A complete guide to MT4 for beginners

What is MetaTrader 4?

MetaTrader4 is a free trading platform developed by MetaQuotes Software Corp and released in 2005. The software is available on various devices, including PCs, Macs, smartphones, and tablets.

“The goal of a successful trader is to make the best trades. Money is secondary.” – Alexander Elder. Thanks to its appeal for both novice and seasoned traders, MetaTrader4 has become the most popular trading platform in the world, with over 85% of forex brokers offering the platform to their clients including JustMarkets, NPBFX, Alpari, FP Market and Tickmill.

How does MetaTrader 4 work?

MetaTrader4 is an electronic trading platform that allows users to trade various financial instruments, including forex, CFDs, and futures. The software is available on a range of devices.

Users often tout MetaTrader4’s versatility. You can trade securities, open and close positions, and manage your account. Although users get the software for free, brokers buy a license from MetaQuotes Software Corp to offer the platform to their clients. With a broker, you can deposit funds and trade assets on MetaTrader4.

Therefore, once you download the software, you can test its features with a demo account via your broker. Demo accounts allow you to practice trading with virtual money before risking any of your own.

However, remember what Mark Zuckerberg had to say: “The biggest risk is not taking a risk. In a world that’s changing really quickly, the only strategy that is guaranteed to fail is not taking risks.”

In addition to its demo account, MetaTrader4 software gives traders the tools to make informed decisions and trade confidently. The platform provides users access to real-time market data, charts, and analysis tools. You can also automate your trades with ease. MetaTrader4 offers a range of features, including:

1) A user-friendly interface: The software is designed to be intuitive, with a shallow learning curve.

2) A range of financial instruments: You can trade a range of assets, including forex, CFDs, and futures.

3) Real-time market data: MetaTrader4 provides users with access to real-time market data.

4) Charts and analysis tools: The platform offers a range of charts and analysis tools to help users make informed decisions.

5) Automated trading: You can easily automate your trades with MetaTrader4. Set up your stop-loss and limit orders, and let the software execute the trade.

How to use MetaTrader 4?

Getting up and running with MetaTrader4 is quick and easy. In this section, we’ll take you through the process of setting up an account and downloading the software.

1) Choose a broker: The first step is to choose a broker that offers MetaTrader4 such as TMGM. There are many brokers to choose from, so be sure to compare their features and fees before making a decision. Check out our lists of trusted binary options brokers and forex brokers for a good starting point.

2) Open an account: Next, you need to open an account. This is usually done online and only takes a few minutes.

3) Download the software: The next step is downloading the MetaTrader4 software. Again, you can get the software for free from various brokers or via the official site.

4) Install the software: Once the software is downloaded, you’ll need to follow the quick and easy installation process.

5) Log in: Now you’re ready to log in using your account details. Once logged in, you’ll have access to the trading platform and all of its features.

Now that you know how to use MetaTrader4, let’s take a look at some of the features in more detail.

MetaTrader4 features

What makes MetaTrader4 stand out from other trading platforms is its variety of innovative features. Let’s take a look at what the platform offers in detail.

User-friendly interface

One of the best aspects of MetaTrader4 is its user-friendly interface. The platform is designed to be intuitive, so even new traders can get started quickly and trade with confidence. When you open the software, you will see four main windows:

• Market Watch
• Toolbox
• Navigator
• Charts

You can easily switch between these windows by clicking on the tabs at the top of the screen. Each window serves a different purpose, and we will take a closer look at each one below.

The Market Watch Window

This interface will show all the currency pairs available to trade. You can also see the current bid and ask prices and the spreads. This useful window helps you keep an eye on the market and see which pairs are moving.

The Toolbox Window

The Toolbox window gives you access to the tools and indicators you need to trade. In addition, MetaTrader4 comes with a wide range of built-in tools and indicators, such as the Fibonacci Retracement tool, the MACD indicator, and the Pivot Point indicator.

You can also customize the tools and indicators on MetaTrader4 to suit your trading style. For example, you can change an indicator’s parameters or add a new one that you have downloaded from the internet.

The Navigator Window

The Navigator window is where you will find all the different accounts, expert advisors, and scripts installed on your MetaTrader4 platform. You can also use the Navigator window to access the market to see all the available currency pairs and other financial instruments.

The Charts Window

This is where you will see the price charts of the currency pairs that you are trading. It also comes with a range of different charting tools that you can use to analyze the markets. You can also add your own indicators to the charts, so you can customize them to suit your own trading style.

A wide range of order types

User interface aside, MetaTrader4 offers a wide range of order types that you can use to trade the markets. These include market orders, limit orders, stop orders, and trailing stop orders.

You can also set up pending orders, so your trade will be executed automatically when the market reaches a specific price. This tool can be helpful, especially if you don’t have time to watch the markets all the time.

Mobile App

MetaTrader4 also offers a mobile trading app in addition to the desktop platform. This app allows you to trade on the go and take advantage of every opportunity, even when not at a computer.

The mobile app is available for Android and iOS devices; however, as of the time of writing, the app was recently taken off Apple’s App Store with no official report explaining its removal.

MetaTrader4 Advantages and Disadvantages

MetaTrader4 is known for its ease of use, lightweight and flexible design, and wide range of features. The software is also easy to customize as it can be programmed in several programming languages.

However, MetaTrader4 is not without its drawbacks. One of the main disadvantages is that it does not come with customer support.

Additionally, if you are an avid high-frequency trader, there may be better platforms for you than MetaTrader4, as it is not built for high-frequency trading. Here is a breakdown of the platform’s pros and cons:

Advantages:

• User-friendly interface
• Wide range of order types
• Mobile trading app
• Customizable tools and indicators
• Lightweight and flexible design

Disadvantages:

• There is no customer support
• It is not built for high-frequency trading

How MetaTrader4 Compares to the Competition

MetaTrader4 is the industry standard when it comes to forex trading platforms. However, there are other available options.

Other popular forex trading platforms include the following:

MetaTrader5 – MetaTrader5 is the successor to MetaTrader4, and it offers several enhancements, such as improved charting tools and a more comprehensive range of order types. However, MetaTrader5 is not as widely adopted as MetaTrader4. While experienced traders may prefer MetaTrader 5’s increased functionality, most traders still prefer to work with MetaTrader4.

cTrader – While not as popular as the MetaTrader platforms, cTrader is the runner-up alternative to MetaTrader4. It is designed for professional traders and offers advanced features such as an order book and depth of Market (DOM) trading.

NinjaTrader – NinjaTrader is designed for active traders and offers various features, such as advanced charting and market analysis tools.

E-Trade – E-Trade is an online broker that offers a trading platform for forex, stocks, and other financial instruments. E-Trade’s platform is well known for its support for high-frequency trading. It also comes with customer support, one of the features missing on MetaTrader4.