Why Is Mt4 Perfect For Almost Every Forex Trader??

By Author: jessica smith
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Why is MT4 perfect for Almost every forex trader??

Introduction

Meta trader is a very common trading platform which is used regularly these days. Being the leader of a trading platform since 2003. It is the most successful trading platform in the last 2 decades. But the question might arise: what is Metatrader4 ? when it was found and what are its features?
What are the advantages and disadvantages of this platform? And some other questions. Well in this article we will talk about what MetaTrader4 is. Is it beneficial for you? Also we will talk about whether you should use this platform or not. Let’s dive right into it

What is Mt4?

MetaTrader4 is also called MT4 an electronic trading platform commonly used by forex traders. In 2005, The software was developed by MetaQuotes. Brokers have license to this software and they provide this software to their clients and these clients use this to manage their account, To see live streams for prices and charts and to place an order.

Client is a Microsoft based app that got popular because ...
... end users could write their own trading statement and there was an automated trade by robots. In 2010, MetQuotes released Metatrader5, successor for MT4. But still MT4 is a popular platform.Many MetaTrader versions were released Before MetaTrader 4 and MetaTrader is the most advanced version and it was released in 2005.

Between 20007 and 2010, there were numerous brokerages that were added to MetaTrade4 as an alternative because it was popular and there were numerous advisors and third party scripts.MetaTrader 5 was in beta testing during 2009 and it was launched in september 2010 by InstaForex.
MQL4 revised to reach MQL5 and MQL4and MQL5 use unified Metaeditor from starting build 600. MT5 was introduced in 2009 but according to research MT4 is still the most popular platform till 2019.
Pros of MT4?

Everything has advantages and disadvantages. Let’s discuss some advantages related to MetaTrader4 and try to figure out whether it is beneficial or not and deep into problems and benefits of MetaTrader4. Let’s dive right into it:-

Advantages:-

First let’s discuss the benefits and advantages that MetaTrader4 provides:-

It’s a free trading platform meaning there is no charge for using this platform and brokers don’t charge for using technology and this makes it really low cost and popular for traders. It also means the participation on this platform will be in a huge number.

Platform is suitable for both tech savvy and non tech savvy traders means both can use it easily. Another reason that makes it popular and increases the use of this platform.

There are several brokers on this platform which means you can change brokers anytime without changing platforms. You have numerous choices which ends the hassle to research and find good brokers and makes it easy for users. This is another reason why this platform is so popular and several traders use it.

Smartly designed user interface is easy to use and it is simple which helps non tech savvy traders to understand it better and makes it suitable for both tech savvy and non tech savvy traders means there will be a huge participation on this platform and it’s another reason why MT4 is so popular.

Available for different platforms like IOS, Android, Widows, etc. So you can install it and use it anywhere. The convenience of this platform makes this so popular and there is huge participation on this platform .

There are versatile tools with numerous indicators on this platform. It’s easy for traders to predict market movement by using the amazing charts on these platforms and they give a clear view opf current market position and trend. The easy to use indicator with variety and accuracy makes this platform popular and that’s why this platform has a lot of participation.

One click trade with a quick option for traders.

If you broker is fine then this platform also provides hedging.

There are multiple languages on this platform which makes it easy for non english users.

The platform is customizable which gives it a personalised trading experience.

There is a unique back testing functionality on this platform.

Features of MT4?
Client trader has a built in editor and compiler with access to a free library of software, achilles and help contributed by the user. Software uses scripting language MQL4 or MQL5. They are proprietary scripting software and it enables traders to create custom indicators, Expert advisors and scripts. The reason for Metatrader's popularity is the support of algorithmic trading. Yahoo has a huge group of over 12000 members and these members are dedicated to create open source software for MetaData4.

Metadata4 is a standalone system where managers handle their position manually and it is commonly used by brokers.
Several third party developers created software bridges that enable coalition with other financial systems for automatic hedging. MetaQuotes started to remove third party plugins for it’s software and Sued and warned several broker developers.

There are 2 types of trading orders for MetaTrader: the first one is market order and the second one is pending order. Pending order will execute when price of the asset or share reaches a specific level and market order executed in 4 ways:- instant execution,request execution,market execution, exchange execution. For instant execution, The order will be executed at the displayed price on the platform. Pros for this type of execution is that it happens at a known price. Opportunity will be missed when volatility is high and it doesn't reach the request price.

Request order happens in two stages: first a price quote is asked and then a decision is made by the trader to buy or sell from the received money. There is enough time to make a decision to sell or buy from received money. This option offer knowledge and price with guaranteed execution at that particular price. Execution is at low speed which means it will take longer than other types of execution. In market execution, orders will be executed at broker’s price regardless of what is displayed on the platform. Pros for this type of trade is you can execute orders without any request but the price can deflect heavily during volatility. In Exchange execution,
order is executed by external execution faculty. Trade is executed on the basis of the current position of the market.

What is the difference between MT4 and Ctrader?

Auto trading :- the auto trading is best in MT4 platform as there are expert advisors for auto trading, easy to use, customizable and works for both broker and trader. C trader is almost equivalent and it is programmable in c#. But with all the functionalities, a vast community, easy to find support makes it the best one while the support in cTrader platform is very limited. That’s why MT4 is more preferable and popular among the new traders.

Flexibility :- Ctrader doesn’t allow customization on the basis of personal preference means you can’t customize the indicators and programs according to your needs which makes it difficult for users to use it but in MT4, each and every thing is customizable on the platform and you don’t have to know the language. That makes it comfortable and easy to use as comp[ared to CTrader and makes it popular among the new users. There are many reasons why MT4 is still popular and a leader in terms of tr\ading platform.

What is the difference between MT4 and MT5?

Meta trader4 is more simple platform as compared to MetaTrader5 as Metatrader has a lot of features but the language MQL 5 makes it difficult for users to understand it while MT4 has MQL which is a much simpler language and straight forward which makes it popular pick for traders and especially for new traders.

Multidirectional position is offered by MT4 which reduces and lot of risk for trader but in MT5, there is only one direction and working multidirectional positions is not allowed for MT5 which makes more risky as compared to MT4 and users will prefer MT4 because of it and that’s the reason why MT4 is still the leader in trading platform and the most popular after 17 years.

MT4 is much more independent as MT4 provides freedom to expert consultant and indicators to choose file from ex4 file and .mq4 to use and implement.But it’s not the same for MT5 as there is less freedom in terms of what you can do and that’s another reason why MT5 got rejected so quickly and MT4 ruled the trading platform for so long.

Conclusion

MetaTrader is a recommended platform for you especially if you are a new trader because it is easy to use, flexible, straightforward with multi directional positions and auto trading. This platform is versatile, free and provides a lot of support to its users as compared to its rival trading platforms CTrader and MetaTrader5. Even after being the successor with a lot of features and MetaQuotes almost destroying all the license for MetTrader4, still MT4 remains a popular pick and the leader of trading platforms and it’s for a reason. The main reason for MetaTrader4 is popular because it is straightforward and simple as compared to others even though other platforms have more features. As an old saying simplicity is the best policy, it is proven here. The problem is you will not get CFD and forex license, But you can trade in forex and CFD cheaply by using brokers like ABinvesting and Investlite.

Hey! am Jessica smith. Am a blogger and I like to do reading and writing, especially in the arena of financial market trading. There are many myths about the market. I like breaking these myths and pushing people towards the practical world.