5 Most Popular Features Of MetaTrader 4

Have you tried trading using metatrader 4? If you’re a beginner, you might not still be familiar with its premise and features. MetaTrader 4 or MT4 is a trading platform, established in 2005, that allows users to trade most conveniently.

But a lot of people get confused about its function. Although it’s a trading platform, you still need to look for a broker before you can trade using metatrader 4. For instance, if you want to trade forex, you should find a broker first. After that, you can download the metatrader 4 through the website of your chosen broker.

Although metatrader 4 is popular with forex and contract for difference trading, you can also trade other markets worldwide.

Do you want to know more about metatrader 4? Don’t hesitate to check the list below!

1. Charts

Have you seen the charts used in online trading? Usually, brokers use metatrader 4 or 5. Although metatrader 5 came out in recent years, other traders still use metatrader 4 because they got used to it. Plus, there are just a few differences between the two, so it’s not a must to change platforms.

In terms of charts, you can easily customise them depending on your needs. You can change the sizes, cursor, and colours. In addition, brokers usually have training and seminars that will help you maximise the use of metatrader 4. So even if you’re not familiar at first, you can still get used to it, especially with the privilege of practising trading using a demo account.

2. Expert Advisors (EA)

As mentioned, although metatrader 4 is popular, there’s no direct customer service, so you still need to look for a broker. However, even if you download metatrader 4 directly, you can still receive automated advice based on the algorithm.

For instance, if you set the parameters you need for trading, the Expert Advisor (EA) can notify you or automatically open or close a position for you.

So if you want to trade continuously using certain restrictions, you can trade forex or any other markets using EA. However, when you use EA, you can still make some changes to support the trades.

3. Easy trading

Aside from the automated trading brought about by the Expert Advisors (EA), other features make trading easy using metatrader 4.

Did you know that you can easily change the programming language in metatrader 4? In addition, you can have access to your trading history. So if you forgot the number of certain orders you made in the past or the account status of a specific date, you can easily look at them.

Meanwhile, you can also do backtesting. It’s like practising your trading methods based on the past, but in an automated form. So if want to improve the outcome of your trades, you can try backtesting.

4. Custom indicators

Did we mention that you can customise various things on metatrader 4? Aside from the customised charts, you can also use other indicators that can help you decide. They’re related to technical analysis that gives you opportunities to trade smoothly during trading hours.

Meanwhile, add-ons are also available in metatrader 4. You can customise your plans depending on your trading style and specific goals. Isn’t it nice to trade freely based on your strategies and goals? So before you start trading using other platforms, you should at least try and access metatrader 4.

5. News and updates

Trading using the metatrader 4 allows you to trade efficiently with the help of news and updates. You’ll just need to set the alerts, like price alerts and alarms that will tell you what you want to know.

When you look at the toolbox, there are different tabs, such as trade, exposure, history, news, mailbox, and many more. When you click these tabs, you can find a lot of helpful things depending on their title.

For instance, if you want to look for current tips, you can access the mailbox, and you can find a lot of emails that can help you get started.

Even if you haven’t found the right broker yet, you can still have access to the direct metatrader 4. It has the same functions as the ones provided by the brokers. So if you’re curious about it, don’t hesitate to download it, even if you’re not ready to trade yet.

If you have something to share about metatrader 4, don’t hesitate to leave a comment below!

ABOUT THE AUTHOR:

Aliana Baraquio is a web content writer at FP MARKETS, a global Financial Technology services Foreign Exchange (Forex) and Contracts for Differences (CFD) broker established in 2005. She also loves reading about interior design and home makeovers.