Why do Traders Prefer MT4? (2024)

MetaTrader 4 (MT4) is one of the world’s most popular trading platforms, suitable for all types of traders, regardless of experience. MT4 has become widely popular for many reasons, most of all because of the exceptional user experience it offers. MetaTrader 4 is regarded by millions of traders as one of the easiest platforms to navigate, complimented by a wide range of robust trading tools. In this article, we’ll look at why millions of traders across the world prefer to download MT4 (Metatrader 4).

MT4 was developed in 2005 by MetaQuotes Software Corporation, gaining an unparalleled reputation for reliability, flexibility, and user-friendliness. MetaTrader 4 has become the preferred platform for both new and professional traders.

The platform offers traders some of the most powerful trading tools needed to enter and exit positions. The most popular include technical indicators, algorithmic trading, and trading robots (expert advisors). MT4 can also facilitate the simplest of some of the most complex trading strategies, appealing to traders of all skill levels.

Popular MT4 features

Traders prefer MetaTrader 4 because of its key usability features and functionalities. Let’s explore some of these:

Flexible trading system: The MT4 platform offers a high level of flexibility as it can be tailored to the specific needs of each trader. Regardless of whether you are just starting your trading journey or have several years of trading experience, the ability to customize MT4 makes the platform a convenient option.

Advanced features: MetaTrader 4 is renowned for offering traders an extensive range of advanced tools. In particular, its technical analysis and automated (algorithmic) trading capabilities appeal to millions of traders worldwide.

Trading and analytical technologies: MT4 enables traders to quickly and easily track and analyze the world’s most popular financial markets and execute a variety of trading strategies, increasing the potential for profitable trading outcomes.

MT4 mobile applications: A range of MT4 mobile applications (including iOS, Android, MAC, Linux, Windows, etc.) give traders the ability to enter and exit positions from anywhere in the world, at any time. It makes trading possible across multiple devices, provided they have internet connectivity. Because of this, MetaTrader 4 has become a sought-after trading platform globally, strengthening its reputation as an innovative tool for traders.

Stability and ease of access: Accessing and navigating the MetaTrader 4 online trading platform is very straightforward. Its user-friendly interface includes easy access to functionalities like currency prices, signals, charts, indicators, etc. The platform is also known for its stability, allowing for convenient management of accounts and fast order execution.

MT4’s technical analysis functionalities

One of the most appealing features of MT4, particularly for beginner traders, is its technical analysis capability. Traders worldwide rely on an extensive selection of technical analysis tools to make better-informed trading decisions. This includes 30 built-in technical indicators, 2000 free custom indicators, 700 paid indicators, 24 analytical objects for price analysis, and over 1000 symbols that can be displayed in 9 timeframes (from one minute (M1) up to a monthly one (MN)) to assess the markets more accurately.

Complex trading strategies

MT4 can help traders of all levels execute even complex trading strategies with a combination of 2 market orders, 4 pending orders, 2 stop orders, and a trailing stop. The platform also supports three execution modes (instant, request, and market), boosting flexibility.

Automated (algorithmic) trading

With automated trading or algorithmic trading, users of the MT4 platform can develop and deploy trading robots (known as Expert Advisors, or EAs) to open or close trades in combination with technical indicators. Most trading strategies can be implemented using EAs. With MetaTrader 4, the built-in programming language MQL4 is used to develop trading robots and technical indicators.

Trading robots are used for price analysis and for the execution of trades using technical signals based on a predefined set of rules or criteria. Automated trading has become very common due to the removal of emotional influences from trading decisions. However, while it is effective, automated trading is not without risk, regardless of your trading skills. Regardless of how you decide to trade, having an effective risk management plan in place is important for protecting your capital.

Trading via a demo account

A demo account offers the perfect opportunity to become familiar with the MetaTrader 4 platform as well as test different strategies and concepts on the platform. In particular, a demo account will allow you to learn more about different financial markets and how to trade without risking your own money. Simulating a live trading environment, the demo account allows you to execute a range of trades using MT4’s trading tools, and then you can analyze outcomes and make adjustments to your trading plan if necessary.

Additional benefits of a demo trading account:

• It offers beginner traders a great introduction to the financial markets.
• It can be used as a tool to evaluate the effectiveness of the MT4 platform as well as different trading strategies and concepts.
• A demo account simulates a live trading environment, so you can get a better feel for what real trading looks like.
• A demo account also offers a way for you to analyze the impact of a particular trade, after which you can adjust your trading plan if necessary.

In conclusion

Undoubtedly, the MT4 platform is a brilliant choice for traders globally. It offers nearly everything a trader needs to enhance their trade and increase the potential for maximizing profits, establishing MT4 as the platform of choice.

Moreover, signing up for a demo trading account to test the quality of MT4 should confirm why millions of traders prefer the platform. The demo account will provide you with the best way to test MetaTrader 4 firsthand, giving you a better idea of what to expect as you continue on your trading journey.

Furthermore, registering for a demo trading account will also help you assess the broker who is providing you with access to the platform. This offers the ideal opportunity to assess the level of service you can expect to receive and the degree to which they can help you further develop your trading skills and expertise.

Download MT4 for forex trading with IronFX

IronFX is a reliable global forex broker and a leader in MT4 trading. MT4 is free and can be downloaded from IronFX’s official website. The MT4 trading platform can also be downloaded directly from the MetaQuotes website.

IronFX’s MT4 platform enables traders to implement different trading strategies using a variety of strategic tools and features. The broker also gives access to 500+ tradable instruments across six asset classes (shares, indices, forex, futures, metals, and commodities). IronFX also offers multiple account types, allowing you to select the one that best suits your trading needs. Download MT4 now!

You can enjoy flexible leverage, competitive spreads, mobile trading, in-depth analysis, and other robust trading tools. The IronFX Academy also provides traders with a wealth of educational resources to enhance their trading skills and widen their scope of knowledge.

Disclaimer:
This information is not considered investment advice or an investment recommendation, but instead a marketing communication. IronFX is not responsible for any data or information provided by third parties referenced or hyperlinked in this communication.