Choose the best online trading platform suited to your needs based on several factors. This includes trading features, customer support, user-friendliness, and the option for mobile trading, among others. However, one of the most popular trading platforms with global traders today is MetaTrader 4 (MT4).
In 2005, MetaQuotes Software unleashed MT4, which quickly rocketed to the top of the forex trading platform pack. Its popularity was so explosive that by 2007, brokerages were scrambling to add MT4 as an optional sidekick to their existing platforms. No more passive voice, just raw trading excitement!
The platform continues to garner top-tier trader feedback and testimonials and has become synonymous with quality, reliability, and usability. Additionally, the team regularly updates the platform to keep up with technological advances, thus optimizing the trading experience for all traders, regardless of their level of expertise.
But these are all very generalized statements. Let’s take a closer look at what makes MT4 so prolific amongst traders everywhere.
Robust Technical Analysis
The MetaTrader 4 platform offers traders some of the most advanced technical analysis tools to make smart trading decisions.
A large number of high-quality online trading indicators
It is no surprise that MetaTrader 4 receives widespread acclaim for its technical analysis functionality. The platform offers an unprecedented number of stellar trading indicators to help traders identify signals and trends within the market. They typically plot them as lines on a price chart and use them to provide valuable data for executing trades. More specifically, according to MetaTrader 4’s website, the platform provides access to:
- 30 built-in indicators.
- Ability to write your indicator in MQL4 or download any of the 2,000 indicators from the free Code Base.
- 700 paid applications in the Market. Have not found a suitable one?
- A freelance service from which you can receive a personal technical indicator programmed by an experienced developer.
20+ analytical objects for forecasting
MT4 offers traders the use of 24 analytical objects (e.g., lines, channels, shapes, arrows) to forecast future prices, detect trends, and set support/resistance levels. These objects can also be applied to charts and indicator windows.
Detailed quote dynamics
Traders can view symbols in 9 timeframes (ranging from 1 minute to monthly) to better analyze quotes.
Accommodating simple and complex trading strategies
While competition is rife in the world of trading platforms, MetaTrader 4 is still the recipient of positive reviews, evidencing its appeal among all types of traders. Another feature that makes MT4 a platform of choice is its ability to implement a variety of trading strategies, regardless of their complexity. This makes the system a go-to for professional traders looking to increase their trading opportunities and increase return on investment.
But what does this mean? Well, traders can execute almost any type of trading strategy via multiple order types. This includes 2 market orders, 4 pending orders, 2 stop orders, and a trailing stop. MT4 also accommodates 3 execution modes, namely instant, request, and market, ensuring flexible trading.
Online Trading Automation
Another reason the MetaTrader 4 platform is considered one of the best for online trading is algorithmic or automated trading. With it, traders can develop, test, and apply Expert Advisors (also known as trading robots) as well as technical indicators.
Expert Advisors (EAs) are essentially programs that run on the platform. Also, used for the automation of analytical and trading processes. EAs monitor and trade different financial markets based on pre-established parameters.
The EA will then either notify you or enter a trade automatically. Some of the reasons traders choose to you automated trading aside from the obvious convenience that automation offers are as follows:
- Algorithmic trading helps traders to execute trades at a much faster pace, with the ability to execute trades within milliseconds.
- It reduces the impact of emotive trading, mitigating feelings like fear, greed, or other emotions that may lead to adverse trading decisions.
- Analyzing markets 24/7 is useful, considering that trading occurs in different time sessions (day and night) across countries globally.
- Traders can enhance risk management measures by setting specific parameters in advance to safeguard their capital.
- Facilitates real-time monitoring and notifications of market conditions, enabling traders to promptly respond to changing market dynamics.
Data security
If there’s one thing traders seek aside from making a profit, is assurance. That their data is kept private and secure. MetaTrader 4 has earned a reputation for adhering to strict security standards to ensure the protection of any sensitive information, which is essential if one considers the volume of data the platform handles.
This includes credentials, financial information, etc. The data exchange between servers and client terminals is encrypted, and the IP addresses of traders are also encrypted. In this way, traders have increased confidence in MT4’s ability to prevent the likelihood of hacks and data theft.
Trading Online on the Go
Traders can access the MetaTrader 4 platform on the go from anywhere in the world using multiple devices, such as iOS and Android, as long as there is internet connectivity.
The functionality offered by the mobile version of MT4 is incredibly similar to the desktop version, with access to interactive quote charts, trading orders, analytical tools, etc. In addition, traders can monitor their account status, track their trades, and trade financial instruments at the click of a button. Furthermore, mobile applications also allow for push notifications and a chat feature with other traders.
Exploring MetaTrader 4
To discover what makes MetaTrader 4 one of the best platforms for online trading consider signing up for a demo trading account. A demo account is a great way to explore the platform and learn what makes it so appealing to traders everywhere. This is how:
- A demo trading account provides you with a simulated trading environment. Where you can practice executing trades using virtual currency. You can have peace of mind knowing that your money is protected. Regardless of the outcome of trades in the demo trading account, you are not required to use your funds.
- A demo account enables you to test different trading strategies, no matter how complex, and then gauge performance. You’ll also be able to identify key strengths and potential weaknesses, which will serve as useful data for when you move to a live trading environment.
- A demo account allows a trader to get a better feel for the usability of the MetaTrader 4 platform, giving you a more realistic perspective of what live trading will look like.
- For beginner traders, a demo trading account provides a way to learn how to use technical analysis better, to be able to make more informed trading decisions. For more experienced traders, a demo account allows them to refine their skills and expertise, to increase the potential for making a profit off trades.
Why become a T4Trade trader?
T4Trade is a popular broker with an extensive customer base worldwide. The broker offers traders access to the MetaTrader 4 platform, as well as to a wide range of tradable instruments, e.g., CFDs on shares, forex, metals, commodities, etc.
T4Trade gives traders the option to choose from multiple different trading accounts that best align with their trading objectives, budget, and depth of trading experience. T4Trade traders can also enjoy tight spreads, flexible leverage, quick and easy withdrawals and/or deposits, fast execution of trades, etc.
Disclaimer: This material is for general informational and educational purposes only and should not be considered investment advice or an investment recommendation. T4Trade is not responsible for any data provided by third parties referenced or hyperlinked in this communication.
