One of the first things that a novice trader faces is choosing a broker and trading platform. About half of your success as a trader depends on this. Therefore, this issue should be approached with responsibility.
In this article, you will learn about what MetaTrader 4 is. You will also learn where you can download MT4. Don't forget that everything you learn is of great importance.
MetaTrader 4 - what is that and where to get it
MetaTrader is a multifunctional trading platform. Currently, MetaTrader 4 and MetaTrader 5 are the most popular versions of this platform. MetaTrader 4 is a platform released back in 2005 and has been actively improved since then. For many years this platform has been the "gold standard" for private Forex/CFD trading.
MT4 is suitable for traders with any experience. For beginners, automated advisor applications and a trade copy system will be of significant benefit. And experienced traders will be able to find advanced tools for analytics and charting. And even more - it is possible to independently create trading indicators using MQL4 - the programming language on which the platform was created.
Pros:
• focus on Forex trading;
• easy to use;
• reliable software;
• unlimited leverage.
Cons:
• no comprehensive historical data for backtesting.
MT4, although a bit outdated and gradually losing ground to the newer MT5, is still extremely popular and reliable. Therefore, you can find and download platform data directly from the broker's website. If you haven't already, now is the time, because without a broker you won't be able to trade. Do not forget that the choice of a broker depends almost as much, if not more than the choice of a platform.
Key differences between MT4 and MT5
MT4 is suitable for traders with any experience and opens up access to many currency pairs and CFDs within one platform, while MT5 is more suitable for those who will trade not only Forex but also cover a larger "territory" - it allows you to connect to a huge number of markets - currently over 500.
Both platforms are suitable for technical analysis, but MT5 has increased the number of built-in technical indicators from 30 to 38, and analytical objects from 31 to 44. MT5 also has a built-in economic calendar that gives traders news from financial markets.
Both platforms have a large number of charting objects - 31 in MT4 and 44 in MT5. Graphic objects include graphs, tables, and so on. Also, MT4 is built using the MQL4 programming language, while MT5 uses MQL5. This can be problematic for those moving from one platform to another, as they are not designed to be interchangeable. Many traders believe that MQL4 is much easier.
In general, we can say that MT4 is more suitable for trading Forex and CFDs for traders with intermediate and lower levels of training and experience. And MT5 is suitable for more experienced traders who want more "diversity" in trading. Both of these platforms are used not only by traders but also by brokers.
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