MetaTrader 4 is a far-famed trading platform that many traders use to trade the market. MetaTrader 4 Guide teaches you how to set up your account and navigate through the program to help make day-to-day decisions about which trades should be made according to investor’s needs.
It is a handy tool for traders, whether you are just starting or trading for years. In this article, we have provided the MetaTrader 4 Guide and reviewed how it works.
What is MetaTrader 4? How Does it Work?
Millions of people have used MT4 all over the world since its inception in 2005. The software delivers a variety of tools, including charts, technical analysis packages with built-in indicators for active forex traders/investors, numerous automated strategies (including expert advisors), and news feeds from around the globe delivered on an integrated terminal window. It makes reading information more manageable than ever before.
The Meta Trader 4 is a fantastic resource that should not go unnoticed by any trader in need of assistance at their computer screen while trading stocks online. As a popular analysis platform, it is a huge advantage for traders across the globe.
The interface features three main sections:
- Navigator (to see all instruments)
- Trading Panel (to open positions)
- Market Watch Window displays economic data such as currency rates or commodity prices for more than 50 countries worldwide.
All these are available from one application window without going to separate windows like many other applications do when they need information about what’s happening in different markets worldwide. You may also switch between chart types with just two clicks because it provides an extensive range of technical indicators for a more precise analysis of the market.
How To Use MT4?
Here is the MetaTrader 4 guide on how to access and use the platform seamlessly:
- Create an account
- Download MT4 to the desired device and log in with the credentials after a quick installation process.
- Set up the navigation tools and indicators.
- If you are ready to place a trade, open the “order” window from the tools and open a position. You can also press F9 to achieve this step.
- Depending on the trade option you are placing, you can either choose ‘instant execution’ or ‘pending order.’
Who Is Ideal For Using MetaTrader 4?
MetaTrader 4 is ideal for beginners as well as advanced traders. When it comes to beginners, they will find the platform very simple and easy to use. The excellent user surface and design is the main reason for this. Also, users get expert advisors and copy trading to gain exposure.
The platform also appeals to advanced traders due to its technical analysis and sophisticated charting capabilities. Other outstanding features include built-in indicators and graphical tools to help the users.
You can automate the process by programming with the MQL4 language. The three execution modes like instant execution, execution by market, and execution on request, make buying and selling easier.
Is MetaTrader 4 Free?
MetaTrader 4 is free to download from the website. You will get the opportunity to open a free demo account to test all the features with virtual funds. But if you want to open a live performance, you need to go through brokers and submit an application.
Since the brokerage pays an overall fee of $100,000 for the license, once you apply to brokers, the fee structure entirely depends on the brokers you work with. Since the license is not cheap and the brokers need to pay for other features like hosting, maintenance, and bridging, they might charge you more. So, make sure to do complete research before deciding.
What Are The Benefits Of Metatrader 4 Platform?
Here are some benefits you get from the MetaTrader 4 Guide:
- A seasoned trader with technical know-how can easily take advantage of this platform.
- Beginners find it relatively easier to navigate in the platforms
- Customers can automate the trades easily by programming custom indicators with MetaTrader 4 coding language.
- The platform also offers you the option of copying the actuary of other successful traders.
- Trades within other markets like options and futures are also possible.
- You can download the software on any computer-like Mac OS, Linux, or Windows.
The only disadvantage is that it does not offer in-person Robo advisor services or financial advisors.
Overall, MetaTrader 4 has most of the ideal features an aspiring trader looks for. Although it has complaints just like any other trading platform, the industry-standard features stand out among other options. It is free to open an account, but you cannot invest the money unless you have an account with a brokerage.
You’ll be up and running in no time and the charts help you with a great profit-making opportunity. Overall, the excellent user interface and impressive trading features make it a robust choice among investors.