How Meta Trader4 Works

forex trading

Many online trading platforms are coming up every day because of the fast-changing technological trends. However, the Meta Trader4 platform has continued to thrive over the years. It has gained popularity among traders and has continued to grow day by day.

Although it may have a few shortcomings, this does not make it lose its value. It has over 700 brokers that provide traders with platforms and guide them on using the site. If you have second thoughts about this platform, you will have changed your mind by the time you finish reading this article.

What makes Meta Trader4 Unique?

Meta Trader4 is a highly effective online trading platform used by traders to analyze market positions and trade in foreign exchange. Many things make this platform unique. For instance, this site uses three trade execution modes, among other essential features that make it stand out from the rest. 

This site also incorporates quick trading functions that allow users to send trading orders from the chart directly. The three execution modes this site uses include:

  • Instant execution

This mode executes orders at the price the broker offers. The terminal sets up current prices sequentially after sending a trade order. This site cannot complete any other order until the prices become accepted by the broker.

  • Execution on request

This mode allows the order to be executed at the price the broker provided earlier. Prices are requested from the brokers before sending the order. If the prices are available and delivered, the order can be executed at the provided price or rejected.

  • Execution by market

This is the final execution mode you can consider when using this platform. This mode allows you to relinquish authority to your broker. This gives the broker the authority to make sound decisions about executing the order without discussing it with you first. So, you must provide advanced permission for the order to be executed at the given price.

MT4 Order Types

This platform allows traders to place a variety of order requests. These include:

Market orders

These orders are made to guarantee the brokerage company that you have allowed the buying or selling particular security at the given price. Once you execute this order, the trade position will immediately start moving and track the actual finance market changes.

Pending order

This order allows your brokerage company to buy or sell particular security in the future at a pre-determined price. Pending orders include a buy limit, buy stop, sell limit, and sell stop.

Stop loss 

This order helps to minimize the losses you may incur if the security price starts moving towards the unprofitable side.

Take profit

This order is designed to gain profit. When the set profit level is reached, the position closes automatically. 

Benefits of using Meta Trader4

There are many other trading platforms besides MT4. However, most people lean on MT4 because it has many benefits over the other trading platforms. These include:

  • It can be downloaded and used on the device, unlike other browser-based platforms. 
  • Most people like to use these sites on their phones because it is easier and more convenient. Traders can download Meta trader4 with ease and start using it immediately.
  • MT4 has a professional look and feel. It has many features, and the website is responsive. So, it can be used on many devices, and it supports several operating systems.
  • MT4 has expert advisors that help users to automate their trade according to their preferences easily.

Conclusion

Using MT4 is easy as long as you have a know-how of online trading platforms. Even if you are a beginner, there are many features that are easy to understand. Also, beginners gain access to a free demo account after downloading and installing the app. 

Many features and benefits of this platform have made it to be the leading online trading site. It continues to grow as users increase every day.

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