MetaTrader4 is one of the advanced trading platforms that fulfills all criteria required by an investor or a market player. It is often referred to as MT4. To understand the platform more precisely, here’s an in-depth MetaTrader4 review.
If brokers are bodies, then platforms are spirits living in them. Financial trading or transactions for various products take place through the combination of both.
If these entities work in tandem, they script profits for a trader. Read this MetaTrader4 review to learn more about this platform.
MetaTrader4 has plenty of duties to mend and offers numerous features for the benefit of its users. Today, hundreds and thousands of brokers and traders use its services to get into excellent trading books.
MetaTrader4 Review: Usage and Trading System
The MetaTrader4 platform paves a way to implement or execute easy to complex trading strategies in the market.
You can put up distinct orders, different markets, products, and stop and pending orders through MT4. Besides, irrespective of the market condition or situation, one can use a trailing stop.
MetaTrader4 Review: Types of Execution Modes
You will find three types of execution modes while trading through MetaTrader4. They are primarily requested, instant and market. MetaTrader4 handles all sorts of execution and orders, translating into profits for traders.
You can pick any of the modes supplying appropriate. Before performing a trade, you can pick your bid and execute the order later on.
You can perform your trades freely as the desired price comes up. Meanwhile, if you want to take a position in the market irrespective of time, different types of modes are useful.
In this type of mode, the market order’s execution happens with the rate received previously from the broker. For different or specific market orders, a broker is requested before sending an order for the final execution. Once the prices arrive, the implementation of the order can be accepted or rejected.
Here, the order gets executed at the rate offered to the broker. The terminal sets the current rate in the order once it is sent for execution in the market.
However, it depends solely on the broker’s choice and needs. If it accepts, then the order gets executed, or it does not. In the latter case, a requote option occurs.
Execution by Market:
In this kind of execution mode, the broker does not discuss anything with anyone. There’s no additional communication with a trader. Instead, it decides when and what product to execute at a specific price.
Also, ordering orders in such modes would mean advanced consent from an investor for the execution at a given price.
MetaTrader4 Review: Trading Order Types
An order is a direction to a broker using which it has to put up with entries and exits in the financial market. There are several conditions depending on which the orders get executed. On MT4, stop pending and market orders.
Here are some inherited by MetaTrader4:-
- Two stop orders
- Two market orders
- Trailing stop
- Three execution modes
- Four pending orders
The feature offered by MT4 helps in capitalizing on profits and lessening the potential perils of losses. A trader or investor can apply it when the market is not fully controlled and goes volatile.
In that time, one needs to be resilient and mindful before going for the final trade. You can utilize it in pending orders or new positions.
If you feel like applying it beforehand, then MT4 can help you do that with its multiple features to form a strategy and ward off any untoward loss.
For example, one can use a buy limit order; your position would get closed after it reaches the specified threshold. It helps in profit-booking. In any case, your predictions take a wrong turn, and your investments slip into losses, then stop-losses salvage them.
For illustration, if you set a benchmark of 50 points high and low, then the position would get exited automatically if prices go beyond those limits.
The superb facility of stop orders is suitable for those traders who cannot concentrate on the market at all times. They can simply put the stop-loss and then forget or start doing their other work.
If you wish to execute your orders instantly, then market orders are your sailing point. It saves time, and you can benefit from the market movement or trend using the services of MT4.
You create these orders at the current time or moment, but they get executed in the future as the market conditions are conducive for people.
It moves stop-loss automatically a few distances away from the current rate. However, if the prices of assets take a reverse gear, then the stop-loss would try to minimize the loss.
Application of Orders
You have several ways of applying numerous orders depending on the market situation or condition. For example, a trader can use hotkeys and market watches or can enable one-click trading for using the chart.
An investor can avail of all comprehensive information and knowledge regarding open positions and all orders on the trade window terminal.
It will ease several issues, and a market player can track all orders, positions, assets, state of the account, volumes, open prices, stop orders, etc.
In addition, you can check the detailed history and trades of the past through the window and learn before moving on.
The robust, resilient, and powerful MetaTrader4 platform renders you complete control of the transaction and puts your bids in the market. You maneuver your account and twist it in favor whenever required.
So, by choosing MT4, you ensure that you can take advantage of all kinds of market conditions, favorable or unfavorable. In addition, you can get the assistance of various elements available on the MetaTrader4 platform.
MetaTrader4 Review: Pros
While trading, you may face multiple issues and problems, but it offers tremendous help to its users.
There are myriad input parameters that facilitate order openings and ensure that you do not get stuck during complicated trading operations.
Before availing of the facility of one-click trading, you’ll have to read and accept the terms of conditions of MetaTrader4.
- A new order window gets invoked when you use the default mode of one-click trading.
- You can use it for order submission (buy or sell).
- Once you click here, then there’s no way you can alter your trades. Hence, one has to be careful.
- It is a quick and time-saving opportunity to use a one-click trading option.
- A trader has to indemnify before using the perks of the feature.
- With a single mouse click, you get your job done.
- Trade levels, quick trading cart, and trading labs are there, magnifying.
Expert Advisors Option:
The option has the capacity to disable or enable the operations of trading directed by expert advisors. If you keep them enabled, then scripts and expert advisors would work and vice-versa.
However, you can work in a disabled state but won’t be able to trade in that condition. It is quite handy and useful for a newbie trader for analytical testing capacity. It can take place in real-time mode.
The option helps define the symbol’s value in the order window effortlessly or automatically. It happens during the performance of a trading operation.
The active chart symbol sets in this field. You have to enable the default symbol to be able to use it again for every trade. A trader has to select it from the list.
You can define lots in a default option mode as the previous symbol. For the ‘previous operation,’ the last used term is used for the purpose. By default is the value in lots, which comes pre-defined.
Here, a symbol can alter the price during the ordering time. The positions won’t open due to the prepared order won’t correspond to the market’s will. However, the deviation option would put its might behind and won’t let that happen. The maximum permissible value gets specified here (in the order).
Moreover, if the prices fail to correspond, the program will automatically modify. Also, it paves a path to open a new position.
MetaTrader4 Review: Mobile Application
The mobile application variant of the MetaTrader4 is quite exquisite and broadens the market for financial market traders.
You can choose Android or iOS powered tablets, smartphones, or other devices and operate your trades unabashedly, 24/7 hours with a swift internet connection.
The functionality facilitated on the application versions includes popular analytical tools, houses all desktop features, multiple sets of trading orders, interactive quote charts, etc.
With a single click, you have the power to monitor all your trades, see the history and transact financial instruments at various costs.
In addition, the convenient chat and push notifications are some of the best add-ons that you receive as complimentary from the MetaTrader4 platform.
Forex Trading Applications:
- You can avail of 2 100+ technical indicators.
- There are 1 700+ trading robots.
- Receive free and commercial products
- Amazing amounts of payment options
- Get demo versions of all programs.
- A wide range of options to select
- Secured purchases
Automated Trading Options:
Here are some exquisite features:-
- MQL4 Community
- Indicators and Expert Advisors
- Strategy Tester
- Robot Indicator
- MQL4 Programming
MetaTrader4 Review: Conclusion
MetaTrader4 is ahead of its time and a platform that facilitates laypersons and beginner traders who want to make it big in the financial trading market.
Is MetaTrader 4 good for beginners?
Yes, MetaTrader4 is a good platform for beginners as it is built on a programming language that is suitable for even newcomers, not much included in developing their own algorithms for their trading strategies. MT4’s programming language is more simple and requires only a few steps to create the trading program.
Does MetaTrader 4 cost money?
No, MetaTrader4 is a completely free platform, whether you have a demo or a live trading account. However, you are still subjected to pay trading costs charged by your broker as spreads and commissions when you trade securities such as forex and CFDs.
What is the minimum deposit for MetaTrader 4?
There is no minimum deposit in MetaTrader4 as it is a platform, not a broker. Usually, a broker set the minimum deposit requirements for the platform.
What is MetaTrader 4 used for?
MetaTrader 4, popularly known as MT4, is an advanced, yet simple trading platform. The platform is well renowned among online retail foreign exchange speculative traders. The platform was released in 2005 by MetaQuotes Software. The software is licensed to forex brokers who provide this platform to their clients.