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MetaTrader 4 – Benefits, Use Cases, Recommendations

A trading terminal is a key tool of any trader. It is software for quick interaction between a trader and financial centers to carry out various types of operations. One of the most popular trading platforms today is MetaTrader 4 (MT4). It covers everything that is necessary for trading and comes with a pack of different instruments.

MT4 is a convenient solution for trading on the Forex market, performing trading operations, technical analysis using indicators, testing trading systems, and working with advisors. There are web versions of MetaTrader 4 along with Android and iOS mobile applications. With MT4, trading is flexible and convenient regardless of the complexity of the trading strategy.

What Makes It Popular?

MT4 is currently in demand and is the undoubted leader among trading platforms. The set of terminal functionality will satisfy any trader no matter what trading experience and knowledge he has. Among the most prominent advantages of MT4 are the following ones:

  • Ease of use and customizable interface;

  • Extensive functionality that covers indicators, quotes, graphical tools, three types of charts, regularly updated news feed;

  • Nine time periods for charting;

  • The possibility to create new indicators and advisors, lock positions and independently manage multiple accounts at the same time;

  • Program compatibility with an extensive online library of custom indicators and expert advisors;

  • The NDD system works without the participation of dealers in the process of executing client orders, directly connecting the trader with the interbank market.

Unsure what instruments to make use of when on MT4? Simple step-by-step instructions will tell you how to work with the terminal.

Step 1

In the MT4 Market Watch window, double-click the currency pair symbol that you want to trade-in. Here, you will see a table with all the currency pairs available for trading and the current real-time Buy (Ask) / Sell (Bid) prices. This window also displays CFDs (Contracts for Difference) and other instruments that you can trade (spot metals, stocks). Double-clicking on any symbol opens a window for entering a MetaTrader order.

Step 2

Select the number of lots you want to operate with and then click the Buy or Sell button. Going to the volume drop-down list, you can select pre-assembled sizes from the list. If you want to place your bet, click the Buy button.

Step 3

Confirm the deal after you click the Buy button; information about the execution of the deal will appear in the order entry window. The new window will contain the confirmation number and the price at which the order was executed. When you click the OK button, you will return to the main screen of the system.

Step 4

Close a position in the trading platform. In the main window of the trading system, click on the trade tab to see if you have open positions and pending orders. To close any position, double click on it. When you press the yellow button to close a position, you will see confirmation information: number and closing price.

All the above features are designed to make the life of any trader easier and care-free. You do not have to be an expert to use all the platform features and tools.

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