MetaTrader 4, often abbreviated as MT4, is one of the most widely used trading platforms in the world, particularly for forex and CFD trading. Developed by MetaQuotes Software and launched in 2005, MT4 is a user-friendly and feature-rich platform that caters to both beginner and experienced traders. Its intuitive design, robust charting tools, and compatibility with automated trading systems (Expert Advisors) have made it a favorite among retail traders.
This guide will help you understand what is MetaTrader 4, explain its core features, and walk you through how to use MetaTrader 4 step by step. Whether you’re trading currencies, commodities, or indices, mastering MT4 can significantly enhance your trading experience.
Why Metatrader 4 is Still Popular Today
Despite the release of MetaTrader 5, MT4 remains the preferred choice for many traders due to its simplicity and reliability. Some reasons for its continued popularity include:
- Lightweight Software: MT4 runs smoothly even on older systems.
- Widespread Broker Support: Most forex brokers, including Sasa Markets, offer MT4 integration.
- Extensive Community: Thousands of traders share indicators, strategies, and EAs built specifically for MT4.
- Customizability: Users can create their own indicators and scripts using the MQL4 language.
Because of its stability and the abundance of educational resources, MT4 continues to serve as the standard platform in forex trading environments.
Key Features of Metatrader 4
To understand how to trade on MetaTrader 4, you must be familiar with its core functionalities:
- Live Quotes and Market Depth: View real-time prices of financial instruments.
- Advanced Charting: MT4 offers nine timeframes, multiple chart types, and visual tools.
- Technical Indicators: Comes with 30+ built-in indicators and supports custom ones.
- Multiple Order Types: Execute market, limit, and stop orders.
- Automated Trading: Use Expert Advisors (EAs) to automate your strategies.
- One-Click Trading: Buy and sell instantly with a single click.
These features provide a solid foundation for traders to analyze the market and execute trades efficiently.
How to Download and Install Metatrader 4
To begin using MT4, follow these steps:
- Visit Sasa Markets’ Website: Find the MT4 download section.
- Select Your Device: MT4 is available for Windows, macOS, iOS, and Android.
- Download and Install: Follow on-screen instructions to complete the installation.
- Launch the Platform: Open MT4 from your desktop or mobile device.
Navigating The Metatrader 4 Interface
MT4’s user interface is composed of several key components:
- Market Watch: Displays real-time bid/ask prices.
- Navigator: Provides access to accounts, indicators, and EAs.
- Terminal: Displays trade activity, account history, and alerts.
- Charts Window: Shows real-time price charts for selected instruments.
Understanding these elements is crucial to learning how to trade on MetaTrader 4.
How to Place Trade on Metatrader 4
To place a trade:
- Click “New Order”: Or press F9 to open the order window.
- Select Symbol: Choose the instrument you want to trade.
- Set Volume: Define the lot size for the trade.
- Stop Loss/Take Profit: Optionally set your risk/reward levels.
- Order Type: Choose between market or pending order.
- Execute the Trade: Click “Buy” or “Sell.”
Congratulations! You’ve just executed your first trade using MT4.
Using Technical Indicators and Chart Tools
Technical analysis is a core feature of MT4:
- Adding Indicators: Go to “Insert > Indicators” to add Moving Averages, MACD, RSI, and others.
- Chart Customization: Right-click charts to modify appearance, timeframes, and indicator settings.
- Drawing Tools: Use lines, shapes, and Fibonacci tools to analyze trends.
These tools help refine your strategy and enhance your understanding of market behavior.
How To Use Expert Advisors on Metatrader 4
For automated trading:
- Enable AutoTrading: Click the “AutoTrading” button.
- Add EA to the Platform: Drag from the Navigator window to your chart.
- Adjust Settings: Customize parameters in the EA properties dialog.
- Backtest: Use Strategy Tester to validate performance with historical data.
Learning how to use MetaTrader 4 for automation opens up advanced trading possibilities.
Managing Open Positions And Account Settings
Once a trade is active:
- Modify Orders: Right-click and select “Modify or Delete Order.”
- Close Trade: Right-click on the position and choose “Close Order.”
- Monitor P/L: Use the Terminal window to track profit and loss in real-time.
Proper management helps protect your capital and maintain trading discipline.
MetaTrader 4 remains a solid choice for anyone interested in forex trading. It combines advanced analytical tools, automation features, and ease of use. At Sasa Markets, you can access MT4 with reliable execution, educational resources, and professional support.
Now that you know what is MetaTrader 4 and how to use MetaTrader 4, you’re better prepared to take the first steps in your trading journey. Whether you’re placing manual trades or running algorithms, MT4 provides all the tools needed to participate effectively in the global financial markets.