This article, thus, seeks to highlight the reasons to engage the MetaTrader 4 trading platform —or, more preferably, MT4.
Diving into the foreign exchange market can be a daunting task. Indeed, the digitalization of the foreign exchange market has brought with it its own needs for efficient trading. This is why the introduction of trading platforms became quite necessary to facilitate trading.
These trading platforms are a necessity for traders – novices about to start trading and seasoned experts who have been in the industry for ages. With online trading platforms like the MetaTrader 4, trading is easier and more convenient.
Also, the dynamics of using MT4 for trading with reliable forex brokers, such as MTrading.com, are simple and straightforward.
Origin Of MT4 Trading Platform
MT4 was developed by the Russian software company, MetaQuotes. This online trading application quickly became significant among various traders and brokers alike.
One critical cause for this was the fact that the MT4 could serve as a perfect substitute for in-house developed platforms, and brokerage firms only needed to be authorized by the parent company —MetaQuotes, that is— to use the platform. The MT4 is currently used in over 30 countries and has been certified for use by over 100 brokerage firms.
However, this is not the only reason why the MT4 trading platform is preferred amongst others. Below is a list of reasons why the MT4 is recommended to any trader —be it a novice or an expert.
7 Reasons To Use The MT4 Trading Platform
Here are some of the advantages of using the MT4 trading platform. Read it and know why these trading platforms are the best to use.
1. The Users Can Freely Write Expert Advisors (EA) And Indicators
One of the most significant advantages of the MT4 trading platform is that it has a unique and efficient MQL 4 language and editing function. Therefore, its users benefit from this programming language by being allowed to write from any automated trading program (EA) and customized technical indicators using their individual MT4 interface.
This came as a huge relief for traders who, prior to the launch of the MQL 4, were forced to use the technical indicators that were provided by the broker's software. Further, the traders could only alter the available indicators to an extent —an alteration that could not affect the framework of the indicator. Thus, it was impossible to create a strategy based on the individual trader's ideas.
In so far as the trader has a firm grasp of the MQL 4, this is possible. Even if the trader decides not to learn the MQL 4, it is possible to employ an experienced third party to write out the automated program. This service is also quite affordable.
2. The User Interface Is Organized And Concise
Less is more, people say, and the beauty of this statement plays out with the MT4 trading platform. The MT4 applications for Mac, Android, iOS, etc, have abandoned the need for complex interfaces by negating most of the less-used functions, posing the frequently used functions in visible places.
This helps the user in locking out different functions for different actions. Furthermore, the MT4 online trading platform displays comprehensive information pertaining to other functions on its homepage.
3. High Degree Of Freedom
On the MT4 trading platform, you are allowed to customize the platform to your taste, for instance, the color of the platform. This has come to play in several regions. For instance, traders in the U.S. prefer to use red candles to signify a decline in price and green candles to signify a price increase, while Asian traders do vice versa.
Further, the MT4 web trader platform allows for a large number of indicators with which it is built. These indicators possess a ton of custom options.
4. Backtesting Strategies
The MT4 trading platform does not only allow the writing of EA but also allows a backrest of the created EA strategy. This function is particularly useful for enthusiasts of quantitative trading.
Further innovations have seen most trading software adopt this function of the MT4. Yet, there are still no comprehensive platforms that can rival the MT4.
5. Export Historical Transaction Records And Capital Curve
Although this feature is commonplace among other trading platforms, the MT4 trading platform has the most detailed and comprehensive suite of capabilities. Once historical records are exported, detailing statistical indicators are all automatically generated.
They come with multiple profit-loss ratios and maximum drawdown ratios, etc. This plays an important role in traders ascertaining the quality of their trading strategies.
It is unheard of to complain about the MT4 trading platform, having been tested by hundreds of thousands of traders on an annual basis. This is an essential feature, understanding that a moment of downtime can lead to thousands of dollars —and even millions of dollars— being lost.
In fact, the trading platform has been optimized for both low-power devices and slow internet connections. This makes the MT4 stand out amongst other online forex platforms.
7. App Store
Leaning towards the same path as Apple, MetaQuotes added an App Store to the MT4 trading platform. This store enables traders to trade signals as well as buy and rent EAs. This aids novice traders in automating any trading strategy that they desire.
Finally, the Virtual Private Server or VPS can be leased by traders for a small monthly subscription fee or gt from their brokerage firm.
The function of the VPS is that it allows the trader to run the MT4 trading platform remotely on the VPS server without negating the speed and reliability of the online trading platform.
The various features of the MT4 trading platform have endeared it to the hearts of many traders and brokerage firms. You can access this platform through MTrading brokers, one of the world's leading brokerage firms.