A User-Friendly Interface and Great Tools – What isn’t There to Like About Metatrader 4?
When you’re looking for a top rated Forex broker, an important consideration will be the type of Forex trading platform being used.
Metatrader 4, or MT4 is possibly the industry’s favorite, and many of the best brokers use it for their platform. “Why is it such a favorite?”, we hear you asking. Basically because it’s really good. Or should we say, very, very good? Because that’s actually what it is. The interface is very user-friendly, and even the most inexperienced should be able to quickly get their head around trading on such a platform. There is also a host of great tools to help traders create their own strategies, as well as technical analysis of the markets, and the option of using automated trading software.
With Metatrader 4 a trader can:
- Receive trades and control them
- Perform technical analysis
- Evolve automated trading strategies
- Add and customize indicators
A brief history of MetaTrader 4
MT4 was developed by MetaQuotes Software, who began releasing versions of the MetaTrader platform in 2002. MT4 was a vast improvement on previous incarnations, and was released in 2005. Right up until 2010, a number of brokers added MT4 as an additional platform, running alongside their existing trading software. This was because MetaTrader 4 proved to be very popular. Not just with traders but with 3rd party scripts and advisors.
MetaTrader 5 was the next evolution of the MetaTrader software and went into public beta testing in 2009. The first MT5 live account was launched in 2010. We’ll also be looking at MT5 Forex brokers later on, so don’t forget to keep our site as one of your favorites.
MT4 focuses mainly on margin trading. Some brokers use it to trade CFD, and there are a number of MT4 Forex brokers. Although it is not designed for stock market work, or exchange traded futures on a full time basis. MT5 may well be a better option if you’re trading in this kind of market. There are still more Forex brokers that use MT4, but that doesn’t mean it will stay that way forever.
Recommended Forex Brokers that offer MetaTrader 4
|Broker||Min Deposit||Regulation||Bonus||Read More||Visit Site|
|XTrade||$100||CySEC||$20 Free||Read Review||Visit Broker|
|XM||$5||FSA, CySec||$30 Free||Read Review||Visit Broker|
|HY Markets||$50||FSA, CySec||Up to $5000||Read Review||Visit Broker|
A quick guide to using Metatrader 4
When you’ve chosen one of the top rated MT4 Forex brokers you shouldn’t have a problem navigating your way around, or understanding the user interface, as it is very similar to other trading platforms. Once you’ve signed up with an MT4 Forex broker you’ll be directed to the main page. There you will find 4 areas of interest:
- The Toolbar – This is the area at the top of the main window and is where all the icons are located for controlling the platform.
- The Market Watch window – Below the toolbar and on the left-hand side is the market watch window, which provides a list of currency pairs, and their bid and ask prices, making it easy to look for price movements of the pairs of your choice.
- The Navigator window – Below is the navigator window which allows account information to be located, scripts, experts advisors and indicators to be created.
- The Terminal area – This is the bottom area of the screen and provides information that allows a trader to keep track of everything that occurs and to command trading activity.
Aside from these there are also a number of charts that can be saved as part of a customized trader profile. Colors, size, creating templates, and adding indicators means the interface can be tailored to suit a trader’s preferences, and requirements.
Metatrader 4 Forex brokers offer two types of MT4 trading orders
Pending orders are one type, and this means the order will be executed only when the price reaches a level that has been set by the trader. Market orders are the other type, and can be executed in one of four modes:
- Instant execution – An order is executed at the price displayed in the platform. Knowing the price at which the order is executed is one advantage. There is, however, the possibility a great opportunity will be missed when the volatility is high and the price cannot be met.
- Request execution – First step is to request a quote and then the trader has to decide whether to buy or sell at the quoted price. You have to be quick though, because there are only a few seconds of decision time. It can be a slower method of execution than the others.
- Market execution – This mode allows trading without any sort of requotes. But changes can be very big when the market is unsettled.
- Exchange execution – In this mode the execution of an order is processed by an external exchange, and executed according to the current depth of the market.
Metatrader 4 Forex brokers take online trading to a new level
There is an advanced feature of MetaTrader 4 that we feel is worthy of a mention, as it is a big improvement over some of the other online platforms. Automated market analysis can be improved with expert advisors, scripts, and custom indicators. Metatrader 4 uses its own language code – Metaquotes Language 4, which means a trader can create custom strategies focused on automated trading, known as Expert Advisors.
A trader can acquire an expert advisor, or write their own, but either way they can be added to charts for further technical analysis, or automated trading.
Metatrader 4 is a fully-mobile platform
Traders will find no difference whether trading via a desktop or mobile version. Access to charts, technical tools and expert advisors all work in a similar way. More and more Forex brokers are offering MT4 in a mobile version, and everyone concerned is keen to keep up with the technological advancements that happen on a regular basis.
We often like to end our pages with a quick tip, or snippet of helpful advice. So here goes:
Practice makes perfect, so take every opportunity you can to become familiar with the platform being used by your Forex broker, and have some fun before you start getting serious, and investing real money.