At first glance, you wouldn’t think that the MetaTrader 4 (MT4) was the best and single-most popular trading platform in the financial marketplace.
After all, this platform was launched way back in 2005 by MetaQuotes, while it has since been superseded by the MetaTrader 5 (although this wasn’t actually designed as a direct successor to the MT4).
However, the MT4 continues to be thought of as the king of all online trading platforms. But why is this the case, and what are the main benefits of the MetaTrader 4 from an investor perspective.
- It Provides a Good Starting Point for Both Beginners and Advanced Traders
MetaTrader 4 is a diverse and comprehensive trading platform, and one that can offer tremendous value to both beginners and advanced traders alike.
For example, it boasts a seamless design and easy-to-use interface, making it easier for novice traders to get to grips with the platform and make the most of even relatively complex technical indicators.
Additionally, the MT4 also allows for the utilisation of so-called “Expert Advisors” (EAs), which are essentially advanced and intuitive forex robots that allow for automated trading and help to increase your efficiency as an investor.
This feature is particularly important from the perspective of advanced traders, who can leverage automated trading as a way of pursuing highly leveraged products.
- Customising Graphs and Datasets
When using EAs, you can even automate trades based on your own unique preferences, and this is indicative of a platform that can be tailored to suit your precise investment experience.
Similarly, the MT4 also offers access to a host of customisable charts, each of which can be personalised in a number of different ways.
For example, you can customise the visual appearance of charts by using different colours, which are set against a dark black backdrop that allows for the optimal visibility of data.
Once you’ve set your chart preferences, you can also save these settings as a template for whenever you open new charts. Simply right-click on your chart, before selecting ‘template’ and then ‘save’ with a unique file name.
- Utilise Free Demo Accounts
On a final note, you can also access free demo account versions when using the MetaTrader 4 as a forex trader.
This type of account takes the form of a simulated and real-time marketplace, in which you can experiment with various trading strategies and hone your efforts without ever having to risk your hard-earned capital.
Typically, you can use a demo account for between three and six months, creating the ideal window in which to refine your theoretical knowledge and gain practical experience of the market.
This is ideal for beginners, who should always avoid trading with real money without first having had some risk-free experience of the volatile forex market.