MetaTrader 4
MetaTrader 4 is a classic trading platform trusted by millions of forex and CFD traders worldwide. Known for its simplicity, fast execution, and reliable charting tools, MT4 is ideal for both beginners and experienced traders looking for a straightforward trading experience.
67% of retail investor accounts lose money when trading CFDs with this provider.
MetaTrader 4 (MT4) is a popular trading platform used by millions of traders worldwide. Launched in 2005 by MetaQuotes Software, it quickly became the go-to choice for retail traders who want to trade forex, indices, commodities, and other financial markets. Known for its simple layout, powerful tools, and customizable features, MT4 offers everything you need to analyze the markets and place trades efficiently.
Key Features of MetaTrader 4
MetaTrader 4 is packed with tools that help both new and experienced traders make better decisions. Here are some of the platform’s main features:
- Advanced Charting: MT4 gives you access to different chart types (candlestick, bar, line) and multiple timeframes, making it easy to analyze price movements in detail.
- Built-in Indicators: With over 30 technical indicators like MACD, RSI, and Bollinger Bands, you can quickly identify market trends and entry points.
- Custom Indicators: Want to go further? You can create and install your own indicators to fit your personal trading strategy.
- Automated Trading: Use Expert Advisors (EAs) to automate your trades based on rules you set—great for saving time and removing emotions from trading.
How to Start Trading with MetaTrader 4
Starting with MT4 is quick and straightforward. Here’s a simple step-by-step guide:
1. Download and Install MT4
You can download MT4 directly from most broker websites. After downloading, just follow the instructions to install it on your computer, phone, or tablet.
2. Open a Demo Account
If you’re new to trading, start with a free demo account. This lets you trade in real market conditions without risking your money.
3. Explore the MT4 Interface
MT4 is divided into different sections:
- Market Watch: See real-time prices of various instruments
- Navigator: Manage your accounts, indicators, and Expert Advisors
- Terminal: Track your open trades, account history, and alerts
Automated Trading with MetaTrader 4
One of MT4’s biggest strengths is its automation feature. With Expert Advisors (EAs), you can set your strategy once and let the software handle your trades.
- Create or Install EAs: Either build your own EAs or download them from third-party providers. Once active, the EA will trade automatically based on your rules.
- Backtest Strategies: Use MT4’s Strategy Tester to run simulations of your EAs using historical market data. This helps you refine your setup before going live.
Advantages and Disadvantages of MetaTrader 4
Pros
- User-Friendly Interface: MT4’s clean, intuitive interface makes it easy for both beginners and advanced traders to navigate.
- Wide Range of Tools: The platform offers an extensive range of technical indicators and charting tools, enabling comprehensive analysis.
- Customizable: Traders can create custom indicators, scripts, and Expert Advisors, allowing for flexible trading.
- Automated Trading: MT4 supports automated trading via Expert Advisors, helping traders execute strategies without manual intervention.
- Multi-Device Compatibility: MT4 is available on desktop, mobile, and web versions, allowing traders to access their accounts anywhere.
Cons
- Limited Asset Classes: While MT4 is excellent for forex and CFDs, it may not be the best option for stock or bond trading, as its focus is primarily on forex markets.
- No Built-In Economic Calendar: Unlike some newer platforms, MT4 lacks an integrated economic calendar, which requires traders to rely on external resources.
- Outdated Interface: Some traders find MT4’s design to be slightly outdated compared to more modern platforms like MetaTrader 5.
Advanced Features of MetaTrader 4
MT4 goes beyond the basics, offering advanced tools for traders looking for deeper functionality:
- Custom Scripts and Indicators: Traders can write custom scripts to automate specific tasks and indicators tailored to their strategies.
- Multiple Charts and Profiles: MT4 allows traders to manage multiple chart windows and save chart profiles for quick access.
- Customizing the Workspace: Traders can adjust the layout, colors, and data to suit their personal preferences, enhancing their overall trading experience.
MetaTrader 4 vs. MetaTrader 5
Many traders often wonder whether to choose MetaTrader 4 or MetaTrader 5. Here’s a quick comparison:
- MT4: Better suited for forex trading and those who rely on Expert Advisors.
- MT5: Offers more asset classes (such as stocks and commodities) and more advanced features, including more timeframes and built-in economic calendars.
While MT5 is newer, many traders still prefer MT4 for its simplicity and focus on forex trading.
How To Start Trading In 15 Minutes
Start Your Trading Journey with capital.com
Open a Real Money Account
Sign up with capital.com and start trading MetaTrader 4 with as little as $100.
Open a Real AccountOR
Practice with a Demo Account
Not ready to trade with real money? Start practicing with capital.com’s demo account.
Open a Demo AccountCFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
