There are plenty of trading platforms out there. Several companies offer their own proprietary platforms to their clients. Those platforms tend to have a pleasant appearance but a somewhat limited functionality. Another option is to use the popular platform Metatrader which is offered also by many brokers. The platform has everything you need to improve your trading. In this article, we will explore the many benefits of using the fourth version of this platform, MT4.
Advantages of using Metatrader 4
- The platform is available on all devices, windows, or Mac. You can request the MT4 download for PC or for Mac link from your broker.
- Exceptional performance and availability on all devices. The MT4 platform is a speedy platform, and it does not use a lot of memory or processing power when running. This allows you to keep it open with other programs on your computer without affecting performance. The focus when building the platform was to combine ease of use with high functionality, and indeed that goal was achieved. Most tools are easy to reach, and the platform is highly responsive to your commands.
- A wide array of drawing tools. MT4 has all the drawing tools you need in a charting platform. You can enlarge the chart and place all technical drawings such as trend lines, arrows, Fib retracements or arcs, and many others. This makes performing technical analysis a lot easier.
- All the technical indicators you need are there. Whether you rely extensively on moving averages, the RSI, the MACD, the Bollinger bands, the Stochastics, or any other indicator, MT4 has what you need. You can adjust the settings if you do not prefer the default ones, and you can change the colors to suit your chart layout.
- You can automate your trading by using expert advisors. MT4 allows you to install expert advisors which help you automate your trading. You can check the available trading bots and their performance and choose the ones that suit your trading style. It is important to manage risk carefully and test strategies beforehand when automating your trading, as this can be an uncertain process.
- You can save and apply templates. If you have a set of indicators that you use all the time, you do not need to apply every one of them every time you open a new chart. You can simply save those indicators as a template, and then apply it to your new charts with a couple of clicks. All the indicators with their settings will be copied to the new chart.
- You can use profiles. You can also organize the trading instruments you trade in profiles to help you scan the market quickly. Profiles save both the instruments as well as the chart. It is a popular tool in MT4 among professionals.
- You can add trading alerts. If you are waiting for the price to reach a certain level but you do not have time to sit and stare at the screen, then MT4 has got your back. You can add alerts which will give you notifications when a certain event happens in the market, all in real time.
MT4 has many more features than what we have explored above. You should definitely take the time to explore it on your own. Be sure to use advanced risk management techniques as well.