In the vast ocean of trading platforms, there stands a titan: MetaTrader 4, or as most know it, MT4.

But why has it remained such a compelling choice in the ever-evolving world of online trading? It’s more than just its legacy; it’s about usability, flexibility, and a global community that sings its praises.

Whether you’re embarking on your first trading voyage or you’ve navigated many market storms, MT4 holds secrets and tools that can redefine your trading journey.

In this post, we’ll delve deep into the nuances of MetaTrader 4, shedding light on what makes it tick, and why it continues to be a trader’s best ally. Buckle up!

What is MetaTrader 4?

MetaTrader 4 (MT4) is a widely used electronic trading platform, predominantly utilized by online retail foreign exchange speculative traders. Developed by MetaQuotes Software, MT4 allows users to create, test, and implement automated trading strategies, referred to as Expert Advisors (EAs).

It offers a user-friendly interface, technical analysis tools, and a secure environment to trade financial markets. Traders and investors utilize the platform to view live-streaming prices, manage and execute their trades, and apply technical analysis to financial markets. The platform supports the trading of diverse financial instruments, such as forex, CFDs, and futures, making it a popular choice globally.

MetaTrader 4 Key Features

How to Use MetaTrader 4?

1. Installation: Download and install MetaTrader 4 from an official source or a chosen broker’s website.

Download MetaTrader 4 for Windows and Mac

To download MetaTrader 4 on your Windows or Mac computer, you need to visit the official website of your preferred broker. Most brokers offer a download link for MetaTrader 4 on their website. Once you click on the download link, the installation file will be downloaded to your computer. After the download is complete, simply run the installation file and follow the on-screen instructions to install MetaTrader 4.

If you don’t have an account with a broker yet, the process is simple. To set up an account, simply fill out the registration form on the broker’s website and provide the necessary documents for verification.

Our Recommended Forex Broker is HotForex.

Installing MetaTrader 4 on iPhone and Android

If you prefer trading on your mobile device, you can download MetaTrader 4 from the App Store for iPhone or Google Play Store for Android. Simply search for “MetaTrader 4” in the respective app store and click on the ‘Enable‘ button. Once the installation is complete, open the app and follow the on-screen instructions to set up your account.

You can also open an MT4 account by going to your web browser. Search for ‘MetaTrader 4 for PC‘ or ‘MetaTrader 4 for Android‘ or ‘MetaTrader 4 for iPhone‘ or ‘MacOs‘. Tap for your preference of device and then choose the desired page and download. Click Here.

2. Login: Open MT4 and Login using credentials provided by your broker.

Navigating the MetaTrader 4 interface

Once you have set up your MetaTrader 4 account, you will be greeted with a user-friendly interface that consists of various windows and tabs.

The main window is divided into four sections: the market watch, the chart window, the navigator, and the terminal.

The market watch displays a list of available trading instruments, while the chart window allows you to view price charts and apply technical indicators.

The navigator provides access to your trading accounts, indicators, expert advisors, and scripts, while the terminal displays your account information, trade history, and other important details.

3. Market Watch: Familiarize yourself with the “Market Watch” window, showcasing live quotes for various instruments.

4. Chart Analysis: Open charts for desired instruments. Customize time frames and apply technical indicators for analysis.

Customizing charts and adding indicators on MetaTrader 4

One of the key features of MetaTrader 4 is its ability to customize charts and add indicators.

To customize a chart, simply right-click on the chart window and select “Properties.” Or you could simply press ‘f8‘ on your keyboard. From here, you can change the chart type, color scheme, and other visual settings.

To add indicators, click on the “Insert” menu at the top of the platform and select the desired indicator from the list. MetaTrader 4 offers a wide range of built-in indicators, such as moving averages, MACD, and RSI, as well as the ability to import custom indicators.

5. The Navigator: Access to your trading accounts, indicators, expert advisors, and scripts.

1. Accounts: This section lists all trading accounts that the user has logged into from the platform. You can easily switch between multiple accounts if you have them.
2. Indicators: This provides a list of all the technical analysis indicators available on MT4. Traders can simply drag and drop these onto charts to apply them.
3. Expert Advisors (EAs): These are automated trading algorithms or bots. They can be activated by dragging and dropping them onto a chart. EAs can trade on behalf of a trader based on predefined criteria.
4. Scripts: Scripts are programs designed to perform a single action in trading. Unlike EAs, they run only once and not continuously. They can be used for tasks like closing all open orders or deleting all indicators on a chart.
5. Favorites: This is a customizable section where traders can bookmark or add their frequently used tools or functions for quicker access.

6. Terminal: This window displays vital information about the trader’s activities and account status on MetaTrader 4.

Here are the primary tabs and their elements within the Terminal window on MetaTrader 4:

Placing trades and executing orders on MetaTrader 4

7. Placing Trades: Click on ‘New Order’ to select the instrument, specify volume, set stop-loss or take-profit levels, and execute trades.

To place a trade on MetaTrader 4, you first need to select the trading instrument you want to trade from the market watch window. Once you have selected the instrument, right-click on it and select “New Order.”

A new order window will appear, allowing you to specify the trade parameters, such as the instant execution, volume, stop loss, and take profit levels. After entering the desired parameters, click on the “Buy” or “Sell” button to execute the order.

Meta trader 4 also allows you to place pending orders, such as limit orders and stop orders, which are executed automatically when the specified conditions are met.

Using stop loss and limit orders on MetaTrader 4

Stop loss and limit orders are essential risk management tools that help traders protect their positions and lock in profits.

A stop-loss order is placed below the current market price for a long position and above the current market price for a short position. It is designed to limit the potential loss on a trade by automatically closing the position if the market moves against you.

On the other hand, a limit order is placed above the current market price for a long position and below the current market price for a short position. It is used to take profit by automatically closing the position when the market reaches a predetermined level.

MetaTrader 4 in One Go

Can I use MT4 without a broker?

Yes, you can use MetaTrader 4 (MT4) without a broker only as a demo account. However, for live trading, you’ll need a broker.

Does MetaTrader 4 cost money?

No, the MetaTrader 4 platform is free. However, to trade with real money, you will need to open an account with a broker and possibly incur spreads, commissions, or other trading fees.

How do I open an MT4 account?

1. Choose a Broker: You must have a Broker for live trades on MT4.
2. Register with the Broker
3. Download MT4: The Broker typically provides the link to download MT4.
4. Installation: Run the downloaded file and follow the on-screen instructions to install MT4 on your computer.
5. Launch MT4 and Log In:
   • Once installed, launch MT4. The first time you open MT4, a window will pop up asking for your login details:
     • Login: This is the account number the broker provided.
     • Password: This is usually sent to your email or provided during the registration process. Remember, there are different passwords for read-only access and for trading.
     • Server: Select the server you’ve been provided. Brokers may have multiple servers (Demo, Real, etc.).
6. Demo Account (Optional): If you’re not ready to trade with real money or if you want to test the platform, you can open a demo account.
7. Deposit Funds: If you intend to trade with real money, you’ll need to deposit funds into your account. This is typically done through the broker’s website or client portal. They will offer various methods for depositing funds, such as bank transfers, credit/debit cards, e-wallets, etc.
8. Start Trading: Once your account is set up and funded, you can begin trading using MT4.
9. Secure Your Account: Make sure to use a strong password, and don’t share your trading account details with anyone. Some brokers also offer two-factor authentication for added security.

Why is my MT4 account showing ‘Invalid account’ or ‘No connection’?

This could be due to incorrect login details, server issues, or a problem with your internet connection.

Can I trade cryptocurrencies on MT4?

This depends on the broker. Some brokers offer cryptocurrency trading on MT4, while others do not.

Can I use MT4 on my Phone?

Yes, there are MT4 mobile apps available for both Android and iOS.

How do I set a Stop Loss or Take Profit on MT4?

When placing a new order, you can specify Stop Loss and Take Profit levels. For existing orders, right-click on the order in the ‘Trade’ tab and select ‘Modify or Delete Order’.

Meta trader 4 vs Meta trader 5: which is better?

MT4 and MT5 serve different needs. While MT4 is popular for forex trading, MT5 offers additional timeframes, more order types, an economic calendar, and supports more than just forex.

How do I update MT4?

Usually, if there’s an update available, MT4 will prompt you to update when you open the platform. Otherwise, you can download the latest version from your broker’s website or the official MetaTrader website.

Which broker is the best with MT4?

The “best” broker that offers MT4 will vary depending on individual needs, trading goals, geographic location, and other factors. However, some brokers are generally well-regarded within the industry and among traders for their services, transparency, reliability, and features. These are our ‘best’.

1. HotForex: Offers a variety of account types and educational resources, with a strong focus on client protection.
2. Exness: Offers a variety of account types and has been recognized for its transparency and reliable execution.
3. XM: XM offers a wide range of educational resources, webinars, and has earned a reputation for good customer support.
4. IC Markets: Known for its low spreads and multiple funding options, IC Markets is a popular choice among many traders.
5. FXPro: Has a reputation for transparency and has won multiple awards for its services.