Mt4 or MetaTrader 4 is the optimal choice for trading Forex because of its incredible trading benefits. Here, we have described all the benefits that make Metatrader 4 a great option for forex trading.
Table of Contents
1. Easy to Use
MetaTrader 4 platform makes it easy to use for traders of all levels of experience. It makes sure that traders do not waste time looking around, surfing, and carrying out trades quickly without wasting their time. You will get symbols and rates on the left side charts and other indicators on the right side.
Furthermore, at the top, you will see other features that provide the option to select instant execution, pending order, leave comments, and shortcuts to turn on and off the main features of the platform.
2. Highly Secure MT4
This secure platform can prevent cyber attacks like DOS attacks because of the encryption of 129-bit keys and secure IPs. It lets the trader communicate data to their clients, save time, and make trading more effective.
3. EA: Expert Advisors
MetaTrader 4 platform has an inbuilt Expert advisor software that the trader can set as per their preferences to automate their trading strategy. EA lets the trader execute trades at any time without the need to monitor the markets. However, traders can also make their own EA with the MQL4 IDE (Integrated Development Environment).
Moreover, MT4 also allows you to add other third-party Expert advisor software to automate their trading. We highly recommend you opt for Pivlex software because its enriching features let traders make a profit from their trading.
4. Lightweight Software
Metatrader 4 is a lightweight software that does not take up more space on your PC and runs simultaneously with other software. However, many brokers also offer a demo accounts function which is great for new traders who want to explore the software.
5. Trading in Various Platforms
MT4 allows traders to trade in not only Forex but also other instruments such as shares, commodities indices, cryptocurrencies, and metals via CFDs. The platform is highly useful for both novices and expert traders. You just have to download the platform, log into your trading account and begin trading.
6. Access to the Account Details
MT4 software lets its users see their account details from within the UI (user interface). This feature lets a trader check their account balance and trading history besides setting up a different profile for every market.
7. Access to the Current Market Prices
Traders can also have access to the current across a wide range of financial markets, including foreign exchange in Meta trader 4. Moreover, traders can access other data like the spread contract size, margin currency, and margin percentage.
However, when you display the number of buy and sell orders for a particular currency pair at different prices, you will get data about the level of activity in the market in mt4. You can use this data to know the liquidity and the overall trend of the market and take action accordingly.
8. Technical and Fundamental Analysis of MT4
The inclusion of in-built technical indicators and charting tools. Including MACD (Moving average convergence divergence), OBV (On-Balance Volume), and Fibonacci Retracements help traders conduct extensive technical analysis.
However, traders can also build their charts and see several charts at the same time. It means you can see price movements, detect support and resistance levels, define entry and exit points, and optimize stop loss or take revenue levels.
9. Different Trading Orders and Modes
MT4 offers 2 types of market orders and 4 types of pending orders with 3 types of trade execution modes. Furthermore, the platform also provides risk management strategies like hedging that let 2 types of stop orders take profit orders and trailing stops. These orders can be launched on the Meta Trader 4 toolbar windows and easily customized, which is very appealing to traders of all trading styles and skill levels.
10. Copy Trading
MT4 enables the users to automate the copy of the trades of the others on the platform. It means a trader can subscribe to specific signals and train the terminal to copy the relevant transactions. At the same time, traders can copy trades from one or several master accounts at once to an infinite number of person MT4 accounts on different PCs placed in different states.
11. Mobile Trading Compatibility
MetaTrader 4 stands out for its mobile trading compatibility, allowing traders to stay connected to the markets and their trading accounts from anywhere in the world. The mobile version of MT4 is available for both iOS and Android devices, offering a comprehensive set of features that mirror the desktop application.
This means traders can monitor markets, execute trades, and manage their accounts seamlessly on the go. The user-friendly interface ensures that even on smaller screens, the experience remains intuitive and efficient, making it ideal for traders who need to make quick decisions based on market changes.
