MetaQuotes Software Corp, established in 2000, are a leading producer of online trading software in the financial markets. According to the company, the release of MetaTrader 4 (MT4) in 2005 was a breakthrough, with MetaTrader 5 (MT5), a multi-asset trading platform, following five years later.
MT4 delivers rapid execution, provides real-time market prices (quotes), allows clients to place orders, manage accounts, and is loaded with cutting-edge automated trading functions. The online trading platform essentially provides everything required to operate in Forex and CFD markets and, despite its successor boasting additional functionalities and MT4 platform licenses no longer available for purchase, MT4 still remains a go-to platform for many Forex traders.
Downloading and installing the MT4 trading platform, either on a demo or live account, is straightforward.
MT4 and MT5 WebTrader trading platforms are compatible with Google Chrome, Mozilla Firefox, Apple Safari, and IE 10+. MT4 and MT5 for Windows are available on Windows 7 or higher. It is also supported on Mac OS X 10.x and above.
If you’re an Apple Mac user, the latest version of FP Markets’ custom-built application provides all the advantages of an MT4 trading account without the need to install additional operating systems.
Mobile trading is also possible with MT4 via Android and iOS, offering the ability to trade on the go.
Traders will find MT4’s interface surprisingly simple to navigate (figure 1.A).
Within MT4, traders are presented with a wide array of order functions: 2 market orders, 4 pending order (limit orders) types (buy stop, buy limit, sell limit and sell stop), 2 stop orders and trailing stop.
Executing orders on MT4 is reasonably simple.
Through Market Watch, traders can select the financial instrument of choice. By right-clicking the instrument and selecting New Order, a pop-up Order window will appear to execute a trade.
One-click trading is also a popular, and fast, approach to placing orders, implemented by right-clicking the chart and selecting One-Click-Trading (Alt+ T). This feature allows trade execution with a single mouse click without additional confirmation from the trader.
Open positions can be viewed from the trading terminal, which also tracks other measures such as position size, symbols traded, opening price levels, stop-loss and take-profit orders, any commissions, and unrealised profit/loss.
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