- 12 Apr 2021
MetaTrader 4, also known as MT4, is a trading platform used by a wide range of online brokers. You need a broker account to do any real-money trading on the MT4, since the platform itself is not a broker.
A few examples of brokers that work with the Metatrader 4 (MT4) are AvaTrade, IC Markets, IG, FXCM, Admiral Markets, Trading 212, Zulu Trade, FxPro, Oanda, and 24option.
The MT4 is chiefly known for forex trading, but is also offering cryptocurrency trading, stock trading, Contracts for Differences (CFDs), commodity trading, and more.
The platform is available:
Directly in the web browser
Downloadable version; one for Windows and one for Mac
Mobile apps; one for Android and one for iOS
Basics about trading on the MT4
To make a new trade, select ”tools” and then ”new order”. The order window will open.
Here are examples of fields in the order window:
Symbol. Select your market.
Volume. Select your trade size.
Type. Chose between instant execution and pending order.
Stop-loss. Add a stopp-loss if you want to.
Take-profit. Add a take-profit if you want to.
Slippage. This is where you can set parametres for how much slippage to accept (deviation).
Comment. This is where you can make notes, which can come handy for future reference, e.g. when compiling your trading journal.
Get a Demo Account!
A great way of getting to know the MT4 platform is by using a free Demo Acount. When you get a Demo Account, you get free play-money and can use this money to play around at the MT4 platform without risking any real money. You can check out how the platform works, try out different trading techniques, investigate the tools, and so on. You will get access to features such as historical data, indicators, and copy trading using signals. You can even use Expert Advisors in your Demo Account.
Whatch those spreads!
One of the most important things to look for when comparing brokers is the spreads.
Also, it has come to our attention that some brokers have wider spreads for trading on the MT4 than on their own proprietary platform. If you are considering moving your trading from the proprietary platform to the MT4, make sure to check out the spreads first.
Does MT4 support charting?
Yes, and a lot of charting tools are built into the platform. You can for instance draw on charts.
There are nine standard timeframes for charts, and if this isn´t enough for you, you can add your own custom timeframes. The nine standard timeframes are 1 minute, 5 minutes, 10 minutes, 15 minutes, 30 minutes, 1 hour, 4 hours, 1 day, and 1 month.
MetaTrader 4 vs. MetaTrader 5
MetaTrader 4 was released by MetaQuotes Software in 2002, and followed by MetaTrader 5 in 2005. Today, both platforms are very popular. They are similar, but definently not identical.
Even though quite a few asset types can be traded on the MT4, it is still a platform most strongly associated with forex. With the MT5, MetaQuotes elected to create a platform that is much more even keeled for multi-asset trading. Also, it has more tools for analytic trading, and some of them are really sofisticated.
Examples of spots where MT5 differs from the MT4:
The MT4 server has 30 technical indicators, the MT5 has 38. (Both the MT4 and the MT5 come with zigzag indicators, EMA and b-clock.)
The MT4 has nine standard timeframes for charting, while the MT5 has 21.
The MT5 has more drawing tools for charts, including a more sofisticated Elliot Wave indicator.
When it comes to pending orders, the MT4 has four order types and the MT5 has six.
Can both be used for mobile trading?
Yes. Both the MT4 and the MT5 can be used on smartphones and tablets. Apps are available for iOS and Android.
Do they support automated trading?
Yes, both the MT4 and the MT5 support automated trading.