Are you excited to trade in Forex?
You must have come across the most popular forex trading platform MetaTrader 4 known as MT4. The MT4 platform designed by MetaQuotes Software Corp. has already released an upgraded version MetaTrader 5 (MT5) around 9 years back. The MT5 platform is still not able to surpass the dominance of the MT4.
The MT4 platform dominates in the forex trading segment mainly due to its versatile features such as – Advanced financial market analysis, allowing advanced trading operations, easy interface and accessibility with trading robots (known as Expert Advisors).
Here in this article, you will get to know about the six key features of MT4 that make it trader’s all-time favorite trading software.
6 Key Features of MetaTrader 4
1. User-friendly experience
In the middle of various sophisticated trading software available in the market, MT4 stands out with its easy to use interface. It is one of the most powerful trading platforms that allow users to place orders quickly and with fewer efforts. You will easily figure out how to modify your existing positions. Also, chart customization can be done with a basic understanding of the software.
The best part is that the same user experience is available both on desktop and mobile versions. In that way, the traders will automatically accustom the software features, making things more flexible.
2. Automated trading
One of the dominant features of MT4 – Automated trading. This concept gets executed with the help of automated trading robots or Expert Advisors. And, these trading robots perform a significant portion of a trader’s routine trading and market analysis.
It is easy to download the trading robots free-of-charge from the official meta quotes website. But, if you are looking to make a robot of your own, then even that is possible. MT4 provides a variety of tools to create, test, and optimize trading robots in its MQL4 IDE development environment.
3. Easy customization
From the primary language settings to financial instruments viewed, you can customize almost every tool in MT4 software.
For instance, you can have one-click trading in MT4 with the proper customization. In order to make things work, you need to preset the default trade size in its settings. Once the necessary settings are done, you can trade any instrument with just one click. However, if you want to try any other instrument, then do ensure to modify the lot size accordingly.
Other key examples of MT4 customization include changing chart colors, adding customized indicators, adding Stop-loss, or pending orders.
4. Mobile trading
For traders who wish to trade on the go, there are MT4 Andriod and iOS applications available on their respective app stores. The mobile platform is just a smaller version of its desktop platform; rest all features remain the same in both.
You can have access to various technical analysis tools, manage trade positions, and many more.
The highlighting feature that comes with mobile trading is time and place independence. Let’s say you open a position on your computer. For some work, you have to leave. In such a situation, you can easily open the mobile app and manage the same position from your mobile device. All the data will be shown properly.
Even if there are ample amount of mindblowing features in the software, it will be of no use if it’s incompatible with your OS. Anyhow, for MetaTrader 4, you need not worry on that front.
You can easily get the MetaTrader 4 versions for iOS, Linux, Windows (7/8/9/10). Additionally, as mentioned earlier, traders can also have complete access to their trading account using Andriod or iOS mobile devices.
In short, MT4 is highly compatible with almost all the major Operating Systems.
6. Trading strategy tester
In the second point on “Automated Trading”, you got to know about the robots or Expert advisors that play behind the game. Now, let’s say, you have crafted a proper strategy and developed your trading robot.
Needless to say, before using it directly in the real forex market, you must test it out to ensure its efficacy. And, that can be done using Trading Strategy Tester. You can beforehand backtest and optimize the robots using this feature.