MetaTrader 4 appeared in 2005, but it is still widely praised by the trading community. Around the world, millions of users profit from currencies, metals, and other assets via this well-designed system. The official MetaQuotes website describes it as “simply the most convenient Forex trading platform”. So, why is it relevant in 2021?
The Most Popular Trading System
MT4 is the default choice for brokers and traders in India. Intermediaries do not have to invest in their own software development. This system is a generic choice offered by 1,200+ brokerage firms worldwide. Over 20+ languages are supported, and the terminal works with both Live and Demo accounts.
Mobile and Desktop
Nowadays, traders want to work on the move. MetaTrader 4 is fully optimised for such use. It comes in three versions: as desktop software, a mobile app, and a web-based platform, which works without downloads or installation. All popular OS are covered — Mac, Windows, iOS, and Android.
Different systems may be used simultaneously. They connect to the same cloud-based servers to share data, so one may easily juggle devices during the day. Work on your laptop, tablet, or smartphone. You can always pick up where you left off. MetaTrader 4 from Forextime works flawlessly across platforms. This ensures maximised convenience and freedom of trading.
Range of Markets
Free Forex MT4 download allows traders to work with hundreds of instruments. The choice includes forex trading, commodities, marketing indices, CFDs, and more. The broker limits this range.
User-friendly Interface
MT4 supports strategies of any complexity. While it is more straightforward than MT5, the relative simplicity is attractive to many users. That is why beginners are advised to use the earlier version and migrate to MT5 later if necessary.
Trades may be executed in two ways — based on market or pending orders. In the first case, the trader gets the best available price at the moment. Pending orders and Stop orders are used for delayed automatic execution.
The system is packed with handy features. Automatic triggers — Stop Loss and Take Profit — allow you to limit negative results and lock in desired gains, respectively. You can trade from a chart, set a trailing stop, and access personal history. Overall, trading is flexible and convenient.
Demo vs Live
MT4 works in two modes — for real trading and practice. The demo format is indispensable for any novice. Demo account credentials turn MT4 into a powerful simulator, where users try out strategies safely with a virtual deposit from their broker. They can explore all the features of the system without risking any money. The interface mimics the real market conditions.
Analytical Tools
Another secret of MT4s popularity is its analytical range. The platforms use both fundamental and technical traders. The first group benefits from system alerts and financial news. In addition, there are over 30 technical indicators, 23 analytical objects and 9 time frames to accommodate both short- and long-term strategies.
This allows focusing on any segment of the chart. Scalpers benefit from looking at one-minute dynamics, while swing traders may see changes over a month. It is also possible to add new indicators, as there are thousands of free and paid add-ons.
MQL4
Using the system language, traders can build their own robots, customised indicators, and other features to fine-tune the platform. MQL4 is helpful and flexible. The robots, aka Expert Advisors, are pieces of software that can analyse the market or handle trades for you.
Automatic trading is convenient. The systems can analyse more data than any human. Traders only need to keep an eye on their robots.
Copy Trading
It is another reason for unfaltering popularity. Traders can delegate decisions to more experienced peers. A broker offering this service will connect your account to the account of your chosen strategy manager. Subsequently, all of their actions are replicated with a portion of your funds. This looks as if you were pursuing identical strategies.
For the expert, this is an opportunity to gain a commission. Meanwhile, you can learn from the best and see how strategies work. Even pros take advantage of copy trading when they are pushed for time. Metatrader 4 allows you to monitor your strategy managers performance, cancel separate rates or terminate the connection altogether. You do not relinquish control of your account.
The Bottom Line
Despite the existence of an advanced version (MetaTrader 5), MT4 is still handy. Local and international brokers in India recommend it. This multi-purpose system suits the needs of beginners and seasoned traders. It supports both live and demo accounts, and traders may use all popular strategies, technical and fundamental. This broad functionality of MT4 explains its stable popularity over the past 15 years.
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