The MT4 platform was created in 2005 by MetaQuotes Ltd. and revolutionized the world of trading with its interface, tools, and resources. It rapidly gained momentum and dozens of online brokers adopted it as their platform. Because it was built to address all skill levels, both beginner and experienced investors can use it and enjoy its simplicity for different goals. Now, the MT4 platform is considered a standard of professionalism and the first choice as a trading platform for most investors.
1 The MetaTrader4 platform – A standard of professionalism1.1 How to download and set up the MT4 platform1.2 How to use the MT4 platform in an effective way1.2.0.1 Conclusion
How to download and set up the MT4 platform
If you’re new to the trading world and you are still figuring out how it works – don’t worry, we’ve got you covered! What you need to know is that the platform belongs to the MetaQuotes Software company we mentioned above. That company licenses the software to the online brokers that request it and meet the imposed criteria. The brokers that get it provide it in turn to the investors that open an account with them. Consequently, in order to trade on the MT4 platform you need to: In case you want to trade on your mobile/tablet, you’ll have to get it on Google Play. The broker will put the link at your disposal and all you have to do is follow the instructions that come with it.
How to use the MT4 platform in an effective way
The first glimpse of the platform will confuse you if you’re not familiar with the basics of trading yet. By default, it opens with four chart windows that represent four different currency pairs. At the top of the screen you will see the toolbars section and at the bottom the Terminal, which encompasses the Trade, Account History, Alerts, Mailbox, Experts and Journal tabs. One of the many advantages of this platform is the fact that it lets you “play” with a demo account. Don’t hesitate to navigate and click on all tabs to see how they look and work. Take your time and explore it, watch tutorials and find the answers to all the questions you have. Once you feel ready to trade, consider the following tips:
Backtest trading strategies with the MT4 strategy tester. All the financial markets are extremely competitive and intimidating in the present times. Without a proper strategy, there’s no chance to succeed. All you have to do is upload the Expert Adviser and use the strategy tester on the platform.Add all the indicators you need to implement the desired strategy. Indicators are very important! The platform has a large number of incorporated indicators, but in case you need one on your price chart that isn’t there, click on the “Add Indicators” icon in the top toolbar and add them.Customize the charts to help you be organized. Another advantage of the MT4 is that the charts are highly customizable. You can change the colors, draw/add objects and indicators, or even select how the price will appear on the charts. Use the CTRL + click option to copy any object on the platform.Use Trading Advisors avoid missing out on opportunities. When you feel the potential is out there but you don’t have the time to trade, the automated program will do the work for you. In addition, the MT4 offers the MetaQuotes Language Editor (the Tools tab in the main menu); a unique coding program that enables you to create your own automated strategy. Pretty amazing, right?Use trading orders to minimize the risks. When you enter/exit a position, the platform will execute the desired orders automatically once a certain price action is reached. The most common orders are the stop-loss and take-profit.
Conclusion
The beauty of the MetaTrader4 platform is its simplicity and the elegant way in which it contains a plethora of advanced tools. The fact that investors can customize the charts, plug-in additional indicators, and expert advisors or even build their own from scratch – makes it more relevant than ever. This guide covers only the essential steps and tips on how to use the MT4 in an effective way, so stay curious and dig deeper, because this platform has many, many other things to offer!
