Tech advancements have resulted in the rise and popularity of numerous trading platforms. One of the most effective platforms that have made a mark is Metatrader 4 or MT4. You can find millions of brokers using MT4, which has become an industry standard for Forex trading. Despite being launched more than a decade ago, MT4 remains relevant for its functionality and reliability. The trading tool has a user-friendly interface that helps traders of varying expertise use its capabilities. However, that’s not all. There are many more advantages of MT4, which you can learn about if you are new to trading in the section below.
1. Real-time prices and actualised liquidity
With MT4, you can get real-time forex quotes and perform trades. The currencies or any kind of securities that you wish to trade are listed in the ‘market watch’ section.
You can also view other details like margin currency, margin percentage, contract size and spread from the same section. In addition, you learn about real-time market activities, which gives a clear idea about the market sentiment.
The currency pair depicts a positive trend if the info indicates that the bid volume is more than the offer side. Usually, orders are executed at current prices when the liquidity increases. This can be ideal for various short-term trading strategies.
2. Examine fundamental and technological knowledge
MT4 has numerous tools for price analysis as it has in-built charting capabilities and technical indicators. On the trading platform, you can get more than 30 technical indicators, including volume tools like RSI, OBV, and MACD.
You can also view several charts simultaneously, and every currency pair is displayed from minute to monthly intervals across different timeframes. To get further equipped in analysing price activities, you can use mathematical tools, in-depth chart analysis and sketch objects. Moreover, you can customise these charts according to your requirements and save them in your respective profiles.
You can leverage the benefits of identifying resistance and support levels, forecasting price movements, defining exit and entry points and setting stop-loss levels from these charts.
3. Modify trading orders
Various trading order types and execution modes allow traders to develop and implement strategies independently. Metatrader 4 offers a high degree of flexibility with its three trade execution modes, four pending orders and two market order types.
Another factor associated with the trading success of forex is risk management. In MT4, you get trailing stops and profit orders that minimise downside risks.
4. Robust security
MT4 is a stable and secure trading platform. The data exchange between servers and client terminals is encrypted, and the traders’ IPs remain hidden. These features allow traders to perform monetary transactions within a secure environment.
Trade execution at high speed and the trading platform’s stability prevent negative slippage during trading. Furthermore, you can trade on the go as you can access MT4 from various devices like desktops, tablets and smartphones. You also get the functionalities of the desktop version in the mobile version, including the complete set of orders, tools for technical analysis and interactive charts.
Mobile MT4 has additional features like chat functionality and push notifications. Hence, MT4 is gadget friendly and an ideal trading platform for new and tech-savvy traders.
The financial industry will keep growing, and so will the number of trading platforms. But it is impossible to try every new platform as soon as it launches. So, you need to fall back on something that’s been around for quite some time and is reliable. If you are sceptical, you can try MT4, which is highly versatile and customisable and get on with your trading journey.