You must have heard about the popular online trading platform – MT4. MetaTrader 4 is the brainchild of MetaQuotes Software – a company that specialises in developing online electronic trading platforms. The MT4 is one of the versions of the platforms released to enable forex trading through online medium. It has become popular due to its unique feature that makes it possible for the users to write their own programmes or robots to automate the entire process of making trade. This platform is made available to a common trader via MT4 brokers who have been authorised to run the software. Just for your information there are other platforms that provide similar services and brokers do use them. However, MT4 is by far the most widely used software due to its wide variety of features and user friendliness.
The reasons why brokers and users prefer this platform are many. First and foremost – it is free! Those who are new to this field of forex trading can open a demo account to get a taste of the real deal and the brokers allow a free download and installation of MT4. By doing so, traders get an opportunity to get acquainted with the interface and its features to get an overall idea of how the system works.
Once the software has been installed, to enter an order, you must open the order window. Afterwards, select a symbol that will open up a chart. Set the volume, stop loss and take profit. Next step involves making a market order (Market Execution) depending upon the desired direction of the trade (Sell by Market or Buy by Market). Finally select the okay option to complete the process. You can also view your order by clicking on the trade tab.
One of the most alluring features of the MT4 platform is its Expert Advisors (EA). To be short, an EA is a programme written specifically to conduct trades on the behalf of a client. You can either purchase commercially available EAs or write one of your own. However, an EA must be purchased carefully since many of them have proven to be nothing but scams in the past. They are designed to function on predefined instructions complying with trade rules. These forex robots think for you and operate even as you are spending quality time with your friends or family or are taking a deserving long nap after a hard day’s work.
To get the maximum benefit out of EAs, it is advised to run MT4 platform on a server that will be available for 24 hours a day. There are brokers who provide such services free of charge. The MT4 platform has been designed for all major operating system including windows, Apple IOS, Linux and mobile versions as well.
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