There is no doubt that MetaTrader4 is the top forex and CFD trading platform in the world. With over 23 million traders relying on it, this platform has many advantages and capabilities over and above the rest in the market.
MetaTrader4 has been around since 2005 and it is still the most popular platform in the trading markets. There are many reasons why MetaTrader4, also popularly known as MT4 remains the top choice for traders around the world;
The internet enabled 24-hr trading from anywhere in the world. Smartphones have come to make it even easier to make trades at virtually any place and anywhere. Trading forex and CFD is now possible thanks to MT4 apps on smartphones. MT4 is available on Android and iOS. The apps are just as capable as the desktop version of the trading platform. Some of the features include;
• All trading order types
• Interactive quote charts
• Analytical tools
• Account monitoring
• Trade history
• In-app Chat
• Push notifications
Financial News And Alerts Tools
MT4 allows the trader to have the latest news and alerts in the market for more informed trading decisions. The world forex markets are always shifting in response to financial news and alerts from central banks, large financial institutions, and governments. Keeping track of global events can be very cumbersome to do manually. MT4 delivers all the crucial news and alerts on the desktop or app. This gives you the competitive edge to make timely trades and press your advantage before other traders.
You can easily create alerts for crucial market developments. You can set to be notified, for example, when values exceed by bid and ask prices. MT4 monitors these conditions automatically and continuously, delivering an email or SMS when the conditions have been met. This enables you to execute your trading strategies more smoothly.
MT4 presents huge advantages in automated trading. In a market where milliseconds can make a difference, a trading platform that enables automated trading gives the trader a huge advantage. MT4 can execute trades as soon as set conditions are met. The analysis and trading are done seamlessly. This has obvious implications in making more accurate and faster trades. A computer can work better and faster than you.
MT4’s biggest advantage as an automated trading platform is in allowing you to make your own trading bots. These are programmed scripts that give instructions to MT4 to perform different functions. This gives you room to develop your own technical indicators. You can write these scripts if you have the technical capacity, or buy them ready-made.
MT4 has MQL4 IDE (Integrated Development Environment). This is a programming environment that enables the trader to develop trading bots known as Expert Advisors. MQL$ is easy to work with as it is an Object Oriented Programming language. This offers big advantages in flexibility, efficiency, and functionality when developing a trading strategy.
All development functions are done in the app on the MetaEditor. This is a fully fledged programming environment. The output application is taken through Strategy tester which tests and helps optimize the trading bots before they are taken live.
By using technical indicators to analyze the market, and Expert Advisors to do trades, MT4 becomes a highly capable auto trading platform that can be trusted to make accurate trades 24/7. Some traders develop an additional revenue stream by making trading bots. Highly successful trading bots fetch thousands of dollars. MetaTrader4 has consistently won the top prize for the best performing auto trader.
Copying successful trades is a viable trading strategy for inexperienced traders. It is also called social trading. MetaTrader4 allows traders to copy trades by another trader. There are traders know as signal providers who give trade signals of successful trades for free or fees.
You get over 3200 signals on the Signals tab. The trading platform makes it easier for you by sorting the signals in the order of success from top to bottom. You simply select a signal and subscribe. You can then copy the deals from that signal provider on both demos and live accounts. This can be a very profitable strategy for a beginner, with MT4 doing all the heavy work automatically.
If your trades are successful, you can develop an additional revenue stream by providing your signals for a fee. You can also open a YouTube channel and cultivate a subscription, collecting a good amount of money from endorsements and ads on your channel.
MetaTrader4 has consistently been the most secure trading platform in the market. All transactions are encrypted using 129-bit key encryption. MT4 also conceals all IP addresses and other Personally Identifiable Information ensuring privacy for its traders. This ensures the safety of your money and data.
MetaTrader4 is surely the most popular trading platform. Its versatility and sophisticated features will no doubt keep it at the top spot for a long time to come.