MetaTrader 4 (MT4) is by far one of the most popular Forex trading platforms among retail traders. A broker with MT4 support is a good choice to start trading the Forex market. This software is designed to satisfy all the needs of a Forex trader. Even though the MT4 platform caters to the Forex market, its functionality enables you to trade other types of products as well.
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Should I Trade With MetaTrader 4?
There are advantages and disadvantages of using MetaTrader 4 as a trading platform. There are some great brokers out there, that don’t support MT4 because they offer more functionality that MT4 does not support. These are mainly the social trading brokers, but there are others who have developed their own in-house award-winning software.
MetaTrader 4 Advantages
The MetaTrader 4 comes free of charge. This means you have more money to invest, rather than paying a fee each month for using a different trading platform. The MetaTrader 4 has great functionality and can compete with trading platforms that charge a subscription fee.
The MetaTrader 4 also has an easy to use interface. Beating the Forex market is hard enough, so you need a friendly trading platform that is easy and quick to use. Executing your trade orders is comfortable with the MT4 platform. Your order is ever only one click away from being sent to the market.
Is Trading With MT4 Easy?
It is easy to trade with the MT4, and this is the sole reason it has seen such success. There are 4 quick ways to open a trade in MT4.
- Press the F9 hotkey
- Click the New Order button located in your toolbars.
- Right-click on the chart instrument you want to Buy/Sell, and then choose New Order from the drop-down menu.
- From the Market Watch window, right-click on the symbol you want to Buy/Sell and then select New Order from the drop-down menu.
Other MT4 Advantages
- One of the critical advantages of trading through the MetaTrader 4 platform is the low latency execution. This ensures trades are processed in ultra-fast time so you get the price you want on your trades without slippage.
- A large number of technical indicators and Expert Advisors are available for free.
- You have the possibility to customize technical indicators and algorithms to suit your trading needs.
- With the MT4 trading platform, you are all set up from the moment you download and install the software. After you install the trading platform, all settings are set to default.
- MT4 has app versions too. This means you can trade with MT4 on your mobile phone or tablet.
MetaTrader 4 Disadvantages
MetaTrader 4 also comes with some minor disadvantages.
The main weakness of MetaTrader 4 is the lack of new trading features. Despite being one of the oldest online trading platforms, MetaTrader 4 has too few updates and a serious lack of new trading features. The trading interface, although it serves its purpose, remains old and hasn’t kept up with the times.
MetaTrader 4 lacks the integration of news and economic data. Had this feature been available, traders could keep updated with the latest news affecting exchange rates inside the tool.
There is also an absence of any analytical tools to measure your account performance. This would help a trader better understand were trading strategy is poor, and where it could be improved.
MetaTrader 4 is central for so many traders in their development towards becoming professional traders. It will be here for many years to come and will continue to help new traders launch a trading career. If you’re trying to get the most out of your charts, get focused without the distraction of fancy tools, then MetaTrader 4 remains a good candidate to satisfy 90% of all your trading needs.
If you’re interested in learning all trading features that the MetaTrader 4 platform has to offer, please check out our complete guide into MetaTrader 4 platform.