Those who are just getting started in the world of forex trading are likely to be confronted with a plethora of trading platform options. Trading platforms such as MT5, NinjaTrader, and Trading Station, among others, have a lot to offer, but there is one that appears to be head and shoulders above the rest. MetaTrader 4 (MT4) is used by all of the world’s top forex traders and has won numerous awards. Given its extensive nature and growing reputation, the following examines why MT4 is the ideal trading platform for nearly every forex trader. Visit multibank fx
What exactly is MetaTrader 4?
MetaTrader 4, or MT4, as traders refer to it, is a cutting-edge trading platform that is used and popularized by many traders and brokerages worldwide. MT4 is software developed by MetaQuotes Software that allows traders and investors to open, close, and manage market positions using a financial intermediary.
MetaQuotes created the platform with the intention of trading in foreign exchange (forex), futures markets, and contracts for differences (CFDs). MetaTrader 4 allows you to perform advanced trading operations while also analyzing financial markets.
What makes MetaTrader 4 unique?
MetaTrader 4 supports three trade execution modes, two market orders, four pending orders, two stop orders, and a trailing stop function. There are also quick trading functions that allow trading orders to be sent directly from the chart with a single click.
Aside from these, the built-in tick chart feature allows you to precisely determine your ideal entry and exit points.
Quick and Simple Customization
Latency can be detrimental in the forex market because market conditions can change and shift in an instant. MT4 tends to outperform other trading platforms in terms of speed, owing to the fact that it was designed to initiate trades as quickly as a forex broker can process them. When it comes to forex trading, speed is everything, so it’s refreshing to see that MT4 isn’t afraid to prioritize it. Furthermore, MT4 is impressively flexible, as any trader can set up MT4 as desired through a wealth of customization options, which can aid in fast and impactful trading.
The order is executed at the price offered by the broker in the Instant Execution mode. When you send a trade order, the terminal will set the current prices in sequence, but it will not execute any orders until the broker accepts the prices.
It Functions as a Cross-Platform Trading Solution
MT4 is not a desktop-only application, which means it can be used whenever and wherever a trader sees fit. From your computer to your smartphone, MT4 is ideal for any trader who is constantly on the go. Even if you’re not at home, you can execute trades and manage your account using MT4’s impressive mobile platform.
Supports a Wide Range of Languages
The forex market is global in almost every sense of the word, as it brings together not only a variety of currencies, but also various cultures and countries. As a result, MT4 can keep up with the competition in terms of language support. You’ll notice that the platform can display text in nearly every commonly spoken language. MT4 removes the language barrier, allowing traders of any nationality to participate in forex trading.
Gives up Numerous Charts and Indicators
Data and statistics are critical to anyone’s success in the world of forex trading, so it’s fantastic that MT4 puts them right at your fingertips. MT4 supports the installation of any type of indicator or chart function, allowing you to easily keep up with market developments.
Based on Solid Foundations
Every forex trading account will have a cash balance that can range from pennies to hundreds of thousands of any given currency. As a result, platform security is absolutely critical. MT4 has strict and substantial security standards that ensure your account is secure regardless of the device you use.
Well-Designed and Becoming More Adaptable
Nowadays, it’s difficult to find a trading platform that isn’t well-designed, but good design usually comes at the expense of flexibility. These disadvantages are not apparent in MT4, as the platform runs smoothly due to its low resource requirements. This makes MT4 suitable for both new and old devices, as well as mobile devices. Low resource requirements also ensure that the platform can function quickly from the ground up, while it is also possible to run it as a background application, which can aid in analysis and research.
Support from an Expert Advisor
Automation is now an important part of the forex trading experience, and expert advisers play an important role in explaining why. An expert adviser can initiate trades on a forex trader’s behalf without requiring direct manual input. An expert adviser, which is made up of powerful scripts, can be a data-driven tool that can improve a trader’s activity levels when used effectively. MT4 supports expert advisers with ease, allowing traders to install and uninstall them at will.
Carries a Low Entry Barrier
Other trading platforms, for all of their benefits, are typically far too complex for many traders to fully comprehend. MT4 is unique in that it has a low entry barrier. Once you’ve loaded the platform, everything you need to trade is displayed cleanly and clearly on screen in an easy-to-understand manner. When it comes to accessibility, MT4 is a true one-of-a-kind trading platform in commodities invest. It is detailed enough for experienced traders to enjoy but simple enough for novice traders to fully utilize.
Ideal for Any Connection
One of the great things about MT4 is that it is efficient enough to run on a 10-year-old PC in a Timbucktoo internet cafe. This is fantastic because it ensures that traders are never cut off from the action, regardless of their location or the quality of their connection.
VPS Server Compatibility
Many traders require 100% uptime or ultra-low latency execution, and while MT4 is super efficient and can run almost anywhere, it can be combined with a VPS server to provide the best setup for high reliability, and low latency trades 24/5. Because of the use of VPS servers, MT4 is no longer the preferred platform for professional traders and even hedge funds seeking reliable automated trading.