If you’re considering becoming a Forex trader, you’ve almost certainly heard about MetaTrader 4 (MT4). See, every trader needs to use a platform to actually execute their Forex trades. And most brokers recommend that traders download MT4 as that platform.
It might seem a little strange that it comes so highly recommended, seeing that it’s free and just about universally used. Forex and CFD brokers have nothing to gain by selling you on MT4, but they simply understand that there is no better platform.
But what is it about MT4 that makes it such a big deal? Why should you not use another platform, including the more recent MetaTrader 5?
These are the 3 top reasons to use MetaTrader 4.
1. It just works
We can all immediately tell the difference between a well-functioning piece of software and a cumbersome, faulty piece of junk. Well, MT4 is, very obviously, the former. It’s incredibly lightweight. It takes up very little space on your computer, and opens quickly. It almost never crashes. It is incredibly fast and does not lag.
2. It is easy to use
With other platforms, the task of learning how to trade is made much harder by the task of learning the software. It can be confusing and function in a way that sometimes makes little sense. MT4, on the other hand, is intuitive and user-friendly in a way that is very rare in any type of software. Instead of wasting your time learning to use a formidable piece of programming, you can learn as you go with MT4.
3. Important analytic features
When trading Forex and CFDs, you’ll need to put in a lot of work in analysing the markets. To do so, you will need analytic tools and functions. MetaTrader 4 provides all the functions you’ll need to make educated decisions, in an easy to understand format.
When you’re trading on a daily basis, it’s important that you have what you need where you need it. Functions you use regularly need to be easily accessed, and trading tools need to be waiting where you expect them. MT4 is fully customisable, which makes it perfect for consistent trading. You can arrange how the windows are displayed, input internal and external indicators, change the appearance of charts, and more. You can then save these settings for future use.
5. Easy to program
Finally, MT4 uses an easy programming language, MQL4. This makes it possible for those with a bit of programming know-how to create Expert Advisors and trading robots. It is also fairly easy to create scripts to carry out certain functions. Even if you are not a programmer, you can benefit from the work others have done, making MetaTrader 4 the perfect platform for automated trading.
The popularity of MetaTrader 4 does not lie. It is such an easy and effective platform to use, that even MetaTrader 5 has not been able to unseat it from its perch. There is simply no way to improve upon it. All good brokers offer MetaTrader 4. Also, remember that it is free – if someone asks you to pay for it, they’re not a reliable broker.