May 29, 2022
Trading platforms are increasing every passing day in number. Forex Trading has become a trending topic, and numerous people are trying their luck in it.
Traders who are new to trading do not have much idea regarding the famous platforms, the best ones, and the platforms they must consider. Undoubtedly, one of the most challenging decisions for a trader is to pick the most suitable, dependable, and easy-to-use trading platform for safe and active trading. Remember that the right trading platforms' conclusion will significantly impact the trading strategies and amount of profits through trading.
You might have come across multiple online trading platforms in the market. Often, you have heard regarding the MetaTrader 4 trading platform. Surprisingly, the platform is one of the top-class and widely used trading platforms.
If you are still discovering what it exactly is, then all you have to do is go through the following blog thoroughly. The article will tell everything, including the pros and cons of MetaTrader 4, which is known as one of the top-notch Forex trading platforms for beginners in trading.
WHAT IS METATRADER 4 (MT4)
MetaTrader 4 is among the top-level Forex trading platforms available free of cost on the internet. Thanks to MetaQuotes for bringing an excellent platform like MT4 for the trader back in 2005. Surprisingly, forex exchange brokers provide the license to the famous platform.
Usually, people consider MetaTrader for trading Forex alone. However, there are numerous commodities, cryptos, and indices the platform can help trade along with Forex. One of the most significant features of MetaTrader 4 is that anyone can easily customize the platform according to his/her trading needs and preferences. Traders began considering MT4 a preferable choice in the trading market from 2007. Since then, it is gaining popularity with every passing day. People are giving so much attention to MetaTrader 4 that even the brokers are shifting from their proprietary software.
The trading platform is one of the best picks for beginners in the Forex market due to its numerous extraordinary features like a simple interface, customizable platform, and educational material availability for the traders. The platform is so popular that even if you decide to change your broker, the platform usually remains the same that is MetaTrader 4.
WHY TRADE WITH METATRADER 4
Along with easy and free installation, the top-notch platform has numerous pros over other ordinary trading platforms. MetaTrader 4 comes with a straightforward and well-designed user interface. So, if you are new to Forex trading and are not as tech-friendly, understanding how to trade on MT4 is not a big deal. There is a large amount of educational material regarding forex trading, including tips and tricks to trade successfully. Beginners must go through the tutorials and guides online to further strengthen their understanding of MetaTrader 4 and trade successfully.
Numerous features are not available on most other trading platforms, like the variety of trading charts, in-built oscillators, easy-to-use trading buttons, back-testing features, and indicators for making tough trading decisions. The charting tool on the platform is one of its kinds as it gives a clear view of the proceedings of the market. The traders have the opportunity to experience fully-personalized trading because of the customizability of the Metatrader 4. The users have a wide choice to choose their trading signals, currency pairs, trading orders, predefined stop losses, and profits, along with much more. For analyzing the market, MT4 brings interactive charts, technical indicators, and timeframes to examine the market and trends better. The traders can view multiple price charts simultaneously for better examination and trading on each one of them. You can find other available features in the alphabetic order on the platform and add them to your charts' choice according to your trading preferences. For selecting the elements of your choice, all you have to do is right-click it. The features of the platform, in brief, will be in the next section.
Traders can receive alerts of the changes in the prices or price movements through SMS and email services. You will start receiving instant emails and SMS if there are any updates regarding your FX trading. The feature is great to stay updated all the time, even on the go and when you are busy so that there are no sudden price changes that leave negative impacts on the traders' strategy.
Additionally, MT4 is a multilingual trading platform, supporting more than twelve different languages. As beginners' topmost concern is its security, it is a highly safe and secure platform for everyone. In terms of compatibility, MetaTrader 4 is compatible with windows, IOS, and Android as well. Thereby, traders can install and use the MT4 application on their mobile phones, laptops, and tablets.
FEATURES OF THE METATRADER 4
Undoubtedly, MetaTrader is a globally utilized and recognized trading platform to such an extent that traders consider it a standard for all the other trading platforms. A multi-asset and multi-feature platform, MT4 has a lot to offer to it its traders, including compatibility options, analytical capabilities, customizable interface, and automated trading.
Firstly, MT4 enables its traders to have direct access to the Forex market. There is a market watch section that allows the users to look at all the details they look at when trading with a broker. Moreover, details of spreads, margins, and contracts are available under this section. Another section of market depth is for the traders to track the market's actual activity. So, using it, you can easily view the number of buy orders on a specific currency pair at different available rates.
Secondly, the MT4 platform is full of tools for price analysis. There are above twenty-three analytical tools in the famous platform. Also, more than thirty in-built indicators are available for the accessibility of the users, for instance, Relative Strength Index, Signal Line, Moving Average, and many more. There are numerous oscillators, trend indicators, volume indicators, and Bill Williams' indicators to guide the traders through every step. You can find innumerable charts at a time like those mentioned earlier. Furthermore, MetaTrader 4 allows you to view the currency pairs in nine different timeframes as well. Predicting price movement through the in-depth charts is simple.
Thirdly, the platform comes with end-to-end encryption. You can never doubt the stability and safety of the widely known platform. Your security is MT 4's first and foremost priority, and therefore, all your information like IP addresses is safe and secure. Also, the stability of the platform even allows the execution of trades with high speeds. It would not be wrong to say that MT4 is the most stable trading platform with no bugs.
Fourthly, the users have a choice to trade in various modes and orders. The variety helps each individual to follow their trading strategy and turn the tables for themselves. You can take four pending orders, two market orders, and three trades' types accordingly.
Expert Advisors are compatible with MetaTrader 4, and hence users can easily switch from other platforms to MetaTrader 4. Thereby, over the years, the platform has successfully gained client satisfaction and built trust among novice and expert traders.
THE PROS OF METATRADER 4
The reason behind the popularity of the platform is its abundant features. The following are some of the most recognizable features of MetaTrader 4:
Accessibility: It is an essential aspect of the platform for beginner traders. Here is because it gives the new traders a great place to start without being too intimidating.
Localization: People have been using MetaTrader 4 in a wide range of places. Hence the translation of the platform in multiple languages is available. So this is an advantage for non-English speakers as they would have a tough time finding a trading solution.
Charts: MT4 offers numerous charting tools, making it convenient for the clients to review all the trades' technical aspects using the charts' information.
Expert Advisors: The platform provides the feature of algorithmic trading using the customizable Expert Advisors. Factually, automated trading is not a good substitute for the skills of advanced traders. However, this feature is best for new traders to discover their calling and provide them with time to enhance their trading skills. Any trader can easily understand the working of the market by observing the EA operation and how they open, close, and maintain their positions.
Communication: One advantage of MetaTrader 4 is the communication it provides between the brokers and their clients. They can quickly post messages and enjoy one on one contact.
Low System Requirements: Another benefit of the platform is that it works on numerous different desktops. The MT4 platform is fully functional on new and old computers and hence is adopted by many.
Security: Security is the topmost priority of the platform. As funds are often being withdrawn and deposited, so all the financial data is fully encrypted while hiding the IP addresses.
Customization: Every trader has the opportunity to tailor the trading platform and its features according to his/her need.
STARTING WITH METATRADER 4: A GUIDE FOR BEGINNERS
By now, you must know that installing the platform takes a while. Usually, the time is around fifteen minutes or less, depending upon your device's processing power. Right after opening and funding the account, the traders can begin trading instantly. Professionals recommend using the Expert Trader when getting started. Once the client is knowledgeable of the trading principles, he/she will be sure of not making apparent errors. Expert Advisors are likely to register losses when exposed to active trading environments. Thereby, a trader must only place orders when his opinion and opinions of the EA match.
HOW TO USE METATRADER 4?
- Download MetaTrader from your brokers' website
- Complete the installation of the platform
- Create a live account or start a demo one
- Adjust the client terminal
- Understand the basics
- Begin trading
LOOKING FOR THE BEST INDICATOR
Indicators play a massive role in the MetaTrader 4 platform. Precisely, the indicators are technical tools that help analyze and make the right decisions in the market. For people who have trouble in making trade decisions, indicators can serve as essential tools. Choosing the right indicator is a difficult choice for traders, especially beginners.
Therefore, for your reliability, after proper back-testing and research, one of the best indicators for you is the EA-Bank. All you have to do is make some settings in the indicator according to your trading patterns and began using it as a guide in your trading journey.
To adjust the sensitivity and settings of the EA-Bank Indicator, you can follow the simple steps:
- Double-click on your custom indicator
- Select "Inputs" from the new window on your screen.
- You will find two new features in the inputs section: ATR Multiplier and a Reactor, which is for sensitivity. The default ATR Multiplier number is 3.0. So when you decrease it below the default setting, the signals on the chart will increase. Conversely, when you increase the ATR multiplier number above the default setting, the number of signals will decrease. Similarly, the default setting of Reactor is 0.8. By increasing the reactor number above 0.8, you will make the indicator more sensitive, and by decreasing the number below 0.8, you will make the indicator less sensitive. Remember that the more sensitive your indicator is, the faster it will react and vice versa.
- Once you select the settings, click ok.
Everyone has different timeframes, charts, and preferences to get signals, so change your settings and set the numbers accordingly. After making the changes, you will observe the signals and arrows on charts as per the new changes in the settings. Pick the best ones and trade like a pro.
THE BOTTOM LINE
MetaTrader 4 is an all-famous platform that is the best pick for trading for both beginners and experts in FX trading. Hopefully, by reading the article, you have a clear idea of the platform's significance in a trader's life. So choose the best indicator and began trading on MetaTrader 4, following the tips mentioned above and tricks.
Our broker recommendation;
The Best Broker to use :
One of the most important point about brokers while using trading tools are having low fees- low Swap and also High-SPEED servers.
Faster serves result in faster analysis by robots or indicators and catching the price movement faster, therefor faster entry or exit and more profit;
Among all brokers we have tested during backtests, Opofinance broker had the best and maximum results.
