MetaTrader provides versatile trading platforms, including forex, CFDs, commodities, and stocks, as a common online trading site. Choosing a popular trading site allows it easy to enter the markets while finding the right forex broker for beginners in the UK.
Crafted by MetaQuotes in 2005, MetaTrader 4 or MT4 provides a quick user experience that is most commonly correlated with forex trading, coupled with sophisticated technical research. MetaTrader 4 is also common because it is simple to use, including for beginners, and allows for a wide degree of flexibility, including scripts from third parties and expert advisors.
MetaQuotes developed a proprietary scripting language (MQL4/5) to facilitate better algorithmic trading- the ability to trade automatically utilizing predefined parameters and a standalone framework that brokers can use to handle trades manually. Users can also operate on PCs, Macs, iPhones, and Android using multi-platform capabilities.
The highest security requirements are given by MetaTrader 4, including encrypted data transfers between the client terminal and platform servers and support for RSA digital signatures (a form of public-key cryptosystem).
Between trading platforms, MetaTrader 4 is considered the gold standard. Even though an improved version (MetaTrader 5) is now usable for both seasoned and novice traders, MT4 is the option.
Why Should I Use MT4?
The MT4 trading platform is ideal for beginners because of its multi-functional trading ability and innovations for additional resources, including expert advisors.
There are thousands of tutorials and plenty of resources available, like open-source applications, in addition to the technical ease of usage, making it easier for newcomers to begin trading.
It is easy to interpret and comprehend the platform’s interface.
The most significant explanation MT4 is the best platform for the novice trader is that it is offered as part of their service by almost every prominent forex broker.
Difference between MT4 and MT5
The latest edition of the trading platform is MetaTrader 5 (MT5), so it might seem surprising that it is less common than MT4.
The variations added in MT5 are primarily targeted at traders who are more advanced and interested in additional functionality.
MT4 is a mono-threaded 32-bit framework, while MT5 is a multi-threaded 64-bit and utilizes several resource optimization servers. MT5 is rendered more versatile by a dedicated server for entry, exchange, background, and backup.
MT5 enables traders to participate in commodities such as stocks and futures and forex, both centralized and non-centralized, whereas MT4 does not. To address policy, the embedded chat feature may be useful for seasoned traders.
With links to trading records, backtesting becomes easier. In MT5, instead of the number of adjustments (tick volume), you can see the actual volume of lots exchanged, and then you can import the tick background for backtesting.Â
Expert Advisors on MT4
EAs or ‘Expert Advisors’ are programmed plug-ins that enable a trader to automate their trading strategies by developing a trading software or ‘robot’ that automatically works based on market conditions and technical indicator status enabled by the trading platform.
EAs can be configured or purchased from a third party for a broad range of trading types, with MT4’s official website reporting that over 1,700 trading robots and 2,100 technological indicators are currently accessible in their group marketplace. The price of EAs varies from free of charge to thousands of US dollars for the more profitable, but if they can not afford to buy, traders can rent any of the more costly EAs.
Traders can program plug-ins using the built-in programming feature of the MT4 framework, too.
The MetaQuotes Language (MQL) GUI can open in a new window by pressing the F4 button from inside the MT4. A programmer may build brand new expert advisors, indicators, and scripts with this function.
Furthermore, traders may change current plug-ins, providing they have the necessary permits to do so, and the EA is not closed. To lock your EAs and prevent them from being decompiled and code changed or copied without authorization, you may also use DLL (dynamic connection library) security.