- MetaTrader 4 has secured its position as the undisputed champion of the trading world.
- Its mystique continues to draw traders in, and its reliability and functionality keep them hooked for the long haul.
With a multitude of features and indicators available in MT4, it won’t be an exaggeration to call it a veritable cornucopia of trading tools. Besides that, MT4 is surprisingly user-friendly, allowing users to navigate the depths of the market easily. On the other hand, If we consider the simplicity of its interface, it belies its formidable power. However, MT4 is a force to be reckoned with. Don’t just take our word for it but try it on your own, we are sure it will be impossible to resist it after that. So, if you are ready to give MT4 a try, keep reading as we will help to get started on MT4!
Why is MetaTrader 4 so Popular?
The captivating allure of MetaTrader 4 has captured the attention of traders across the world. The popularity of the platform is owed to the fact that MT4 has been at the forefront since the rise of retail forex trading. And we cannot overstate the benefits of being the first in the industry, as the lack of competition allows for the undivided attention and adulation of potential clients. Moreover, MT4’s affordability and the ease with which traders can become familiar with the platform have undoubtedly contributed to its widespread popularity. While some proprietary platforms come with a hefty price tag, traders can enjoy the MT4’s unparalleled benefits for free.
Furthermore, the ubiquitous presence of the MT4 on the internet has also made it impossible to ignore. MT4’s name appears everywhere a trader looks, strengthening its position. Another aspect that makes traders flock towards MT4 is its intuitive interface and powerful tools. MT4 is a perfect example of how simplicity and power can coexist.
How to download & Install Metatrader 4 on Windows
Installing MetaTrader 4 (MT4) on a Windows computer is as easy as ABC.
- The first step of the process is to find the right source for metatrader 4 download. You don’t have to wander online to download MT4; you can easily get it from your broker’s platform. It takes a few seconds to download the software.
- Once you have the installation file, run it from your browser or double-click to begin the installation process. You’ll be on your way to trading glory in no time.
- If you want to modify where you install MT4, you can click on Settings to adjust your preferences. However, if you’re not interested in tweaking things, simply click Next to agree to the End-User License Agreement and continue with the installation process.
- When the installation is complete, click Finish, and MT4 will automatically open, ready for you to start trading.
- For your first login, close the “Open an account” window by clicking Cancel. A new window will appear, asking for your Login, Password, and Server information. Once you enter your details, you can begin your trading journey with MT4.
How To download and Install Metatrader 4 on Mac OS
For traders running Mac OS, the installation of the client terminal may seem like an insurmountable task, but with the help of Wine (a free software that allows Unix-based systems to run Windows applications), you can do it with ease. With its ability to seamlessly integrate with the Mac OS, Wine provides a lifeline for traders seeking to run the client terminal on their beloved machines. You can download and install the platform from your broker’s website like any other application.
Advantages and disadvantages of using MetaTrader 4 for trading
MetaTrader 4 has a number of advantages, this is the reason that even after the launch of MetaTrader 5, which is an advanced version of MetaTrader trading platform, MT4 has still held its place firmly.
- MetaTrader 4 uses advanced encryption methods to ensure that all information exchanged between servers and client terminals is secure. Traders’ IP addresses are also encrypted, and MetaTrader 4 supports RSA digital signatures, providing an extra layer of security for traders.
- The Mql4 programming language enables traders and programmers to easily generate and implement trading robots and Expert Advisors (EA) indicators. Not only does the MetaQuotes Corporation offer a variety of EAs and indicators, but thousands of third-party robots and indicators are tailored specifically for MT4.
- MT4 is highly customisable. From the arrangement of windows to the appearance of charts, traders can adjust almost everything to their liking. They can also incorporate internal and external indicators to improve their market analysis. Furthermore, traders can arrange the symbols in their preferred order and easily switch between accounts. These changes can be saved and accessed the next time the platform is launched, making the trading process even more efficient.
Coming to disadvantages:
- Traders have raised concerns regarding the need for more flexibility in certain aspects of the MT4 trading platform. The arrangement of the database can make it challenging to modify certain structures, such as Fibonacci charts and trend lines. This could be a frustrating experience for traders who require a high level of flexibility in their trading tools. Things are a lot better in MetaTrader 5, so you can download MT5 app to try this platform.
- MT4’s support system can be quite lacking and frustrating for traders, as it may not offer the level of assistance they need. Novices and experts alike may find the platform’s customer support to be one of its areas that could be improved. Additionally, MT4 is primarily focused on catering to organisations rather than individuals, which could be a drawback for some traders.
Recommended system requirements for Metatrader 4
To let MetaTrader 4 (MT4) run smoothly without any hiccups, it’s important to ensure your computer meets the recommended system requirements, such as:
- Operating system: Windows XP or more recent
- Screen resolution: A minimum of 1024×768 is required to make the most out of MT4’s features.
- Internet: A connection speed of 36.6 Kbps or faster is recommended to prevent any lag during trading.
- CPU: A CPU with at least 2,000 MHz or more is recommended to ensure speedy processing of trading data.
- RAM: 512 MB of RAM is the minimum requirement, but it’s recommended to have 2 GB or more to ensure smooth multitasking and prevent any lag.
- Hard Disk: A minimum of 60 MB of hard disk space is required to install MT4 and its basic features.
Troubleshooting common issues during Metatrader 4 installation
Installing MetaTrader 4 is not that difficult, but occasionally, you may run into issues during the installation. For instance, the installation may sometimes fail because of antivirus software blocking the installation, corrupt installation files, or insufficient disk space. To fix this, try temporarily disabling antivirus software during installation, download a fresh installation file, or free up disk space by removing unnecessary files. If the installation completes successfully, but the program fails to start or is unresponsive, it could be due to an outdated operating system or hardware or may be due to insufficient RAM. So, it’s important to ensure that your operating system is upgraded. If nothing works, you can also reinstall the program. Also, make sure not to download the platform from an unverified source. The best is to download the file from your broker’s website or MT4’s official website.
Configuring Metatrader 4 for optimal performance
Once you are ready to trade on MT4, you may want to know how easy it is to place and manage your trades.
There are basically three ways to open a new order. You can either click “New Order” in the toolbar, hit F9 on your keyboard, or right-click the trading instrument you want to trade in the Market Watch window and select “New Order”.
If you want to place market orders, open the New Order window and select your preferred trading symbol, transaction size, stop loss, and take profit levels. If you want to check the execution type, simply look under “Type”.
On the other hand, to place your market order, you can click “Sell by Market” or “Buy by Market”. If you want to close your market order, you can double-click on the order you want to close in the Trade tab of the Terminal section.
If you prefer to use pending orders, MT4 offers four types to choose from: Buy Limit, Sell Limit, Buy Stop, and Sell Stop. To place a pending order, open the New Order window and select the symbol you want to trade in. Set your volume and click “Type” to select “Pending Order” from the dropdown menu. Under “Type”, select your desired pending order. Set your desired price and expiry date if you wish. You may also set up take profit and stop loss. Click “Place” to set up your pending order.
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To modify or delete a pending order, simply right-click on the pending order in the Trade tab of the Terminal section. Click “Modify” or “Delete”.
Even after countless platforms being available to traders, the MT4 remains a stalwart, revered and respected by traders of all levels. The MT4’s popularity has not only penetrated the trading community, but it has also seeped into the wider world, attracting traders from all corners of the globe.