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What is MetaTrader 4?
MetaTrader 4 is one of the software applications or online trading platforms used by traders to access certain forex broker systems so that traders can trade forex easily. MetaTrader 4 was developed by the trading tool development company, Metaquotes Software Corp and was first launched in 2005. So, MT4 is not made by a specific forex broker, Metaquotes does not open its own brokerage services, but rather sells licenses and rents out servers to use MetaTrader to forex brokers.Almost all forex brokers in the world provide MT4 for trading because it has several advantages such as facilities for traders to be able to add and create special scripts to create custom indicators and create forex robots aka expert advisors for trading purposes. In addition, in MT4 traders can follow price movements, perform analysis, and execute orders. MT4 is not only available as software for PCs or laptops, but also in mobile versions either Android or iOS and can be downloaded and installed on your smartphone. This one application can be applied in various OS (Operating System). The next discussion is the function of MetaTrader 4, before continuing, let's fill in the Trader Assessment!
What are the functions of MetaTrader 4 for traders?
The various features possessed by MetaTrader 4 make this trading platform used by many traders. Not only can it show charts of the price movements of various currencies in real time, but it is also equipped with various kinds of technical indicators. Then, what does MT4 do for a trader?- Monitor price movements in the form of bars, lines, and candlestick charts.
- Analyze price movements using different types of technical indicators.
- Opening and closing orders by instant execution, market execution, and pending orders.
- Access your trading history and know the balance status of your trading account.
- Apply an auto trading system or automated trading.
- Traders can trade without worrying about security, as the system is encrypted and is always updated.
- The latest version of Metatrader 5 even comes with an integrated economic calendar and direct access to the marketplace, where many development companies sell trading robots.
Is there a web version of MetaTrader 4? The answer is no, because it is already in the PC or laptop version, so you can directly download it on your PC or laptop.
How do I download MetaTrader 4?
Although a forex broker provides a wide variety of trading software or platforms, almost all forex brokers provide MetaTrader 4. This proves that this trading platform is very popular among brokers and traders. Well, to be able to download and use MetaTrader 4 is very easy, first you need to open a demo account or live trading account first at one of the forex brokers of your choice. Once you have successfully registered, you will have a username and password, and the forex broker will send a link to download MT4 to your email address. If you want to download the mobile version of MT4, you don't have to bother searching for the MetaTrader 4 APK on search engines, you can download it through the Google Play Store or App Store directly.Curious, what does MT4 look like?
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View of MetaTrader 4. Source: MetaTrader4.com[/caption] Not only is it popular, but the MT4 trading platform is easy to use even for beginner traders. MT4 consists of several sections, at the top of MetaTrader 4, there is a menu bar containing various options, to change the appearance of the platform window you can click on 'View', to insert certain tools on the chart, select 'Insert', to change the chart display you can select 'Charts', place orders, test, or edit the trading robot using 'Tools'.
To increase the number of chart windows on one screen, select 'Window', and if you are confused and want to get instructions on using MetaTrader 4, select 'Help'. Below it are also shortcuts to various equipment that traders use most often. On the middle side, there is a window display with a white background, you can see the price chart. The price chart on the display is in the form of candlesticks which are the most popular type of chart among traders.
Each candle represents a price fluctuation in a specific period (timeframe). For example, the H1 timeframe, each candle contains information on the opening price, closing price, high, and low price in one time period. You can change the timeframe on the chart by right-clicking on the chart, then selecting 'Timeframes', by changing the timeframe, you can get a broader picture of the price trend in the short, medium, to long term.
On the left side, namely 'Market Watch', you can find a row of currency pairs that can be used in trading, there are EUR/USD, GBP/USD, USD/CHF, and so on. If you click and drag one of the currency pairs onto the price chart display, the movement of that currency pair will appear immediately. Under the 'Market Watch', there is a 'Navigator' containing the account description and some extra features that can be added in the same way to the top of the price chart. Finally, on the bottom side of MetaTrader there are several tabs to view transaction reports and trading history, get the latest news, receive messages from forex brokers, and so on.
MetaTrader 4 VS 5, which one is superior?
Forex traders have several options to decide which trading platform to use. The choice of trading platform greatly affects your profits and losses in trading. But you should know, the trading platform is very much related to the forex broker you choose, why? Because every broker does not necessarily offer different types of trading platforms.For example, you want to use MT4 but the chosen forex broker does not provide MT4 and has another trading platform, thus, you cannot use MT4. In 2010, Metaquotes Software Corp released the latest generation of trading platforms, namely MetaTrader 5 or MT5. The trading conditions presented by the two have a striking difference even though the interface between MT4 and MT5 is very similar. Many traders nowadays prefer MetaTrader 5. Why? Since MT5 has some advantages that its predecessor, MT4, does not have, what are the advantages of MT5?
