MetaTrader 4 is one of the best platforms for forex, indices, stocks, shares, and CFDs trading. One of the key factors that makes MT4 a popular trading platform among both new and experienced traders is the plethora features available on it. The platform offers traders the ability to customize its features as per their own unique requirements. MT4 also comes with features that can help automate your trading activities in a seamless manner. In this article, we’ll be taking a closer look at the platform and how you can start trading on it.
MT4 as a Trading Platform
MetaTrader 4 is arguably the most popular trading platform across brokers and traders worldwide. It provides traders with a clear picture about the market and enables them to do technical analysis before placing making a trade. Perhaps, the best asset of MT4 is its myriad of indicators and currency pairs. Additionally, the easily customizable trading charts of MT4 is another feature that makes it a popular choice among traders.
How to Get Started
To start trading with the MT4 platform, you’ll first need to register with a reliable and regulated broker. After which you’ll need to register yourself on the platform by providing the required information as prompted on-screen. Once the registration is complete, you’ll be able to download the platform onto your device start trading.
How to Start Trading
Now that you have the platform on your device, you can log in using your credentials. To place your first trade, select ‘new order’ featured under the ‘tools’ section. You’ll now gain access to the order window. If you are new to trading, then the features and tools available on the order window can be a bit overwhelming. However, if you can dedicate the time needed to learn the features provided, you’ll be able to use the platform just like a professional.
Key Features on the MetaTrader 4 Order Window
· Symbol – A features which helps you select the market on which you want to trade on.
· Type – This feature lets you control trade you are about to make. With ‘instant execution’ option you can place the trade as soon as you ‘buy’ or ‘sell’. If you do not want to make an instant trade and want to open the trade at a higher or lower level, then choose ‘pending order’.
· Volume – Lets to decide on the volume of contracts you want to trade with.
· Take Profit – As the name itself suggests, lets you close the trade and withdraw the profit made till then.
· Stop Loss – This is arguably the most important feature you’ll find on any trading platform. Stop Loss helps you to stop a trade if you see that the market is performing opposite to your expectation.
MT4 Indicators & Add-Ons
One of the biggest features that most experienced trader benefit from on MetaTrader 4 are the add-ons and indicators. Indicators are simply analytic tools that helps you decide better while trading in a market. Two popular types of MT4 indicators – Pivot Points, Order History.
Add-ons are added features available on the MT4 that lets you customize the trading platform based on your individual preferences.
In addition to indicators and add-ons, MT4 comes with several other programs such as Expert Advisors.
Get to know the features offered by the platform and improve on your trading skills.
MetaTrader 4 Frequently Asked Questions
- What are the Devices on Which I Can Download the MT4 Platform?
The MetaTrader 4 trading platform is available on several mobile and desktop devices. Additionally, the MT4 Webtrader, enables you to effortlessly trade on any browser.
- Is It Possible to Change the Time Zone on MT4?
Unfortunately, MT4 does provide you the option to change the time zone.
- Is There a Limit to the Number of EAs and Indicators I Can Run on the Platform?
No, the platform does not place any limits when it comes to the total number of indicators and EAs you can have at the same time. However, such functions can take load on your RAM, so be sure to have a device have specs in line with your requirements.
- Can I partially close my trade?
Yes, you can do so. Simply chose the “Close Order” option and change the volume you wish to close.
- Is MetaTrader 4 compatible with all operating systems?
Yes, the Metatrader 4 platform can be operated on Windows, Mac, Linux. Additionally, the MetaTrader 4 Web Trader enables you to trade directly via the browser.