Forex trading has continuously been a popular and booming industry ever since the dawn of online transactions. It even made bigger strides among traders now that there is greater dependence in online trading and digital currencies.
But to ace in forex trading, one must know which trading platform is the best, or at least among the leading ones, where traders can make secured and profitable trades. Ever since the release, MetaTrader 4 has been gaining traction among forex players. Now it’s one of the most commonly used trading software and here are the reasons why.
What Is MetaTrader 4?
MetaTrader 4, or informally known as MT4, is a trading platform that specializes in Forex or FX Trading. Trading platforms are basically the avenue where traders buy or sell (trade) currencies. Platforms that provide users the necessary resources used in trading and platforms that have a specialization like MT4 are an ideal choice.
Traders use this platform mainly to monitor market conditions and prices within a certain period of time. They also utilize the platform to open or adjust orders and consult for technical and fundamental analysis that can aid in their trade decision-making.
MT4 also caters to brokers and provides them the means to broaden their network. Brokers are entities that offer leverage to traders and provide loaned money to increase their purchasing power, and avail large sums of volumes.
Features of MT4 Trading Platform
MT4 is renowned for its impressive functionality that can cater to traders of all skill levels. This sophistication and level of accessibility make MT4 one of the top choices for rookie and veteran traders alike. Some of the other features that make MT4 stand out are as follows.
Cutting-Edge Tools for Analysis
MT4 trading platform houses innovative tools for technical analysis that yield accurate readings of market conditions that traders can easily perceive and draw wise inferences from. These tools include Fibonacci and Gann-based charts, as well as reputable indicators like RSI, Moving Average, MACD, etc.
Preference and Personalization
There is a great extent of freedom for customization in this trading platform. As users, you are in control of what you want to see from your end and can choose from the tools offered by MT4 that suit your trading needs and preferences. An example is that MT4 provides the option to choose among bar, line, or candlestick charts to better suit your trading tastes and essentials.
Efficiency of Trading Operations in Forex
Trading operations in MT4 are made efficient using market or pending orders. Orders are instructions to execute a trade when market conditions and prices reach a certain, predictable state while requests are forwarded to brokers.
You can easily have MT4 inside your pocket through its mobile trading functions. This offers high portability and flexibility when observing market prices and executing trades.
MT4 also provides trading signals and bots that automate trading. This frees traders from the routine work of manual trading, and can even make more accurate and wise trading decisions, backed up by logic and algorithm.
Advantages Of Using MetaTrader 4
Since its establishment, MT4 made a huge name for itself and became a top pick among traders. This is made possible by the advantageous benefits that it offers as a trading platform:
- Real-time monitoring of market prices. Through its top-of-the-line tools for technical analysis and great customization, traders can effectively and efficiently have access to real-time market price readings and forex quotes before finalizing a trade.
- Guaranteed security and stability. MT4 assures its traders with robust security and impressive stability using a 129-bit key to encrypt data exchanged between client terminals and servers. Other security measures are imposed to protect users from internet attacks. The IPS of traders are hidden as well, to ensure a safe and secure trading environment for users.
- Intelligent automated trading. The platform also has a pool of Expert Advisors that veteran traders can tap to automate their trading. This mode of trading allows users to leverage market movements and make smarter trades devoid of human bias. Another distinct feature of this platform is that it allows users to create their own expert advisors and technical indicators through the MQL4 Integrated Development Environment (IDE).
Downloading MT4 can be your first step in becoming a part of the trading community.
Disadvantages Of Using MetaTrader 4
While the benefits are extremely promising and convincing, you must also be aware of its disadvantages that may spoil parts of your experience.
To fully enjoy the real-time readings of market prices offered by the platform, MT4 has to keep running for 24 hours. This endangers the functionality of the trading devices (i.e., laptop and smartphones) as they can encounter malfunctioning and freezing when the number of transactions multiplies, and the workload gets heavy. If you are gunning for full-time and non-stop trading, enabling automated trade mechanisms are highly encouraged.
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