HomeForex TradingIntroduction to Meta Trader 4 (MT4) - How to Setup MT4 for...

Introduction to Meta Trader 4 (MT4) – How to Setup MT4 for Trading

Meta Trader 4 (MT4) is a trading platform that is used by various amount of traders and investors in conducting their daily trading activities. The platform enables traders to monitor real-time currency prices and to open or adjust the order of their choice.

What is Meta Trader 4 (MT4)?

Meta Trader 4 (MT4) is a popularly known trading platform that enables traders and investors to trade on different financial markets. It provides traders with a vase range of tools to help in analysing price and placing orders.

Read Also: Top 10 Forex Brokers in the World

Introduction to Meta Trader 4 (MT4) - How to Setup MT4 for Trading

Pros and Cons of Using MT4

Pros 

• Ease of deployment

• The Platform does not overload the computer

• User-friendly design for beginner traders

• Compatible with several operating systems such as Linux and Windows as well as iOS and Android.

Cons 

• There is no Comprehensive historical data for backtesting

• Execution speed is not much and is unsuitable for high-frequency trading

• Its web platform does not allow automated trading

• Charting package does not provide for a custom timeframe 

Read also: Top Five Forex Trading Platforms to Make Money

How to Setup MT4

Meta Trader 4 (MT4) is a platform that helps to connect traders and investors with the financial market.

It cannot be accessed through a website but can only be utilized by installing the platform on your system or mobile device.

To trade on the MT4 platform, you need to open an account and below are the steps to take in making this possible :

• Set up your account

To trade on the MT4 platform, you will be required to download and install the MT4. Also, after downloading and setting it up, you need to carefully fill in your personal account details.

• Record your account details

After setting your MT4 account, it is advisable to record and safe keep a copy of your account details before leaving the registration process. This will make it easy for you to log in at any time. 

Who can Use the MT4?

Meta Trader 4 offers trading opportunities for anyone ready to trade. It helps both beginners and advanced traders in conducting their trades respectively.

• Beginners

MetaTrader 4, with its simple design, excellent user interface, and functionalities such as copy trading and Expert Advisors, is ideal if you’re a beginner.

It provides beginners with an access to educational resources and tutorials. Also, it’s demo account offers strong support for beginners.

• Advanced traders

The platform also provides advanced traders with advanced charting capabilities and technical analysis, several built-in indicators and graphical tools and more. The platform also allows automated trading.

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Why do Traders Use the MT4 Platform?

Meta Trader is one of the most popular forex trading platform in the world and has been in used for long.

The service it offers and its long survival in the market has influenced a high number of traders to use the platform for trading. Some of the reasons why traders consider and use this platform are :

• It Is Easy To Use

The MT4 Platform is very easy for both new and old forex traders to use. It has removed some unnecessary complications from its platform, making it’s usage easy for users. Also, vital information that will aid in trading is being provided in simple stress-free clicks.

• It is reliable

This is one of the key characteristics of MT4. It’s a very reliable platform for making trades and also function in all conditions.

• It Is Available on Multiple Devices

MT4 platform is available on Android, iPhone, Computer system and various web browsers. A simple login will work in same way across all your devices and you can trade, monitor and close your transactions and never miss any opportunity.

• Use of EAs

MT4 platform introduced the use of expert advisors (EAs). These are codes that are written by a trader, to be used on the platform to help automate their trade strategy. It gives traders a chance of conducting multiple trades, while having free time for other activities.

• The Platform is Built on Secured Foundations

MT4 ensures that every traders account is airtight, no matter the kind of device that is being used. It’s security standard is very high and each trader is assured of the security of his or her acount and funds.

How Much Does MetaTrader 4 Cost?

MetaTrader 4 is free for download from the website. You can open a free demo account to enable you test all features of the trading platform.

Is MetaTrader 4 Safe?

It is understandable that you want to know your funds are safe and secure when you want to conduct trades.

MetaTrader 4 is safe. It takes all the data between a trader and server and conceals your IP address while you trade through the platform.

MetaTrader 4 is the most preferred platform for most brokers. The analytical tools offered by the platform helps both beginners and advanced traders in making trades easy. We hope this article has provided you with more information on Meta Trader 4.

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