What is MT4 and Why we should use It?
MT4 (MetaTrader 4), also known as MT4, is an electronic trading platform broadly used by online retail foreign exchange (Forex) traders, but also used for futures markets, and contracts for differences (CFDs.)
It’s a platform for trading currencies and essentially making money from the difference in value between different currencies and the anticipated future financial performance of fiscal options.
When did it first arrive?
MT4 was developed by MetaQuotes Software, a software development company that doesn’t provide breakage and investment services (just the software), and released to consumers in 2005. The software is licensed to foreign exchange brokers who provide the software to their clients. The software consists of two components – one for the client and the other for the server.
The server component is run by the broker and the client software is provided to the broker's customers, who use it to see live streaming price results, financial charts, and with facilities to place orders, and to generally manage accounts.
The application has become popular mainly due to the ability for users to write their own trading scripts and the possibility for robotic automated trading. It has also incorporated AI into its software.
In 2010, MetaQuotes released a successor, MetaTrader 5. However, uptake was slow and as of April 2013 most brokers still rely on MT4. Even by September 2019, a study showed that MetaTrader 4 was still the most popular Forex trading platform in the world at that time. Sometimes the originall version is the best. The platform is available to use on mobile platforms, Android, iOS, and Windows.
Although more and more trading platforms can now be found online, MT4 has proven itself to be the most effective, and the majority of brokerage offices offer their clients mt4 as the go to trading platform due to its numerous perks.
MetaTrader 4 supports three trade execution modes, as well as two market modes, four pending modes, and two modes for stop orders, plus it boasts a trailing stop function. In addition, there’s a quick trading functions allowing trading orders to be sent directly from the chart. Besides these functions, there’s a built-in tick chart feature allowing the user to accurately determine their chosen entry and exit points on a trade.
Besides MT4 there are other platforms such as ZuluTrade, NinjaTrade and Trading Station, but none of these have held the same status of popularity as MT4.
So, what is it that makes it so popular?
First of all, MT4 has a simple and easy-to-navigate user interface. Secondly, the number of trading tools available on the MetaTrader 4 platform is almost infinite. It allows the user to run multiple forex trading accounts with ease. The MT4 platform also supports Expert Advisors for those who wish to automatically execute trades. Moreover, it is incredibly reliable, providing a superior execution environment. And lastly in has a long and significant track record in the industry.
