For a trader to access the forex markets and trade online they will need to use a trading platform or software.
The trading platform acts as a bridge between a trader and the forex market allowing them instant access from any location.
Trading platforms are available for download from the internet onto your computer or mobile device normally free of charge from the developers site or a broker.
Meta Trader 4 is one of the most well known and commonly used trading platforms and is widely available for anyone to download.
Let’s first take a brief look at who MetaQuotes are and what they do.
Who Are MetaQuotes?
MetaQuotes Software Corp. was established in 2000 and is a leading developer of financial trading software.
Since their establishment they have gone onto to develop a series of successful software products, these include;
- 2000 – FX Charts launched.
- 2001 – MetaQuotes platform launched.
- 2003 – MetaTrader Platform launched.
- 2004 – MetaTrader 4 launched.
- 2010 – MetaTrader 5 launched.
Now lets have a look at why Meta Trader 4 has become so popular among traders.
Why Is Meta Trader 4 The Most Commonly Used Platform?
The MT4 platform provides users with a wide range of tools and resources and is very easy to download and install.
Using MT4 traders can analyze price charts, plot trendlines, place and manage trades and employ automated trading techniques.
Traders have a wide choice of charts to use and can choose between candlesticks, bar, Heikin Ashi and Renko charts.
You can place orders and set a stop loss and target as well as setting a trailing stop loss and pending orders.
Meta Trader 4 has a huge range of flexibility allowing you to customize and add to the platform giving it a more personalized feel.
When running MT4 for the first time you will be introduced to a standard layout which you can change very easily.
- Downloadable historical trading data for each currency pair.
- Market orders, pending orders and instant executions.
- Stop orders and trailing stops.
- Over 50 analytical and technical indicators available.
- Variety of price charts.
- 9 time-frames to choose from.
- Detailed reports for positions you take.
- Free and paid signals with 1000’s of providers.
- A built-in Market to access expert advisers, trading robots, indicators and other products.
- Track past charts and graphs.
- Ability to use algorithmic/automated trading programs.
- Available on mobile devices allowing you to trade on the move.
- Access to financial news and alerts.
With these wide range of features and its simplicity to use it’s not wonder that MT4 has become one of the most popular trading platforms.
One of the very few downsides to MT4 is that it is not Mac compatible.
However, there are software applications that can be used to run Windows applications on Mac OS.
Meta Trader 4 To Be Phased Out
MetaTrader 5 was released by MetaQuotes in 2010 and was supposed to be the successor to Meta Trader 4.
Up until April 2013 most brokers still used MT4 and were reluctant to switch to MT5.
Although MT4 is still the more preferred trading platform, MetaQuotes are gradually phasing out the distribution of MT4.
Over the past few years MetaQuotes have been trying to encourage traders and brokers towards MT5.
Ultimately it seems MetaQuotes are now finally putting a halt to the development and sales of MT4.
MetaQuotes reasoning for ending the long running MT4 were;
Its architecture (MT4) was designed under the limitations of that time, due to which it is no longer possible to implement new features that should to meet nowadays increased requirements of the industry or the brokers and traders demands.
For those still using MT4 do not worry, there is still good news.
MetaQuotes have said that they will continue supporting MT4, along with maintaining technical support and security updates.
Although you can no longer download MT4 from the MataQuotes site, there are still many brokers offering MT4.
How To Download And Install Meta Trader 4/5
The MetaTrader 5 platform can be downloaded directly from MetaQuotes dedicated MT5 website or from a large number of major forex brokers.
Below we have provided instructions for downloading and installing MT5 from the MetaQuotes.
The process should be similar when downloading MT4/5 from a brokers own website.
After you click on the “Download” button a MetaTrader 5 Setup window will appear on your screen.
Read the license agreement, and then click “Next” to begin the installation, it should only take a few minutes.
Once the installation is complete just click “Finish”, at this point MT5 should then launch itself with its default parameters.
Logging In To Your Account
MT5 will automatically open as a demo account, this is good if you wish to practice before opening a live account.
If you opened a trading account with a broker before then you can login by clicking on file in the top left corner and select “login”.
Finally, you will need to enter your login details provided to you by your broker.
After you have successfully logged in, your account will appear in the “Navigator – Accounts” window ready for you to use.