MetaTrader 4 for Beginners – 7 Reasons I use MT4 to Trade Forex

Every trader needs the right tools to get the most out of their daily trading activities.

But we have found many traders are not aware of all the tools available in MT4.

We cover it all in this blog post, from knowing how to find all the instruments in MT4 to learning how to buy expert advisors and even one-click trading.

And be sure to watch the video, where Duncan Cooper details all seven points in his MT4 tutorial.

Click play on the video below to learn Duncan's tips and tricks on MetaTrader 4.

Let's start with reason number 1.

1. The MT4 platform is easy to install & operates on a low-budget desktop computer or laptop.

You can start trading on either a demo account or a real account.

2. Can be used across multiple devices.

The MT4 trading platform is available for desktop, laptop and mobile devices. There's also a web version available for trading on the go. As you can see, there are multiple options to choose from to help you learn to trade and maximise all the features of this trading software.

3. You can trade the global markets for a true multi-asset trading experience.

The MetaTrader 4 platform. gives you access to trade Forex, Indices, and Commodities, such as Metals and Oil and digital currencies.

Originally, the MT4 forex trading platform was mainly used for forex trading across all the major currency pairs, but now you have over 100 markets to trade at the click of your mouse (or fingers).

You can view complete trading instruments and spreads by clicking here:

To access them in MT4, hover your mouse on the market watch section of the MT4 platform. 

To gain access to all the instruments, right-click and then select show all. And then all the instruments will show.

4. Expert Advisors.

If you like the idea of trading around the clock and having your computer execute your trading system automatically, then automated trading is for you. Most traders refer to these as trading robots.

You can have completed trading strategy coded so it will automatically trade every day the markets are open. Your entries, exits, stop loss strategies, and risk management criteria can all be coded in.

These are different to trading signals, as trading signals email or SMS you their trade ideas, whereas you can code your complete system into your EA. 

And this is different to social trading. With EAs, you control the details of your forex strategy within your live account.

There are many benefits to creating expert advisors, especially if you are time-poor and still want to trade Forex around the clock.

You can also purchase expert advisors from within the MT4 platform. 

You can access these by:

• Clicking on the terminal button on the left
• then click on the Market tab.

You'll then see a whole list of expert advisors you can review and choose from.

5. You have over 45 indicators to apply to your charts.

If you move up to the top and left-click on the navigator button, you will see all the popular indicators available within the MetaTrader platform.

As you can see, there is an endless choice of popular indicators to choose from. And it is simple to add an indicator to your chart, as you will see in the image below.

6. You can customize your charts and timeframes.

Setting up your charts is a breeze. The types of charts in MT4 allow you to choose from line chart, bar chart or candlestick charts, and adding line studies is easy as well.

Many traders love to review their trade setups across three timeframes before confirming their trade.

You may like to review the weekly, daily, and then the 1-hour timeframe. And if all your indicators line up and meet your entry criteria, then you take the trade according to your trading system. If you wanted, you could save this as an MT4 profile with your favourite FX paid and all three timeframes.

Let's take a look at how you can customise your charts for better online trading.

To customise your chart, simply right-click anywhere inside the chart the select properties.

As an example, you can change the candle colors and even the chart background colors.

It also offers multiple options to change the timeframes from the longest being monthly to one of the fastest, the 15-minute chart.

Monthly Timeframe

15-minute timeframe

7. One-Click Trading straight from the charts.

To perform one click trading, you need to get access to the trade panel. 

To do this, click on the little triangle in the top left corner of your screen.

Then left-click it, and the trade panel will open up. This is the first step to enabling one-click trading, allowing you can click on buy or sell and instantly execute your trade into the market.

To make sure you have one-click trading activated, you need to go to tools > options. 

Then click on the trade tab, and then left click on the check box for one-click trading. You might want to adjust your default position size in this window too. You can see in this window it is set to 1 lot.

The disclaimer window will pop up and if you agree to the conditions, then click the OK button.

And that wraps up my trading tips and seven reasons on why I use the Metatrader 4 platform to trade the forex market.

For more MT4 tips and tricks click here or watch the video on my simple forex trading strategy using Bollinger bands.

This content may have been written by a third party. ACY makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast, or other information supplied by any third party. This content is informational only and does not constitute financial, investment, or other advice you can rely on.