTrader 4 Trading and orders
Using MT4, traders can implement trading strategies, regardless of complexity. In addition, the platform offers three trade execution modes and a variety of trading order types (2 market orders, 4 pending orders, 2 stop orders, and trailing stop). This provides increased flexibility for all levels of traders.
Metatrader 4 Mobile Trading
The MetaTrader 4 platform can be downloaded on iOS and Android powered smartphones and tablets, so that you can trade from wherever you are in the world, internet connectivity permitted.
Alerts and news
Staying informed on current market news and events is critical to make more accurate trading decisions. MT4 offers financial news and alert tools to track global economic announcements, changing central bank policies, and more.
A trader can also set alerts for specific trading conditions, so that if a particular event occurs, the trader will be notified, enabling them to react in time, and more strategically.
Highly customisable
MetaTrader 4 also remains popular due to its high level of customisability. It can be tailored so that charts are displayed according to your personal style and preference. Other elements like colours and grid lines can also be adjusted to create a view that resonates with you.
So, in response to the question of whether you can still download MT4, the answer is that as of 2024, yes, you can. MT4 is available for download from various sources, including broker websites (e.g. T4Trade), 3rd party distributors, and via the MetaTrader website itself.
Gaining practical experience on Metatrader 4
But what if you’re a beginner trader who doesn’t know how to use the platform? Well, this is where signing up for a demo trading account comes into play. A demo account offers you the ability to practice using MT4 without having to jeapardise your budget.
This is because, using a demo trading account, you’ll access a simulated trading environment that mimics real trading conditions, in which you can open and close positions using virtual funds.
Therefore, you will not lose any real money, giving you the peace of mind to hone your skills with no risk or commitment. A demo trading account will also allow you to become more familiar with CFD trading on an extensive range of markets, which as a first time trader, is a great opportunity to grow your practical expertise.
You can also familiarise yourself with all the tools and features that the MT4 platform offers to millions of traders, ensuring that they align with your unique needs.
Pursuing an ongoing trading-related education
Beyond practical trading that MT4 can help you acquire, there are other more conventional ways to become more knowledgeable about trading.
Remember, ongoing learning is an important component of being successful in forex trading, so the more time you invest in gaining an education, the better equipped you will be to capitalise on trading opportunities.
But what does this learning look like? What kinds of educational resources are available to traders, regardless of budget? Well, some of the most highly used resources include:
These resources are usually easily accessible online (across the internet) and also via brokers, much like T4Trade. Aside from conventional educational tools, there are other ways for traders to expand their knowledge.
This includes the use of an Economische kalender which allows a trader to monitor economic news and releases that have the power to impact markets. In fact, T4Trade’s Economic Calendar provides real-time economic coverage enabling traders to track and react to potential market-moving events.
Risicobeheer
Once you’ve chosen a forex broker, downloaded the MT4 platform, and have acquired the necessary experience to move to a live trading environment, now is the time to put measures in place to manage the risk that is inherent in forex trading. What does this require?
Step 1: Develop a trading plan
A trading plan is crucial for maintaining focus and discipline. The plan should outline your end goals, how much risk you’re prepared to tackle, and how you’ll tackle it. It also stipulates the rules by which you’ll trade, so as to avoid impulsive decision making based on emotions.
Step 2: Be mindful of position size
If you’re only at the start of your trading journey, consider starting off small. Don’t invest all your capital immediately. Instead, consider opening smaller positions until you’ve gained sufficient trading expertise, and only then look to increasing a position’s size, ensuring it remains aligned with your budget.
Step 3: Be wary of leverage
Leverage is highly risky as it not only amplifies the wins, it also magnifies the losses. Stick to lower leverage ratios to minimise your exposure to risk.
Step 4: MetaTrader 4 Journal of your trades
By keeping a record of your trades, you build a historical reference that will allow you to identify behaviours, trends, strengths and weaknesses in your trading. In this way, you are better able to tweak your strategy if necessary, to reduce the potential for adverse trading outcomes (and risk).
Step 5: Be aware of your trading psychology
Emotional trading is rife in the forex space. It’s hardly surprising if one considers just how volatile the forex market is, and its ability to evoke overwhelming feelings of stress, anxiety, greed, FOMO, arrogance, overconfidence, and more.
To manage the risk that these emotions may evoke requires getting a good handle on your feelings. Practice discipline and patience. And refer to your trading plan always, ensuring that you’re basing your trading decisions on data rather than a feeling.
Metatrader 4 trading with T4Trade
T4Trade is a leading international broker whose MT4 trading platform offers a high-quality, flexible trading experience. This includes fast execution speeds, advanced tools and functionalities, and automated trading capabilities. 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 accounts including Standard, Premium, Privilege and Cents accounts. Select an account that best suits your trading requirements, style, budget, skills and knowledge. You will also be able to enjoy flexible leverage, tight 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.
