People who just want to try their skills in trading often face the challenge of choosing the right tools.
MT4 is a popular tool preferred by seasoned traders and beginners due to its ease of use and handy functionality for forex trading tasks.
In this article, we shall discuss the MT4, its features, and why this platform is good for beginners.
Let’s start with the essentials.
What Is MT4?
Meta Trader 4 is trading software for forex trading. It was released in 2005 and built with the specific programming language MQL4. The language was specifically developed to enable high volume of operations, fast performance, and security.
Thanks to its simple interface, the tool quickly became popular. Even when the newer version, MT5, was released, the older MT4 remained more popular among forex traders worldwide for several years.
MT4 was designed to be installed on Windows software, although Mac MT4 users have also created a version of the tool for Apple devices. The software is also available as an Android and iOS app, and it allows users to perform their trading activities on the go with several clicks.
What Are The Key Features of MT4?
MT4 holds all the necessary features for comfortable forex trading, which are easy for beginners to access and use. Here’s a short overview of key MT4 features and their explanation:
Advanced Charting Tools
MT4 offers multiple timeframes for selecting and checking the market indicators. The user can select between 9 different time frames, ranging from 1 minute to 1 month. The time frames are presented in real-time charts, which have zoom and scroll functions. The tool also allows overlaying multiple indicators and analysis tools.
Technical Analysis
MT4 has 30 built-in technical indicators, including RSI, MACD, Moving Averages, and others. Custom indicators can also be added. The tool also includes 24 graphic objects, such as trendlines, Fibonacci tools, shapes, and arrows, which enhance the system’s visual presentation.
Automated Trading
MT4 allows backtesting of strategies based on historical data and supports multiple EAs built using MQL4 programming language. It also has a huge online marketplace for buying and selling EAs and indicators.
User-friendly Order Execution and Management
The MT4 tool supports four different types of pending orders: buy Limit, Sell Limit, Buy Stop, and Sell Stop. All of the apps, including the desktop, web, and mobile versions, support one-click trading and trailing stops.
Security and Reliability
The MQL4 allows for secure programming and data protection, so the application is known for enhanced security and reliability even in cases of high data loads. It also supports two-factor authentication, adding an extra layer of protection of your data and access.
Push Notifications
The system alerts you about price changes or other developments, allowing you to take action in time and on the go, preventing you from missing an important moment.
MT4 has everything you might need for effective trading. At the same time, the tool is quite handy for beginners, and we’ll describe why in the next section.
Why Is MT4 Good For Beginners In Trading?
MT4 has a soft learning curve, making learning to trade not so overwhelming as with other tools. This is thanks to the design features and strong community. The list of factors that make MT4 good for learners includes:
- Ease of use: The system has a clean, intuitive interface with simple navigation. Simple functions like placing trades and analyzing charts are easy to learn.
- Minimal set-up: A starter can download and install the tool in minutes.
- Basic charting tools: Although the system’s charting tools are considered powerful and loved by professionals of different levels, they are also easy to understand by beginners.
- Demo-account support: This wonderful feature allows learners to practice their strategies with real-life market data. It also helps seasoned traders gain confidence in their strategies before using real money.
- Introduction to algorithmic trading: For those curious about algorithmic trading, there are Expert Advisors features and thousands of bots available to plug-in.
- Powerful learning ecosystem: There are thousands of learning materials aimed at beginners who choose MT4 as their trading tool. There are also forums, meetings, webinars, and an overall huge and friendly community to help.
Summing up
With all the features described above, MT4 is a perfect tool for trading beginners. It is simple, secure, and easy to learn, and it also has a huge community of supportive traders who can help you through the learning curve. Overall, it is a perfect choice for everyone wishing to start learning trading.
