What Is MetaTrader 4 & How To Use It On PC: A Complete Guide
MetaTrader 4 is one of the most well-known trading platforms, available on PC, smartphones or tablets via the official app. MetaTrader 4 is especially popular with forex and CFD traders looking for high accessibility and trade flexibility.
Here is a closer look at the qualities that make MetaTrader 4 so popular, the types of assets you can trade on this platform, and how to use MetaTrader 4 to trade your chosen markets.
What is MetaTrader 4?
MetaTrader 4 (MT4) is a state-of-the-art trading platform that gives traders access to several practical tools and resources that can be used for strategy analysis. But what makes this platform a must-have while trading is its customisation options and the ability to trade many different types of assets, from futures to forex to contracts for difference (CFDs).
Other features include:
- Create algorithms for automated trading or custom alerts.
- Extensive selection of currency pairs and indicators to choose from.
- View real-time currency prices.
- Highly user-friendly, suitable for novice and experienced traders.
What kinds of assets and derivatives can I trade with MetaTrader 4?
Forex
Forex MetaTrader is the platform of choice for many currency traders, thanks to its charting. What is forex MetaTrader charting? It allows traders to customise charts and indicators to fit their technical analysis strategies.
CFD Shares
CFD shares MetaTrader has excellent charting and data feed options for traders using derivatives like CFDs to track stocks.
Indices
Indices MetaTrader 4 offers access to indices via CFDs. These contracts track major indices from Europe, the UK, Australia, the US, Japan, and other economies. They are attractive because they can accommodate fundamental and technical analysis.
Precious Metals
Precious metals MT4 provides the tools for trading popular metals like gold and silver via futures, CFDs, and forex-like spot markets.
Energies
Energies Traders who want to speculate on volatile crude oil and natural gas markets can access them via MT4’s futures and CFDs.
Cryptocurrencies
Cryptocurrencies Newer asset classes like crypto and derivatives that track digital currencies are also accessible via MT4.
Frequently Ask Question
MetaTrader 4 is a suitable platform for beginners. Many basic features are built-in, and there are enough customisation options that you can add to your trading strategies as you learn more.
MetaTrader 4 on PC, Mac, or mobile app is an excellent platform with many customisation and automation tools. However, it does not guarantee profits. Your success as a trader will depend on your strategies, risk management, and discipline. That said, MT4 offers the necessary features, including robust back-testing and demo account options, so you can perfect your plans before you risk your capital in the market.
MetaTrader 4 and 5 have many of the same features. You can use both to manage trades, customise charts, and test strategies. MetaTrader 5 has a few enhancements, such as the ability to back-test multiple strategies at once, more pending order types, better market depth data, and a built-in economic calendar feature. MetaTrader 4 is still the industry standard, making it a good choice for forex and CFD traders.
Need to know how to add money to MetaTrader 4 on a PC? MT4 is a trading platform, and you will need a broker to manage your funds. A broker will have an account page and an option to add funds. You can use it to make deposits. If you have an MT4 account and have connected your software to your broker, the funds will appear on your MT4 dashboard once the broker verifies your deposit.
Once you have funds in your account and have a well-tested strategy, you can make your first trade on MT4. You can do this by clicking the "New Order" button on the menu bar and selecting the type of trade you would like to make. If you use market orders, you will enter the necessary information and press OK to execute your trade. With all pending orders, you will click "Place" and then wait to see if the order gets filled.