South Africa is seeing a surge in forex use. The pandemic has stimulated demand for online trading, which was already high. The country is a continental leader in terms of forex activity, and the daily turnover had reached $2.21 billion by 2019. Mobile technologies boost demand, as the largest financial market is now a tap away. One of the most popular platforms for mobile trading is MetaTrader 4. Here is why.
Developed by MetaQuotes Software Inc., MT4 is a cross-platform system for forex trading. It allows users to buy and sell multiple instruments from any device: currency pairs, spot metals, stocks, and derivatives. Thanks to instant sharing of data, traders may easily switch between their laptops, tablets, and smartphones. Amazingly, the system has maintained wild popularity since its launch in 2005.
The MT4 environment may be installed on any tablet or smartphone — both Android and iOS are supported. Trading is at your fingertips at any time. South African users can access the market when its liquidity is the highest, regardless of where they are. Many traders dream of spending their lives travelling the world, making money off online speculation. MT4 is a multi-faceted mobile assistant that can help them achieve it.
This working tool is indispensable. It provides streaming quotes, analytical tools, risk management features, and more. Every stage of a trading operation, from preliminary market research to execution of orders is done via the platform. Here are the key advantages.
Easy Account Management
The MetaTrader 4 system from ForexTime gives you full control over your live or demo account. Users may also manage several accounts at once via MAM software.
All Types of Orders
There are two major order types on MT4 — pending and market execution. In the first case, the position is executed when a predetermined price is reached. In the second case, execution is instant at the best available price. The first category includes 4 main subgroups, which ensures impressive flexibility of trading action. It allows the use of two handy tools — Stop Loss and Take Order.
Types of Pending Orders
- Buy Limit triggers execution when the Ask price reaches the level set by the user. At the moment of placement, the price is higher, so the trader wants it to go down.
- Buy Stop triggers execution when the Ask price hits the target level. At the moment of placement, it is lower than the desired price. The trader expects the price to continue growing.
- Sell Limit triggers execution when the Bid value hits the target level. When the order is placed, it is lower than desired. It is expected to resume following a slight uptick.
- Sell Stop trigger execution when the Bid price reaches the preset level. The current price is higher than the target value. Here, the trader expects the decline to continue.
Tools for Technical Traders
Users of MT4 may apply technical analysis to diverse data. The system is packed with convenient aids, such as charts and indicators. Overall, one will find:
- 3 types of charts (bar chart, candlestick chart, and broken line);
- 9 time-frames (from 1 minute to 1 month);
- 30 technical indicators;
- 24 analytical objects.
Tools for Fundamental Traders
These users rely on media information for market analysis. They focus on political and economic factors that may sway their currency pairs. MT4 delivers financial market updates to keep them in the loop.
Social Features of MT4
This system is not as heavily focused on communication as its successors. However, many users appreciate the opportunity to chat with peers using its free communication tool.
Algorithmic Trading with MT4
Expert Advisors are pieces of intelligent software that may be integrated into MT4. They may be programmed to provide signals or perform trading action on behalf of the user. High-quality trading robots relieve the analytical burden, so one can even make a profit passively. Finally, users who are well-versed in computer technologies can create their unique robots using the MQL4 IDE development environment.
All in One
Stable popularity of MT4 attests to its convenience and wide functionality. This system has everything a trader needs, and its language is flexible. It accepts a wide range of instruments, algorithmic trading aids, and technical tools. MT4 is a powerful system for both schools of market analysis. When installed on a mobile phone, it provides the ultimate freedom of trading on the go.