Trading Platform

Online retail foreign exchange speculative traders frequently utilise the electronic Trading platform MT4, also referred to as Meta Trader 4. In 2005, MetaQuotes Software finished developing it and released it. Foreign exchange brokers with whom they work are granted licenses to use the software to serve their customers.

How does MT4 work?

1. Create a profile

You must establish a live account to use the MT4 offering. Once you’ve done that, go to the dashboard and create a live account.

2. Install MT4

Once you’ve registered, you can download MT4 to your device of choice. After downloading MT4, you can sign in using your IG login information.

3. Utilise the order window to initiate a position. When ready to make a transaction, click the new order under tools. This will open the window labelled order.

4. In MetaTrader 4, keep an eye on your positions.

Change the limits and stops on open positions. Open the dropdown window and select the trading tab to change stops or limits on open positions and pending orders.

After that, you will have the choice to change or include stops and restrictions in your position.

5. Personalise MT4 charts

A variety of tools are available in MT4 that you can use to modify charts. Here’s what to do:

There are several items that you may use to draw on charts.

Choose the desired object from the toolbar and click on the chart to draw.

6. Establish a price alert

Open the window, then select the alerting option to configure a price alert. Right-click within this window and choose “create” from the menu.

7. Look at your past transactions.

Right-click on the trading window page; inside, it will allow you to adjust the date range.

8. Obtain market reports

Open the dropdown window and go back to the history tab to create a trade report. 

Benefits:

1. The instantaneous availability of market prices and liquidity

Trading can be done with real-time access to currency quotes through MT4. Additionally listed are any currencies and other assets a trader decides to trade through a broker.

2. Tools for Technical and Basic Analysis at All Levels

With its many built-in technical indicators and charting features, MT4 provides a wide range of instruments for price analysis.

The number of charts a trader may watch at once is infinite, and nine distinct timeframes are available for each currency pair.

3. Using Multiple Trading Orders to Increase Flexibility

Trading orders and execution methods come in a variety, giving traders the freedom to design and carry out the strategy of their choice. MT4 has two market order kinds and four pending order types. Additionally, three different trade execution mechanisms give traders a lot of freedom.

4. For mental peace of mind, robust security and high stability

The platform MT4 is recognised as being extremely reliable and secure. A key encrypts the data transfer between client terminals and servers, and the platform also allows digital signatures. Also, masked are the traders’ IP addresses.

5.  Experts-Only Option

Through MT4 Expert Advisors, seasoned traders can implement automated trading methods. Automated trading enables investors to take advantage of market changes without having to take action themselves or subject themselves to human bias.

Conclusion

MetaTrader 5 is a more sophisticated version, yet MT4 is still valid. Local and foreign brokers in India advise it. Both inexperienced traders and seasoned investors can benefit from this versatile approach. Trades can be made using any strategy that supports live and demo accounts.