MetaTrader (MT4) is an online trading platform used by retail traders online. It is chiefly associated with forex trading, but you can trade other things here as well, including stocks, cryptocurrencies, commodities, and Contracts for Differences (CFD).
MetaTrader 4 is not a broker. You need to register with a broker first to be able to use the MetaTrader 4 platform for real-money trades. There are a lot of different brokers to chose among, since this trading platform isn’t tied to one specific broker.
Here are just a few examples of brokers that will give you access to the MT4 platform: AvaTrade, ZuluTrade, Trading 212, IG, XTB, FxPro, and IC Markets.
Who is behind the MetaTrader platform?
The MetaTrader 4 trading platform was created by MetaQuotes Software and is still owned and managed by them. This is the same company that is behind the MetaTrader 5 trading platform.
Can I use MT4 on a Mac computer?
Yes, downloadable versions of the MT4 are available for both Mac and Windows. You can also elect to use MT4 directly in your web browser instead of downloading and installing the software.
Can I use MT4 on my smartphone?
MT4 apps are available for both Android and iOS smartphones and tablets. The interface works well even on a fairly small screen and navigating the platform on a mobile device is not difficult.
How old is the MT4 platform?
MetaTrader 4 was released in 2002. Throughout the years, it has undergone many updates and improvements, to keep it current and safe, and provide trader´s with the tools and solutions they want. It was the 2005 version of MT4 that really gave it a boost within the online trading community.
Basic trading guide
To be able to do real-money trades on the MT4 platform, you must be logged in and there must be money in your trading account.
When you are ready to make a trade, select ”tools” and then ”new order”.
The MT4 order window comes with a lot of settings that you can adjust. Here are a few examples of important parts of the order window.
Symbol
This is where you choose market.
Volume
Set your decired trade size.
Type
This pertains to execution. Do you want the trade to take place as quickly as possible once you´ve hit buy or sell? If so, select ”instant execution”. The alternative option is to go for a ”pending order” and set a future point for the order to become active.
Slippage
Use the deviation setting to set a limit for how much slippage you are willing to accept.
Stop-loss
Put in a stopp-loss if you want a sell order to happen automatically to the lot if the price decreases to a certain point.
Take-profit
Put in a take-profit if you want a sell order to happen automatically to the lot if the price increases to a certain point.
MT4 & technical analysis
MT4 has a lot of interesting things to offer traders who do technical analysis.
For starters, there are many charts here, and you can draw on them by selecting the object you´d like from the toolbar and then click on the desired chart.
Nine standard timeframes are available for charts, from 1 minute to 1 month. If this is not enough for you, you can also add custom timeframes. The get to the nine standard timeframes, right-click on the chart and hit ”timeframe”. A drop-down menu will show the following timeframes:
- M1 (1 minute)
- M5 (5 minute)
- M10 (10 minute)
- M15 (15 minute)
- M30 (30 minute)
- H1 (1 hour)
- H4 (4 hour)
- D1 (1 day)
- MN (1 month)
The MT4 comes with 30 built-in indicators. If you want access to more, you can download from MetaTrader´s Code Base and Market. Thousands of chart indicators are available for download.
MT4 & trading robots
On MetaTrader 4, you can elect to use Expert Advisors (EAs). They are a type of trading robots suitable for automated trading, as they can analyse price quotes and open and close positions in accordance with pre-set algorithms.
- You can download free trading bots from Code Base.
- You can rent and buy trading bots from Market.
- You can build your own trading robot for the MT4 platform with integration through Raspberry Pi 3 and Python.
