What is Metatrader 4 and how to use the platform?
The MetaTrader 4 (MT4) forex trading platform is designed for forex and futures trading. It is an automated trading platform with a simple user interface and flexible trading system for ease of analyzing financial markets.
The MT4 platform was developed by MetaQuotes Software and released in 2005. It has become widely used by online foreign exchange platform traders. The software is licensed to forex brokers who are tuned to provide the software to their clients.
The MetaTrader 4 platform can be used to trade a range of commodities including forex, indices, cryptocurrencies, via CFDs (contracts for difference).
Here, let us analyze why the MetaTrader 4 forex trading platform is popular.
Which is the best forex trading platform?
IMMFX is a leading straight-through processing (STP) forex and CFD trading broker offering access to MT4, which is the most popular forex trading platform. It has been the number one trading platform in the forex industry for numerous years.
The MetaTrader 4 platform has a lot of useful wide functionality:
- Tools for charting and technical analysis
- Time framing
- Type of orders, and more
Here’s a guide on what MetaTrader 4 is, and how to use it.
- Create an account
To use the IMMFX MT4, you are required to create a live IMMFX account. Once you’ve completed that, you can set up a live MetaTrader 4 account.
- Download MetaTrader 4
After creating an account, you can download MT4 to your preferred device. Once downloaded, you can log in using your IMMFX credentials.
- Open a position
On the MT4 platform, the order window will be open. To be able to place a trade, go to ‘tools’ and click ‘new order’. This will allow up the ‘order’ window. Alternatively, you can press F9 on your keyboard.
- Set a Stop Loss
The Stop Loss feature permits you to maximize the possibility of limiting your potential losses when creating an order. You will need to enter the Stop Loss value that you have defined earlier.
- Set a Take Profit
Similarly, to place a Take Profit, you can input the value or cost target level at which you would like to lock a profit for your trade.
- Set Modifying Orders
Once you have placed an order, there is a need to change it. For example, your Take Profit was incorrectly placed or you would like to modify your Stop Loss. You can modify open orders. Open the trade tab in the terminal window, find the open order that would like to change, and right-click and select “Modify or delete order”.
Next, you will proceed to the next window where you can set your Take Profit and Stop Loss levels either by entering the values immediately or by using the “copy as” buttons.
Then, click the “Modify” button to make the change effective. As an outcome, you should get a confirmation message.
Make sure to verify the order details. Take note of the following fields:
- Symbol – refers to the currency pair that you would like to trade
- Volume – make sure to choose a proper volume according to your money
- Stop Loss and Take Profit – enter the values if you have some pre-decided levels and, if not, analyze the live market price of the currency pairs
- Comment – feel free to add any comment in regards to this particular trade
There are three types of order execution in the platform:
- Buy or sell via market execution
- Buy or sell via pending order
- Modify a trade after it has been entered
- Market execution or Instant execution
Trades can sometimes be rejected if prices move suddenly up or down. If you would like to place the trade within a particular price range, check the box and fill out the ‘maximum deviation’ field in pips (from the current price) that you would be ready to accept.
When you place your trade, click “buy” if you think the market will rise in value, or ‘sell’ if you think it will fall.
- Pending orders
In pending orders, the traders can buy or sell at a predefined price in the future. This type of order is used to open a trade position presented when the future quotes reach the pre-defined level.
There are four types of pending orders:
- Buy limit
- Buy stop
- Sell limit
- Sell stop
- Close an order
The way to close your order in MetaTrader 4 is to right-click your order in the terminal section and select the “close order” option. Once the order is closed, you can go to your account history in the section to view the details about the newly closed orders.
Additional features in MT4 Platform
The timeframe is a way of grouping prices to display them on the chart in an easier way. There are various types of timeframes, but the following ones are the most popular through different platforms:
- M1 (one-minute)
- M5 (five-minute)
- M15 (fifteen-minute)
- M30 (thirty-minute)
- H1 (hourly)
- H4 (four-hour)
- D1 (daily)
- W1 (weekly)
- MN (monthly)
Trading Signals and Copy Trading
MetaTrader 4 can automatically copy deals of another trader. Select your provider, subscribe to a signal and let your terminal copy the provider’s trades.
Set up a price alert
To set up a price alert, open the ‘terminal’ window then go to the ‘alerts’ tab. Right-click within this window and select the ‘create’ option in the menu. This will bring up the ‘alert editor’ window box where you can customize your price alert.
View your trade history
To view your trade history, open the ‘main’ window and go to the ‘account history’ tab. You can change the date range by right-clicking and selecting one of the following options:
- All history
- Last three months
- Last month
- Custom period
You can download and save trade reports.
Algorithmic trading (automated trading) is one of the most important features of MT4. It allows you to develop, test, and apply Expert Advisors and technical indicators, and reduces the time for any analytical and trading activity in the marketplace. You can use the application while trading, and post the code in the free code library or sell in the market. It features:
- The MQL4 language of trading tactics
- Meta Editor
- Library of free trading robots
- Advanced features in the web platform
Benefits of MT4 on a web platform
- Trading direct via any browser
- Adaptability with any platform Windows, macOS, Linux
- Secure data protection
- All types of trading orders and execution modes available
- One-Click Trading
- 30 indicators and 24 graphical objects for technical analysis
- 9 time-frames
- Tracking history of trading orders
Benefits of MT4 on a mobile platform
In smartphones, you can use MetaTrader 4 on iOS and Android devices to trade in the financial markets. It provides the following advantages:
- Complete authority over a trading account
- Reach anywhere and anytime
- All order types and MT4 execution modes
- Bars, Japanese Candlesticks, and broken line charts
- 9 time-frames
- 30 technical indicators
- 24 analytical
- Financial market news
- A free chat for interacting with other traders
Why trade with MT4 at IMMFX?
When you use MetaTrader 4 with IMMFX, you get all of the platform’s functionalities, which are designed with you in mind to significantly improve your trading experience. Users can customize the functionality to match their choices, trading methods, and strategies. As you grow in trust, experience, and skill, you can start to explore more elements to help you benefit.