The MT4 (MetaTrader 4) platform is the most widely used execution platform when it comes to trading Forex. But what is the platform really like and how does it compare to its competitors? This article will discuss some of the benefits and limitations of MetaTrader 4.
How to Get MT4
You can get a MT4 download for PC. MetaTrader 4 is free to download and use and connects directly to your broker account for easy execution of trades.
Benefits of MT4
One of the best things about MT4 is the thousands of indicators and expert advisors which will allow you to automate some or even all of your trading. Many of these are also free of charge which is an added benefit.
MetaTrader 4 has been around for a long time, and so this means, if you are experiencing issues with the platform, you will find many YouTube videos and discussion boards where your issue has been solved.
It also has a wonderful collection of built-in indicators and drawing tools, such as trend lines, Fibonacci retracement and shapes which is great for marking up charts. It means you can do your analysis and execution on the same platform, which is where some other platforms such as trading view lack as they only support very limited brokers for execution.
Metatrader is not cloud based and therefore it sits on your computer; however, it does not require a lot of processing power and shouldn’t impact the everyday functioning of your PC. It is also fairly easy to use and shouldn’t take too long to master like some of its competitors such as Sierra Chart.
Limitations of MT4
While MetaTrader 4 is easy to use, it still can feel clunky in comparison to the likes of Trading View. Sometimes the drawing tools can be difficult to use precisely and moving something once you have clicked it into place can feel like a challenge.
The alerts are also more challenging to set up than the likes of Trading View as well, so getting push alerts to your phone requires extra steps, but it is still possible.
In addition, Metaquotes have now discontinued support for MT4 as they are focusing on the updated MT5. However, while this means eventually MetaTrader 4 will phase out, right now a huge number of brokers are still offering the platforms as their customers are still using the indicators and expert advisors daily.
One of the biggest downsides of MetaTrader 4 is the lack of cloud-based access. It means if you want to access all your marked up charts while on the go, you need to use remote viewing access to your PC or VPS. So, it’s not ideal if you’re away from home.
You do have the ability to manage trades on the phone app, which is a great addition, but you cannot change EA settings or view the markups you’ve made on your desktop from your phone.
MT4 is still one of the widest used platforms for execution. In terms of charting, there are alternatives, but it still offers a great free option with lots of functionality.
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