- What is MetaTrader 4?
- Is MetaTrader 4 only for trading Forex?
- Best MT4 strategies
- Bollinger Bands
- Crude Trap Forex
- Supply and Demand
- Heiken Ashi
- Is MT4 suitable for beginners?
- Does MetaTrader 4 have a demo account?
- What is the difference between MT4 and MT5?
- MT4 advanced trading features
- How to download MetaTrader 4?
- Does MetaTrader 4 cost money?
MetaTrader 4, or MT4, is a popular online platform for Forex trading that applies the latest technologies and has a user-friendly design. MetaTrader 4 was launched in 2005 and has been one of the most popular trading platforms in the world over the years. Below we will describe its main features and give step-by-step instructions on starting trading with MT4.
What is MetaTrader 4?
MetaTrader 4 is an online trading platform developed in 2005 by MetaQuotes company. Even after all these years, MT4 is one of the best trading platforms. It has a powerful combination of sophisticated technologies and software for market analysis and an intuitive interface. Traders can implement even complex strategies, for instance, Forex swing trading.
The MT4 platform includes a critical MarketWatch feature. It contains a list of the major products used for Forex, CFD, and binary options trading.
Moreover, it is highly customizable thanks to Tool Box, Graph Area, and Tool Bar options. Traders can set their individual preferences to develop the best trading strategy with MT4 and avoid chaos. For exmaple, strategy for intraday trading. This feature favourably differs MT4 from other similar online trading platforms.
MT4 is a great choice to automate your trading. Thanks to the possibility of algorithmic trading, you can create and configure robots and technical indicators on your own. The robot will analyze and trade in the Forex market on your behalf. MT4 uses many Forex indicators, but if you are looking for indicators for binary options trading, you may consider other platforms. MT4 will not teach you how to trade binary options on the market.
On MetaTrader 4, you can use either an automated or manual trading option. You can easily buy one of more than 1700 trading robots but remember that it is applicable mainly for Forex. So, you won’t find here mobile binary options trading robots. In addition, there are no brokers for binary options trading on MT4.
The developers of MT4 also understand that users need the ability to do trading anywhere, anytime. Therefore, the software is available on mobile devices through the app for Android and iOS.
Also, MT4 alerts inform traders when important financial news appears. With these alerts, traders can prepare for market changes and even 5-minute price fluctuations and make the right trading decisions.
Is MetaTrader 4 only for trading Forex?
MT 4 is perfectly designed for Forex trading and not binary options. It shows outstanding functionality in this market, and many traders say that this is the best platform for ultimate Forex trading in the modern world.
Best MT4 strategies
Below we will show some of the most popular Forex trading strategies for MT4.
Bollinger Bands can be used as an indicator for Forex and binary trading options. It helps traders to assess overbought and oversold levels. The indicator for MT4 allows them to detect various features and patterns in the dynamics of asset prices that are not visible to the naked eye. If an asset price approaches the upper band, it is considered overbought. And vice versa, when an asset price comes to the lower band, it is a sign that it is oversold, and traders can expect a reverse.
Crude Trap Forex
Crude Trap Forex is a very easy-to-use and profitable trading strategy. It helps traders find a point where the price has pierced a prior high or low level. These areas with new high and low prices usually induce traders to set stop losses, but they are also an opportunity to enter the trade. Therefore, a trader can set a pending entry order at the high or low of the breakout candle to earn a profit.
Supply and Demand
This profitable strategy is a simple trading system for MT4 that uses supply and demand zones. It monitors the price action. This strategy for Forex uses the concept of price rallies and drops. Rally is an area where the price goes up, and for a trader, it indicates a demand for pending orders. Drop is an area where the price goes down; for a trader, it suggests a supply of pending orders. So, if a trader correctly identifies supply and demand areas, it is assumed that there are pending orders left in that area and can expect a price to bounce off.
It means an average bar. According to the Heiken Ashi formula from a Japanese candlestick theory, this indicator predicts how the prices will appear on the chart. It can be used as a Forex/binary options indicator. With this strategy, a trader can reveal a strong market trend; moreover, this indicator eliminates insignificant market fluctuations.
It helps traders reveal long-term trend indicators, such as the Average Directional Index (ADX) indicator, a moving average, and the Alternative Ichimoku indicator. It allows traders to work on long-term reversals based on the crossover and confluence of the above-mentioned indicators. With this strategy, the trader can see the trend direction and find the right time to enter and exit the market. Also, it shows the strength of market signals for traders, including Forex and binary options trading signals.
Is MT4 suitable for beginners?
Developers of the MetaTrader 4 created this platform to be the first web trading platform for each trader, either beginner or advanced, so with MT4, everybody can start a journey in Forex trading.
It has many special features and educational materials, a kind of Wiki pages, which helps to improve trading skills:
- Graphical tools that are easy to understand.
- Analytics and technical indicators.
- Terminal windows with additional tabs, such as Market, VPS, CodeBase, Signals, etc.
In addition, beginners can also use a demo account to practice trading on MT4. You can even open the Strategy Tester window, select your strategy, set parameters with test conditions, and get results you can use in real trading.
Does MetaTrader 4 have a demo account?
MetaTrader 4 has a demo account that is helpful for both experienced traders and beginners. Professional traders can use a demo account to get familiar with an MT4 Forex trading system, and for beginners, it is the best way to explore the currency markets. The functionality of a demo account is the same as on a real account.
What is the difference between MT4 and MT5?
It may seem that MetaTrader 5 trading platform is the newest version of MetaTrader4, but it is not the truth. MT4 and MT5 are different trading platforms:
- Types of assets. It is the main difference between these two platforms. MT4 is focused on Forex trading, and all its functionality works for this. MT5 has many more options for trading CFDs, futures, and stocks.
- Chart Time Frame Offers. MT4 is more simple than MT5, and this makes it the perfect choice for beginners. Moreover, many casual traders also do not need complex charts and time frames, which is why MT4 is so popular.
- Order Types. In MT4, there are four order types: buy stop, sell stop, buy limit and sell limit. For most traders, this is enough. At the same time, there are two more types of orders in MT5: buy-stop limit and sell-stop limit. It creates more flexibility in trading.
As you can see, MT4 and MT5 have some differences, and traders can choose the platform according to their needs.
MT4 advanced trading features
Along with the standard set of features, MetaTrader 4 platform allows users to install additional advanced tools and extend its functionality. It makes MT4 the perfect fit for traders of all levels. In particular, users of MT4 can get such instruments as technical analysis tools, algorithmic trading, and others.
Also, you can subscribe to your MetaTrader 4 account to the trading signals of professional traders for an additional fee (from USD 30 and above). For example, you can subscribe to such signals to copy trades, like Day and Night Trading, Papeda MT4 Expert Advisors (EA), or Wallstreet Forex Robot.
How to download MetaTrader 4?
It is very easy to download and start trading on MetaTrader 4. All you need is to take the following steps:
- Download MetaTrader 4. You can find it on the official website via the link or in the app store for Android or iOS.
- Create a new account. Choose the option to create an account and carefully fill in all the data required.
- Open new position. To start trading, you need to open a position. Use the “Order” window and choose “New order”. Here you can indicate the order details, such as market, volume, stop loss or take profit, and others. Also, you choose the order type; it can be instant or pending.
- Monitor and close positions. You need to open the “Terminal” tab and switch to the “Trade” section to whatch positions. Here you can see your orders and close them if you want.
In MT4, you can also use additional tools, for example:
- Change limits for open positions.
- Customize charts.
- Set price alerts.
- View trading history, and create and export reports in PDF.
As you can see, MetaTrader 4 is a very easy-to-use trading platform, just like trade binary options. So, beginners can trade Forex in MT4.
Does MetaTrader 4 cost money?
MetaTrader 4 is available for a free download, and traders can use free signals in both the demo and full version with a live account. At the same time, there may be additional charges from brokers, such as FBS online. Also, users can extend the possibilities of MT4 and buy extra services, for example, get a professional advisor’s help, sign up for trading signals, or buy additional indicators.
MetaTrader 4 is a trendy online trading platform that has many benefits. It has an intuitive and easy-to-use interface, allowing traders to use analytical technologies and create individual trading strategies. This combination of features has made MT4 the leading platform for Forex trading.
At the same time, traders should remember that trading always implies risks, and even the most sophisticated strategies cannot guarantee 100% success, whether you trade withbinary options or Forex.