MetaTrader 4 was first developed in 2002 by MetaQuotes but the enhanced version was released in 2005. This trading software is licensed to forex brokers while the brokers in turn make this software accessible to clients in the form of a platform. The software allows forex customers to see live prices, quotes and also to place orders. It is available for mobile and Windows devices. The software gained recognition from creation in 2002, enhanced in 2005 and between 2007 and 2010 it became really popular. Since then, it has been seen as a preferable choice.
The MetaTrader 4 is accessible; it is fast in order execution, efficient in account management and in other tools for market examination. The software struck a balance between number of features and accessibility in other not to overload traders especially beginners with too much information and as the same time sustain the experienced traders. To make this possible, the platform has interface and customization options.
The platform is in tune with the market standards and frees to download; its demo version is functional to both starters and advanced traders. There are also a large number of expert advisors and custom indicators which are compatible with MetaTrader 4 platform. The MetaTrader 4 platform has also been appraised for stability.
USING THE PLATFORM FOR THE FIRST TIME
The software takes between 15-20 minutes to be installed depending on the computer's processing power. Once installed, the next step is to open or create an account, after which the account is funded and the trader can get right on to trade. The trader can use an expert trader to practice the principles of trading before using the MetaTrader 4 to prevent mistakes.
ADVANTAGES OF METATRADER 4
There are some benefits gotten from using the MetaTrader 4 and some of them will be outlined thus
1. For security reasons, data between a trader and the platform is encrypted without a visible IP address.
2. There is a customization option which allows a trader to switch to a feature that suits his taste and preference whether as a forex beginner or an advanced one.
3. The platform is accessible to everybody.
4. It has expert advisors which though might not be the safest bet in trading but it can serve as a guide especially for starter traders. These expert advisors can also be customized to suit a trader.
5. The MetaTrader 4 platform facilities effective communication between the broker and their client by allowing them post messages.
6. For traders who cannot speak English, the MetaTrader 4 has created the platform in such a way that messages and activities can be translated in various languages to suit the trader.
7. It can run on a variety of computers because of its low system requirements.
8. It has numerous charting tools which makes it easy for traders to review technical aspects of a trade by putting the information in an opportune way.
The MetaTrader 4 had come to stay, it is the most advanced and trustworthy automated trading platform in the market. It has a friendly interface, complex and advanced features but yet can be used by both beginners and advanced traders. It is not 100% perfect and as such cannot guarantee all round perfection but that notwithstanding, most traders and brokers prefer the MetaTrader 4 platform.
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.