With the launch of trading platforms every now and then, it often gets difficult for new traders to choose the right one. However, metatrader 4 or MT4, is one platform that gained popularity over the years and continues to be a benchmark for online trading. This standard trading tool comes with various applications and a user-friendly interface that enables traders of different skills and expertise to utilise its capabilities.
You may read the section below to learn more about the tool and its benefits.
What is MT4?
MT4 is a trading tool used by numerous brokerages and traders worldwide. Investors and traders use this software to manage, close and open market positions using a financial mediator. It has facilitated trading in CFDs, futures markets and foreign exchange.
You can even use MT4 for various advanced trading operations and analysing financial markets. Usually, online brokerage firms offer trading platforms at a discounted rate or for free with the condition of maintaining a well-funded trading account.
What are the benefits of using MT4?
The major advantages MT4 can offer are:
No matter what trading strategy you use, slippage has become a matter of concern for scalpers and traders. However, the stability and execution speed of metatrader 4 can help you combat slippage problems which can largely impact your bottom line.
Allows one-click trading
MT4 allows you one-click trading, meaning you can do trade execution in just one click. It can be ideal for day trading systems and scalping.
MT4 has 24 graphical objects and 30 built-in technical indicators that facilitate your trading process. It also permits you to use various other custom indicators within the MT community. Another advantage of MT4 is developing code plugins and new technical indicators according to your need.
You can use various other tools like drawing tools, vertical, diagonal and horizontal lines, and arrows to label and identify resistance and support levels, exit, entry, take-profit and stop-loss points. These tools can come in handy for conducting extensive market analysis as well.
Easy charting and orders
The MT4 trading platform has four types of pending orders, two stop orders, two market orders and trailing stop. You also get real-time charts in MT4 with nine timeframes. In addition, as a trader, you can explore different financial instruments like CFDs and currency pairs.
You can use automated trading strategies with MT4’s expert advisors. It can help you create your trading indicators and advertise them on MT4’s marketplace. When you use automated trading, there are fewer chances of errors which can benefit the market movement.
MT4 has numerous key features offering a wide range of benefits for traders. Furthermore, the software has eliminated a lot of bugs throughout its tenure, making it a very stable trading platform. Therefore, MT4 has made a mark in the financial industry for its features and easy-to-install packages.
MT4 allows servers and client terminals to communicate securely using RSA digital signatures and a 129-bit key. These precautions allow businesspeople to confidently perform monetary transactions without compromising the integrity of their trading accounts.
Traders can also access MT4 from desktops, tablets and mobile devices remotely. Furthermore, they benefit from the interactive interface of the portable editions while performing analytical, sorting or graphing functions.
The growth of trading platforms in the financial market will likely remain unabated. Therefore, it is not possible to try out every tool that gets launched. Also, you can’t rely on people’s experience on trading platforms as it may cloud your judgement. Since MT4 stood the test of time, you can fall back on it and have a smooth and easy trading journey.