The abundant amount of forex brokers gives a large choice of different kind of trading platforms for traders. Just like any online service, not every forex platform is effective, trustable and informative. Which forex platform is popular among traders? Why does it make it stand out in the crowd? Which tools are necessary to successful trading?
One of the favorite trading platform which covers all the necessary features needed in forex, is MetaTrader 4 (designed by Metaquote Software). Any forex trader should try out this free, limitless open source software.
MetaTrader 4 is a popular Forex trading and analysis platform, which allows trading currencies, shares, precious metals and CFD on stock indices. In this section, LiteForex clients can download MetaTrader 4 trading platform and its mobile applications for PDA, iPhone®, iPad ™ and Android.
MetaTrader 4 interface doesn’t have flashy buttons and shiny currency rate tables, so it might seem difficult to use in the beginning, however it combines many powerful features, including multilingual trading interface, lots of technical indicators and analyzing tools, variety of expert advisors, unlimited charting capabilities, fast and accurate performance and much more.
Apart from available indicators, an experienced trader can write a new indicator and install it on MetaTrader 4. As a result, there are thousands of different indicators, written by other traders. This is, indeed, a true advantage of MetaTrader 4 over other platforms available today.
Metatrader 4 offers expert advisors, strategy testers and indicators, which allow forex traders to perform series of tests on real historical data. With the available graphics, traders can examine market conditions and perform technical analysis. To make things more convenient, it is possible to open as many windows as needed with the selected information (for example, you can analyze the same data simultaneously on different types of charts – candle, bar and line).
Speaking of expert advisors, via MetaTrader 4 it is possible to run the expert advisor on the past data. This allows traders to check the performance in the past, for example last year, before running it on the live data.
Metatrader 4 platform allows a complete customization of the interface, including colors, sizes and chart representation according to your personal needs. This is very important for traders that spend numerous hours in front of the computer screen. After all, forex trading is mostly about analyzing and comparing charts!
Metatrader 4 is surely not the only platform with the advanced features. Well-developed platforms offer same features and many other interesting options; however MT4 still remains the popular platform among many traders and contributors.
An interesting feature of MetaTrader for testing expert advisors is the ability to run an expert advisor for a past period of time. For instance, before running the expert advisor with live data, it is possible to check the past performance of this expert advisor, e.g., during the past year.
Bare in mind that MetaTrader4 platforms offered by different brokers have different configuration. Despite the honorable name the platform has, it is still necessary to try it out via demo account. After couple of weeks, you will be able to figure out which broker offers a better configured platform. Pay attention to requite requests, trading and connection errors. Definitely stay away from brokers whose demo account doesn’t match the performance of the live account.
Metatrader 4 Desktop
Metatrader 4 is highly customisable. It includes charting tools, market indicators, scripts and EAs, advanced risk management, real time market execution and more.
THE MOST POPULAR FOREX TRADING PLATFORM
Metatrader 4 (MT4) provides robust technology and high security to enable traders to choose Forex or CFD positions without worrying about the stability of the platform. It offers instruments to follow price fluctuations, identify trend patterns through charts and graphs, and also deploy automated trading techniques to manage trades.
WHY CHOOSE METATRADER 4?
This electronic trading platform is used by new and experienced traders alike. It’s trusted by individual traders as well as large introducing brokers and trading companies. It offers excellent trading and analytical tools, and is flexible enough to implement simple as well as highly complex trading strategies. The platform supports trading in Forex, CFDs and cryptocurrencies.
EASIER TRADING WITH METATRADER 4
- Flexibility: There are several choices of currency pairs to trade in, as well as cryptocurrencies and CFDs.
- User-friendly: MT4 has a user-friendly interface that is suitable for traders of all levels.
- Customisation: Develop your own Expert Advisors (EAs) and technical indicators on Metatrader 4, to match your trading needs and practices. Windows and charts can be arranged for each profile according to your preferences.
- Efficiency: MT4 doesn’t slow down the performance of your PC or mobile, keeping disruption to a minimum.
- Charting tools: Advanced charting tools help analyze the technical aspects of the market.
- Expert Advisors: Trading robots enable the automation of trades and access to the platform’s algorithmic trading benefits.
- Language: The platform is available in multiple languages.
METATRADER 4: OS AND DEVICE COMPATIBILITY
Metatrader 4 is available as a web platform that’s compatible with Windows, Linux and Mac OS. MT4 can also be accessed from a smartphone or tablet, whether it has an iOS or Android operating system. Trade anytime and anywhere, and have access to trading information 24 hours a day, even while you’re traveling or on vacation. It is super-easy to download and install the terminal on any compatible device.
ETATRADER 4: TRADE EXECUTION MODES
An order is an instruction to perform a trade. There are three trade execution modes on the MT4 platform:
- Execution by Market: Your order opens a position at the latest price, even if there’s a deviation from what is visible on the platform. This results in much faster execution of orders, as it doesn’t involve requotes with most of the brokers.
- Instant Execution: The system tries to execute your order using the current price on the platform. If the exchange rate changes while the order is being processed, a requote option becomes available, which the trader can accept or reject.
- Execution on Request: Prices are requested before the order is placed. Once the exchange rates come in, order execution can be confirmed or rejected.
METATRADER 4 AUTOMATED TRADING
The MT4 platform allows automated trading. A trader can develop his own set of rules for trade entries and exits with the help of automated trading robots (Expert Advisors), which helps avoid instinctual blunders while trading. As the system trades mechanically, based on predetermined conditions, a trader’s performance won’t be affected by second-guessing and losses. Trades are also automatically executed with faster reaction times, leading to lower chances of slippage costs.
EXPERT ADVISOR (TRADING ROBOTS) IN METATRADER 4
An Expert Advisor (EA) can help traders make more informed decisions. They can be programmed into the platform to automatically execute trades on a live platform. EAs are written in a proprietary programming language called MetaQuotes Language Version 4. These flexible software utilities can assimilate all the information available on the platform to conduct market analysis and Forex trading. This means it’s possible to develop, test and apply EAs to eliminate obstacles in analytical trading activities.
OctaFX offers automated trading using an Expert Advisor to place buy or sell orders with specific market conditions, typically based on price movements and technical indicators. Automated trading helps traders to enter and exit positions much faster than with manual trading.