Trading in any financial market, such as stocks or FOREX, can be fun and profitable at the same time. However, a trader needs certain tools in his arsenal in order to be able to make trades. Trading platform is perhaps the most important tool in this regard.
Basically, a trading platform is trading software which allows trader to make online trades from the comfort of his personal computer or smartphone. While various trading platforms are available in the market, MetaTrader 4 is undoubtedly the most popular.
MetaTrader 4 vs. Metatrader 5
Developed by MetaQuotes Software corporation, Meta-trader is currently available in 2 versions; MetaTrader 4 (MT4) and MetaTrader 5 (MT5). MT4 is the most commonly used trading platform among professional traders at present. MT5 had some limitations that were removed recently. MetaQuotes also added some extra features to the MT5, but MT4 is still the most popular trading platform among forex traders.
MetaTrader 4 compatibility
MetaTrader works similar to any other software application. First of all, a user needs to install the software on his computer. The software is compatible with all mainstream gadgets, such as PC, Mac, iPhone and other smartphones. One of the defining features of this software is its user-friendly and easy-to-follow interface.
MetaTrader 4 features
MetaTrader 4 provides trader with access to the whole world of analysis, data and trading. The features and capabilities of this trading platform are immense. A trader can follow price fluctuations in real-time, see price charts and analyze them with the help of modern analytical tools. Trend lines can be plotted and trade setups can be located easily.
Moreover, Metatrader 4 supports candlesticks, line charts, bars, plus after attaching some special indicator any other chart types can be displayed - like Tick chart, Heikin Ashi candles or Renko chart. You can also use a wide variety of default indicators or upload even more indicators externally.
Trading with MetaTrader 4
The process of placing orders, stop-loss placement and setting profit-targets is also very straightforward and no specialized training is required to use this platform. Users also get access to live news about the market developments. EAs (Expert Advisors) are special programs which are created to automatically perform certain trade operations. These EAs can also be integrated with MT4 platform in order to facilitate users.
Similarly, you can add certain scripts (small software) in order to automate certain trading-related tasks and save time on unimportant work.
The developer of this platform also provide free access to historical data about each currency pair in order to have better analysis and test trading systems. Moreover, a detailed analytical report is created for every trading position taken by the trader.
In spite of all these sophisticated features, MT4 is a very light application and it does not over-burden your computer. In fact, multiple instances can be run at the same time on a single computer and from the same login account.
Applications and uses of MetaTrader 4 are huge; however, it is not 100% perfect. There is still a need to add few more features in order to make it complete. Nonetheless, it is still regarded as the best online trading platform available in the market.
High Risk Warning: Please note that foreign exchange and other leveraged trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary.
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