Business & Finance

How Useful is MetaTrader 4 When It Comes To Trading Forex?

The MetaTrader 4 is still quite popular nowadays despite the emergence of MetaTrader 5. Then you start to think, “Is it really good?” “Can it really help with my trading?” If you are wondering where you should use MT4, then the answer is EVERYTHING. Without a doubt, MT4 will surely give justice to its popularity.

Being said, it doesn’t really mean that other trading platforms such as the MetaTrader 5 are not good. It is just that, there are certainly good qualities and good reasons why a lot of traders still choose MT4 over other platforms.

Originally, MT4 is mainly for Forex traders since the developers of this software believe that too many features in a trading platform will only make it cluttered and not user-friendly. But if you are someone who wants to try out as many things as possible, then MT4 should be the best option for you. MT4 is designed with a lot of features greatly useful for Forex traders and its coding is beneficial when developing improvements and add-ons on the platform.

Understanding the Process

Through your Forex Broker’s server, the MetaTrader program will provide access to the market. Basically, you have all the means to execute your trades even at the comfort of your own house. As expected, you can buy, sell, take profit orders, stop-loss orders, delay orders, pending orders, all of these are done on the trading platform. But there’s certainly more to it.

With MT4, you can create a trading robot called “Expert Advisors”. This trading robot allows you to enter a trade based on the criteria that you’ve previously set, even when you are not actually there. These programs are the ones that you set-up with your trading strategy in mind. Even when you are out, traveling, or taking a quick coffee break, your trades will be automatically executed.

Other Exciting Features of MetaTrader 4

You’ve known that EA’s are installed in MT4. But if your situation calls more of it, you can still find more downloads to better suit your needs. You may also use the experience of other reputable FX traders through the use of an automated trading system.

Another option is using Trading Signals. This way, you can copy trade from other Forex traders. When the trader makes a trade, the trading platform will automatically follow the same trade too. There’s nothing to worry if you are thinking of the signals to follow. This is because there are thousands of signals that you can imitate.

The Testing

Is testing its features allowed in the MetaTrader 4 platform? It’s definitely a YES! You can backtest the programs offered by MT4 through its Strategy Tester Option. With the use of it, the EA will run for hours and even weeks constantly gathering trading data.

MT4 is definitely your one-stop-shop that can cater to all your trading needs. Some of its features might look small but they offer so much help for beginners and expert traders as well.