The sheer size of the global forex market is something to marvel at, with this entity boasting a cumulative value that’s estimated to be 2.5x larger than the world’s GDP.
With daily trading volumes having also peaked at a staggering $6.6 trillion of late, more people than ever before are becoming active in the lucrative forex market. A growing number of traders are also accessing the market through apps such as the MetaTrader 4, which despite being launched back in 2005 continues to stand the incredible test of time.
In this post, we’ll appraise the MT4 in further detail, while looking at its key features and offering some tips on how to get the most from the platform.
Getting Started – The MT4 vs. the MT5
There’s no doubt that the MT4 took the trading world by storm when it was released more than 15 years ago, with this platform underpinned by advanced HTML5 technology.
However, it’s interesting to note that the MetaTrader 5 platform was subsequently launched in 2010, with this commonly perceived to be an upgraded version of the MT4 and one that would gradually replace its predecessor in the marketplace.
Over time, however, two clear trends have emerged in the market. Firstly, the MetaTrader 4 has remained the trading app of choice for forex traders over the course of the last decade, with this used as proprietary software that’s ideal for accessing decentralized markets.
Conversely, the MT5 has been designed to plug into a centralized trading exchange, and in this respect, it has become more popular for investors who are active in the stock and commodities markets.
The MT4’s Key Features and Top Tips for Usage
Thanks to its popularity amongst forex traders, the MT4 remains the single most popular trading tool and continues to boast incredible longevity.
Its wide range of features is also central to its enduring popularity, however, aside from the fact that it can be accessed in a total of 27 different languages.
Both desktop and mobile compatible, the MT4 is home to an incredibly large and diverse range of analytical tools and technical indicators, which combine to create a unique insight into the forex market and specific currency pairings.
Even more importantly, the MetaTrader 4 set a new standard for the way in which information is presented to traders. More specifically, the platform boasts a raft of customizable interactive charts, along with quotes and free Codebase features that allow for ease of choice and rapid response to price shifts.
In short, this creates an agile platform that can be customized to suit each individual trader’s style and preferences, while the integration of various Expert Advisor programs also allows for informed automated trading.
When you first start using the MT4, you’ll need to create a platform layout and method of visualizations that suits both your trading strategy and knowledge base.
We’d also recommend that you save this as an individual profile once a particular layout has been customized to your satisfaction. This profile will encompass the complete layout of your platform, while it allows you to experiment with your set-up with complete freedom over time.
If you’re relatively new to the markets, it also makes sense that you should make full use of the MT4’s ‘Account History’ feature.
This will list all of your historical trades over time, enabling you to learn from previous mistakes and hone your strategies in an informed and effective manner.