Will you believe me if I say that Forex trading is an easy way to make money, it is simply amazing. Not all but some of you might already be thinking this way. But once we get a grasp of trading, we will realise that it was not as easy as it sounded at first. So, rule number one is to never expect it to be easy or simple. Because it will never be a cakewalk for a complete beginner. I wondered if it would ever get easier while struggling as a new trader. Some of you might be going through the same phase and let me tell you that trading on beginner-friendly software can make a huge difference.
One such simple yet sophisticated software that many forex traders trust is the classic MetaTrader 4. No wonder it is being used by millions of traders on a global level. This blog will reveal more relevant info about MT4 and its features.
Just Popular Or Truly Best?
We know that everyone living in this digital age wants something new and upgraded. But MT4 was launched in 2005 and many other platforms came into the market after that. Then why is it still the most popular one among forex traders? This is a valid question and there are valid reasons behind the unmatched popularity of this traditional trading companion.
The developers did their best to create a platform that catered to forex traders. There were other platforms too but MT4 actually focused on features that we needed to trade forex better.
Not only have they managed to gain a loyal client base but also has emerged as a trusted platform in the forex trading community. Plus, it is also the most easily available platform that is supported by the majority of brokers and we all prefer something that is easily accessible.
The upgraded version, MT5 also came into existence in 2009 but the focus was on multi-asset trading and advanced tools.
Despite the arrival of new platforms, many experienced traders are still sticking with MT4 as they love the convenience. For novice traders, the complexity is a turnoff and since this platform only has a limited number of tools, it is easy to navigate Moreover, the platform is highly secure and supports multiple currencies. You can even change the language by going to the settings and the responsive customer support makes you feel at ease while trading.
How to Use MT4?
Using MT4 is very easy once you open an account on the platform. Just make sure the broker you have chosen has integrated MT4 into their website as a trading platform.
- First of all, you have to choose the version of MT4 that is perfect for your operating system.
- Find the download link on the official website of Metaquotes or on the website of the broker that you have chosen for trading.
- Download the version that is compatible with your system or device.
MT4 For iOS and Android Users
You can use the MT4 app on your Android and iOS smartphones without much difference in the trading experience. You can find the download link on your broker’s website.
MT4 Account Opening
You can register for an MT4 account with the broker of your choice and start using the platform. You will receive the login credentials via email. But before going live, you need to try it in demo mode first which allows you to place orders with virtual funds. The money is not real but the trading conditions will be a replica of the real-time market trend.
This way, all MT4 users can test their strategy in a risk-free environment. Above all, you can freely practise without any pressure and develop your skills. You won’t have to be fearful about the losses that can happen due to common beginner mistakes. After gaining some experience in demo trading, you can smoothly transition to the live account on MT4.
Features That You May Find Attractive
- Many think MT4 is only for forex traders but you can also trade other assets like stocks, commodities, indices and even cryptocurrencies.
- Smooth functionality that allows us to open multiple windows. This way, we can watch different instruments and keep an eye on the charts with ease.
- You can trade on MT4 manually or use an EA for trading automation. Just make sure that the EAs you use are coded with the MQL4 programming language.
- You can place both market orders and pending orders on MT4. Stop loss and take profit orders are very effective for managing the risk and all traders should use it without fail.
- You get 9 different timeframes on MT4 and the charts can be customised by adding different analytical objects and indicators that you want. I strongly recommend adding support/resistance lines to your candlestick charts as that is the foundation of technical analysis in my opinion. If you want more timeframes and indicators, then you can go for MT5. Just like MT4, you can download this platform for free from your broker’s website.
Which Indicators Should You Use on MT4?
You get to use 30 built-in indicators on the platform and custom indicators can also be added if needed. 2000+ custom indicators can be accessed without any charges and 700 paid indicators are there too. But of course, you should only use 2 or 3 simple indicators to avoid confusion due to contradictory information. The very first indicators that I started using were Moving Averages and RSI as they are easier to comprehend for a beginner.
So, I will suggest that you select what is suitable for your trading style and strategy. When it comes to indicators, I believe that the lesser is better as being too dependent on indicators can make you indecisive and impulsive with all the mixed signals that you get.
Tips and Tricks To Get The Best Out Of MT4
- The Grid lines on MT4 can be a nuisance for those who want to get a clearer view of the price action that is being depicted on the charts. You can get rid of these lines with a simple trick. Just click Control+G on your keyboard and the grid lines will be gone. I personally do this to declutter the screen.
- Many beginners tend to set the background as white as it looks good. But it is not good for your eyes due to all the blue light that comes out. I also use dark backgrounds especially and it feels easy on my eyes.
- Imagine you developed a new strategy and changed the chart setup to suit it better. But you want to continue using the old setup once in a while. It will be tiring to make the changes again and again. I was doing this in the past until I found out about the template feature on MT4. The save template option allows you to save the chart settings and switch between them without any trouble.
- Time is something that we cannot afford to waste while trading and you can save a lot of time by simply using the Hot keys to navigate MT4.
To sum it up, the simplicity and intuitive interface of MT4 are surely its trademark as they appeal to beginners and master traders alike. Even when I try new and advanced platforms, I prefer MT4 as a minimalist trader.
