There is a wide range of platforms that are available for traders to use. Traders can trade using real-time strategies; they can even place trades automatically using algorithmic trading software.
However, the one most used by new and intermediate traders worldwide is MT4 (MetaTrader 4). It’s understandable why this platform is so popular since it allows traders to connect with various brokers around the globe to trade stocks, commodities, or Forex currencies.
With just about $3 per month, clients get access to almost every financial instrument on the planet. The most beneficial aspect of this platform is that it’s easy to navigate through its different tools while viewing live data in real-time. So what exactly is MT4, and how does it work?
How does MT4 work?
This program allows clients to trade financial instruments in real-time through MetaQuotes Language 4 (MQL4), based on C++. When using this platform, an end-user will be able to view numerous graphs about multiple markets simultaneously; they’ll also see market data quite clearly. Another great feature about this software is that it allows clients to see their profit or loss for each trade placed. The charts are customizable with various technical indicators, plus there are tons of trading reports, including risk management reports, backtesting reports, and others.
It’s available in many languages, meaning international traders can easily access various financial markets. However, it’s important to note that MT4 is not an automated binary options trading system, which means the average trader will have to make their own decisions about when and what to trade. To do this, they’ll need to know how the platform works and have access to multiple resources that can provide them with valuable insights about the financial instruments being traded on the market.
The history of MT4
In 1992, Vladimir Pereverzev designed MetaQuotes Language 4, which would later become known as MQL4. He created this programming language to create applications for futures contracts management, stock exchange, and currency exchange systems. The first version of this software was made available on the market in 1996. Only one year later, it had over 100 users trading through an online platform for futures contracts.
After some time, MQL4 became more popular among traders, and by 2005 around 80 000 people were using MT4 regularly. Once 2007 came along, MetaQuotes Software announced charging $300 per month to use their programming language. However, this wasn’t enough to stop the increasing number of investors from switching over to MT4 software.
It enabled them to access many brokers without restrictions placed on how often they could trade or what markets they could invest in. As expected, there are now millions of active traders all over the world who use this software.
How can I make money using MT4?
The best way for clients to figure out how they can make money using this platform is by carrying out thorough research of each market available through this software and gaining a better understanding of how it works. For example, if someone has access to the German stock market and knows nothing about this country’s financial system or economy, they probably wouldn’t be able to make wise investment choices using MT4.
Several websites online provide tutorials on how MT4 works and offer live demonstrations to learn more about this particular platform. Moreover, some brokers will allow new users to start trading with them without having any restrictions or fees in place until they feel comfortable enough to begin making their own decisions about which financial markets to invest in and how much they should invest every time.
Once the user is more comfortable with this platform, they can continue trading without worrying about being restricted by fees placed on them by the broker. Hopefully, this article was able to help you understand what MT4 is and how it can help you make more money from trading online.