Why MT4 Is A Perfect Trading Tool For Starters?
If you want to learn more about trading and try it yourself, you need the right tools and practice. MT4 is considered one of the best trading tools for beginners and seasoned traders, thanks to the clear interface and the availability of all the necessary features needed for effective trading.
In this article, we shall speak about MetaTrader 4, also known as MT4, is an electronic trading platform widely used by online traders worldwide, we shall cover the key features of MT4, its benefits and the key steps you need to take to start trading, from MT4 download for PC to closing your first trade.
Let’s get started.
What Is Meta Trader 4?
MetaTrader 4 is an online platform for forex trading. Issued in 2005, it was rich in the superior features of the time. Its technical superiority was due to the special programming language used for its creation, MQL4. This language was fine-tuned for online trading, so it provided for fast operations, a clear graphic interface, and enhanced safety features.
MT4 lets traders see streaming prices and charts, place orders, and easily manage accounts.
MetaTrader4 is a Microsoft Windows-based application. It became popular mainly because end users could write their own trading scripts, which were the basis for robots that could automate trading.
The platform is also available for mobile and supports Android, iOS, and Windows Mobile, which makes it a great solution for executing trading strategies on the go. The push notifications feature allows traders to keep track of the assets of interest at any time of the day so they can take action at the right time.
Below, we shall discuss the key features of MT4 to give you an idea of why this platform is great for starters.
Key Features of MT4
The MetaTrader4 features make it quite handy to explore the world of forex trading, and the key features that make it so are:
Simple and intuitive interface
The interface of the platform is really intuitive promoting you the actions you need you take with clear visuals, bars and navigation panels. When you hover the mouth over any element of the menu you get a tooltip explaining what this element can do.
Also, you can customize the platform's layout, colors, and font sizes to suit their preferences.
Advanced Charting Tools
MT4 includes a comprehensive suite of charting tools. It includes 9 timeframes and over 30 built-in technical indicators, allowing you to get a clear idea of the assets in questions in real time, because the software is integrated directly with the broker platform, which takes live data directly from financial institutions (big banks like JP Morgan).
Most traders analyze multiple currency pairs simultaneously through multiple charts, but it is also possible to create custom indicators using the programming language MQL4.
Automated Trading
MT4 is known for expert advisors, also known as EAs. Expert advisors are special scripts that automate trading. They allow traders to develop and implement predefined trading strategies without constant manual intervention. This saves time and helps prevent important events from being missed.
Various order types.
Sometimes, you want to diversify orders or automate them so that the trade takes place when the price of an asset reaches a convenient minimum or maximum, which you can set individually. Therefore, the system supports several types of orders: market orders, pending orders, stop orders, and more.
Market orders allow you to trade the assets immediately at any price available. If you press the Buy button for your asset, you’ll acquire it at the price you see on the graph.
Pending orders instruct the system to buy or sell your assets in the future when the price reaches a specific level you choose.
Enhanced security
Thanks to the MQL4 programming language, MT4 features enhanced security, an excellent basis for safe trading.
How to start with MT4?
Starting with MT4 is quite simple and requires just a few steps.
Step 1. Register with a broker supporting MT4
Not all brokers support MT4, so you must select the one that does and sign up. Once you create the account on the broker platform, you can download and set up the MetaTrader4 tool from the official website.
Step 2. Create a demo account
MetaTrader4 supports the demo account feature allowing traders to test their strategies with real time data but without risking real money. So, it is recommended to start with the demo account for shaping your first trading skills.
Step3. Choose the asset and open the trade
Every asset in MT4 has a symbol indicating it (like USD/EUR symbols). Choose the asset you want to trade in and open the trade by clicking “New Order.”
Step 4. Close the trade
As your trading has reached the volume of the asset you need, you can press “Close trade.”
Summing up
As seen from this short tutorial, the MT4 is a simple platform in terms of interface, but quite powerful in terms of advanced charts and the availability of various automation strategies, which makes it a great tool for beginners.
