More trading platforms are found online, thanks to the continued advancement of technology. However, one trading platform stood out above the rest by proving it highly effective. The platform is widely known as the metatrader 4.

MetaTrader 4

MT 4 is a distinct trading platform used and popularized by many brokerages and traders around the world. It is a software developed by MetaQuotes Software used by both investors and traders to do the following:

  • open
  • close
  • manage

These market positions use a financial mediator. MetaQuotes has built the platform and given the purpose of trading in the following:

  • foreign exchange (forex)
  • futures markets
  • contracts for differences (CFDs)

MT4 is mostly associated with forex trading and can be used for trading in a range of markets, including:

  • forex
  • indices
  • commodities
  • CFDs

There are two reasons why MT4 is popular. The first is highly customizable to your individual trading preferences and needs. The second is it automates the trading by implementing algorithms that open and close positions according to the pre-set parameters.

You can use the MT4 to perform advanced trading operations while analyzing the financial markets. Trading platforms are normally offered by the online brokerage at a discounted price or for free with the condition of maintaining a well-funded account.

How to use MT4?

Start automating your trading now with MT4. The popular online trading platform has a simpler user interface that gives you access to advanced technical analysis and flexible trading systems. Learn how to use MT4 here.

Here is your brief and step-by-step guide on how to access and use the platform:

  1. Create an account, download the MT4 app
  2. Open a position through the order window
  3. Monitor and close the positions and the pending orders
  4. Modify the stops and limits on the open positions
  5. Modify the MT4 charts, and customize it.
  6. You can now set up a price alert
  7. Start viewing the trade history
  8. Download the trade reports

The brief guide can help you as a beginner to the MT4 platform.

Is MT4 good for beginners?

Here is a tip for beginners to trade the forex market using the MT4 platform:

Choose a currency pair. You can find the currency pairs on the MT4 dashboard on the left side, under the market watch tab. You can click a new order; right-click the currency pair you want to trade and choose a new order. You can also create a new order through the new order tab found on the dashboard’s top section.

Open a new trading position. After you tap on the new order button, traders open the new trading position. Traders can add details about the following:

●      volume

●      order type

●      stop-loss limits

Monitor market. Now is the most essential part where the traders constantly monitor the markets and movements in the currency pair where they are trading. The trader decides when they keep the position open based on the following:

  • trading plan
  • trading goals
  • current market situation

Close the trade. Open trading positions can automatically close as take-profit/stop-loss limits are reached or manually closed by the trader. Right-click the open position and choose “‘Close #…” to close the order manually.

Yes, MT4 is very friendly for beginners.