Metatrader 4, also known as MT4, is a trading platform mostly used to trade CFDs. CFDs include forex, shares, metals indices and many more trading instruments. A trading platform is an application that you use to execute your trading transactions ie it is where you buy and sell. The Metatrader 4 platform is the most popular trading platform in the world and is found in most countries. It is superior to most other platforms because of usability, scalability and the ability to integrate easily with other software.
Here is a list of reasons why Metatrader 4 is the most popular platform.
- Ease of use
- Charting Capability
- Custom Code
- Low memory consumption
- Mobile Friendly
- Automated Statements
- investor Access
- Multiple Instances
Ease of use Metatrader 4
The Metatrader 4 does not need a lot of training for you to understand. Although there is a comprehensive set of tools it is very easy to trade by using just a few buttons. The interface seems overwhelming when you start out but it becomes very familiar very quickly. The whole platform is setup in a very logical way and it’s ease of use becomes apparent when you have practiced for a few days.
Charting capability of Metatrader 4
There are not many, if any, platform that exceed the charting capabilities of the Metatrader 4 platform. The platform comes with a host of preloaded tools which forms the basis of the trading experience. The trading tools found on metatrader 4 include chart drawing tools, different fibonacci applications, indicators both traditional and custom. The charts can be personalised by choosing the different colours of every element on the graph. You have 3 types of graphs by default, line graph, and candle stick graph. You can get custom graphs such as renko form 3rd party providers. There are set timeframes from 1 minute to 1 Month but this can also be modified by use of 3rd Party Products. It really is too much to mention in one article. Request a list of brokers from firstname.lastname@example.org to open a demo account and see for yourself.
An indicator is a visual representation of a mathematical formula. An Indicator is displayed either on the trading chart itself or at the bottom of the chart. You get thousands of different types of indicators, some more effective than others. There are 2 groups of indicators. Traditional indicators and custom indicators. Traditional indicators come preloaded on the MT4 platform. These include indicators such as MACD, Stochastic, RSI, Moving Averages and many more. Custom indicators are indicators that have been created by coders using unique or custom formulae. These indicators come in very handy when you are analysing charts and market cycles. Good indicators are often used independently to make trade decisions and many traders are totally reliant on the indicators for their success. At SAFX we code our own highly effective indicators.
The Metatrader 4 comes with a very user friendly coding platform which allows people with coding knowledge to build different kinds of software. This makes the MT4 platform easy to integrate with other software. There are thousands of coders that specialise in coding in the MT4 coding language called MQL (Meta Quotes Language). You can code simple indicators to highly complex trading robots that take decisions for you and trade on your behalf. If you can think it you can code it in MQL and that is one of the main reasons why metatrader4 is so popular.
Low PC Memory Usage
The Metatrader 4 as with its default settings and state does not take a lot of PC memory. It download and installs quickly and also opens and runs quickly once installed. As mentioned in the previous section there are complex robots that can be built on this platform and if you run these complex codes it does affect the speed of the metatrader 4 platform. Mostly however it runs easily and smoothly.
Metatrder 4 is mobile friendly.
There are MT4 apps for most mobile devices that allow you to use the core functionalities of the MT4 platform on your mobile device. This makes it easy to trade while travelling and and also to check your trades on the move. You can use standard indicators and other trading tools but unfortunately this does not allow custom indicators for now.
The MT4 platform sends you daily statement if there is activity on your account and monthly statements. You can easily view your trade history and go through your trade performance trade by trade. The statements can also be used as trade logs to see where you are making mistakes and to assess whether there are pattern that are either beneficial or hinder your trading.
Investor accounts on the Meta Trader 4 platform allows an investor to login to the trading platform in a sort of view-only mode. The investor can look at all trades and orders and progress on their account but they cannot open or close trades or orders. It makes it great for transparency without risk.
You can have many different instances open on the same device and across different trading devices. This allows you to trade different strategies and accounts from the same device. You can have a currency account, an indices account and shares account and trade them all at the same time.
The Metatrader 4 is a great platform. Download a demo version today and go through the functions for yourself.