MT4 Overview

MT4 Summary

Unlock the potential of MetaTrader 4 (MT4). MT4 revolutionizes trading with its innovative features and user-friendly interface. Developed by MetaQuotes Software, MT4 is a globally recognized platform that empowers traders at all skill levels. From advanced charting tools and technical indicators to automated trading through Expert Advisors (EAs), MT4 provides a comprehensive toolkit for informed decision-making. Accessible seamlessly on desktop and mobile devices, MT4 opens the doors to the world’s financial markets while prioritizing security and unmatched functionality. Embark on a transformative trading journey with MT4.

Advantages of MT4 (Why use MT4)

  • User-Friendly Interface: MT4 provides an intuitive and user-friendly interface that is easy to navigate, making it suitable for both beginners and experienced traders.
  • Advanced Charting Tools: The platform offers a wide variety of technical indicators, charting tools, and timeframes, allowing traders to conduct in-depth technical analysis.
  • Automated Trading: MT4 supports algorithmic trading through the use of Expert Advisors (EAs), which are customer scripts or automated trading systems that can execute traders on your behalf based on predefined criteria.
  • Customizable Indicators and Scripts: Traders can create and customize their own indicators, scripts, and EAs using the platform’s MetaQuotes Language 4 (MQL4) programming language.

Types of order

  1. Market Order: A market order is an instruction to buy or sell a financial instrument at the current market price. It is executed immediately at the best available price in the market.
  2. Pending Order: A pending order is an order to buy or sell a financial instrument at a specific price in the future, once that price is reached. MT4 offers four types of pending orders:
    • Buy Stop: Placed above the current market price, used to buy at a higher price if the market moves in the expected direction.
    • Sell Stop: Placed below the current market price, used to sell at a lower price if the market moves in the expected direction.
    • Buy Limit: Placed below the current market price, used to buy at a lower price if the market retraces and reaches the specified level.
    • Sell Limit: Placed above the current market price, used to sell at a higher price if the market retraces and reaches the specific level.
  3. Stop Loss Order: A stop loss order is used to limit potential losses on an open position. It is set as a specific price worse than the current market price for long positions and better than the current market price for short positions. If the market reaches this price, the stop loss order becomes a market order, closing the position.
  4. Take Profit Order: A take profit order is used to lock in profits on an open position. It is set at a specific price better than the current market price for long positions and worse than the current market price for short positions. When the market reaches this price, the take profit order becomes a market order, closing the position.

Functions that beginners should know

  • Market Watch Window: The market watch window displays a list of available trading instruments (currency pairs, commodities, stock, etc.). You can right-click in this window to create a new chart or open a new order for a specific instrument
  • Charts and Timeframes: Learn how to open charts for different trading instruments and choose various timeframes (e.g., 1-minute, 1-hour, daily). Charts display price movements and are essential for technical analysis.
  • Order Execution: Understanding how to open and close market orders. Right-click on a chart and select “Trading” to open the New Order window, where you can specify trade parameters.
  • Pending Orders: Familiarize yourself with the different types of pending orders (buy stop, sell stop, buy limit, sell limit). These orders allow you to set entry points for future trades.
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