Why do Most Traders prefer the MT4 Trading Platform?

In trading, gaining knowledge and understanding the basics is not enough. Since most of the trading occurs digitally, it is also crucial for the traders to choose the right trading platform that suits their needs. However, choosing the right trading platform from a plethora of options available online can be a challenging task. Among all the options available online, MT4 or MetaTrader 4 has attracted and fascinated most traders since its inception because of its numerous advantages. 

Let’s understand the advantages and key functionalities of the MT4 platform that make it a preferable trading platform in the guide below:

Advantages of MetaTrader 4 Trading Platform

MT4 trading platform holds something for every trader. It not only combines speed, reliability, and versatility but provides traders with advanced technical tools, making their trading experience seamless. 

Simpler Features

One of the major reasons for the MT4 trading platform’s popularity is its ease of use and simplicity. Thus, helpful for beginner as well as experienced traders, as they do not have to waste time looking around for help or wandering from one guide to another. But this doesn’t mean that it lacks in speed. Instead, its light-fastening speed allows the traders to carry out trades faster, without losing opportunities.

On the MT4 trading platform, the symbols and rates are shown on the lift side and charts along with other indicators on the right making it easy for the traders to navigate and place trades in a few clicks.

Lightweight Platform

The MT4 platform doesn’t take enough space in the computer and being a lightweight platform, it can run along other programs. Additionally, this forex trading platform is compatible with Mac OS, Windows, and all other major operating systems. 

Different Trade Execution Modes:

Traders can choose from three different trade execution modes on MT4 trading platforms. These are:

1. Instant Execution– With this mode, the traders can execute the order at the price offered to the broker. This means that upon sending the trade order, the terminal will adjust the current prices in sequence, however, it will not be executing any order unless the prices are accepted by the broker. Also, If the broker returns the prices, a requote might occur after which the order can be executed.
2. Execution on Request– With this mode, the traders can execute the market orders at the price provided by brokers beforehand. This means the prices are requested from the broker before sending the order and this order execution at the given price can only be confirmed or rejected after the prices are available or delivered.
3. Execution by Market– In this mode, the broker has the authority to make decisions on order execution price without a discussion with the trader. Thus, traders must rely on the broker for the order execution.

Offers the FIX API Access

FIX API access is a crucial tool for trading as it makes it easier for traders and investors to build private algorithms or black-box strategies essential for analyzing the forex trades. Using this, traders have the ability to access financial information while trading using any platform that offers FIX API integration. Along with this, it provides essential information regarding the confirmations of new and already executed trades. 

Advanced Technical Analysis Functionalities

MT4 trading platform offers plenty of advanced technical analysis tools that are important for traders, particularly beginner traders, for making better-informed investment decisions. The traders can use anyone from 24 analytical objects for analyzing the prices, 700 paid indicators, 2000 free custom indicators, 30 built-in technical indicators, and more than 1000 symbols displayed in 9 different timeframes.

Moreover, it supports automated trading with expert advisors wherein traders can create automated trading programs for following different forex trading strategies, all by coding. 

Risk Management Tools

In order to minimize the potential trading risks, the MT4 trading platform offers a variety of risk management tools. Some of these are:

• Margin Monitoring: The MT4 platforms monitor the margin level constantly and send alerts to the investors to manage their risk. 
• Stop Loss and Take Profit orders: Using the MT4 platform, the traders can limit the potential losses and possibly lock-in their profits automatically by setting stop-loss and take-profit orders.

Comprehensive Market Analysis

The MetaTrader 4 trading platforms equip traders with tools to analyze the market. Some of them are:

• News and Analysis: Using the MT4 trading platform, the traders enjoy access to plenty of technical and fundamental analysis tools, news feeds, and chart timeframes.
• Economic Calendar: It offers an integrated economic calendar. The traders can use this calendar to keep a check on all the key economic events and learn about their impact on the market.
• Historical Data and Backtesting: Traders can also have a look at the historical data and backtest their trading strategies. Thus, MT4 enables trades to practice and refine trading strategies.

Conclusion

To conclude, the Mt4 platform offers an ideal environment for traders of all levels. Its speed and reliability are the most important features that serve as the secret source for successful trading. Whether you are an experienced trader looking to enhance your trading experience or a novice who wants to enter the forex trading world, MT4 can be an ideal choice for you.