Personal Finance

Why Do Most Traders opt for MT4?

It’s been years since MT4 was first launched. And till today, the majority of traders still use this platform. Is it because they are satisfied with the MT4 platform that they just won’t look elsewhere? Or do they not know any other trading platforms?

Most traders tend to go for the MetaTrader 4; however, they have good reasons for doing so. The top 7 reasons most traders opt for MT4 are discussed below:

1. Mql4 programming language

MetaQuotes Language 4 (MQL4) is a new built-in language for the programming of trading strategies. This language is developed by MetaQuotes Software Corp and allows the writing and seamless integration of ‘expert advisors’ that make automated trading management possible. MetaTrader 4 Trading Platform provides vast opportunities for traders as you can write down your trading program by yourself.

The new programming language MQL4 offers object-oriented programming and allows you to develop your expert advisors, indicators, scripts, and libraries of custom functions.

2. Great user interface

MetaTrader 4 has an excellent, clean and concise user interface. It is suitable for both newbies and experienced traders. The platform has a simple design that makes it easy to navigate through its features. Order execution is fast and accurate, and order placement is also straightforward. MetaTrader 4 has one-click trading so that you can place trades with just a single click of the mouse. The platform is fully customizable, and you can change the layout or create your custom workspace.

3. Great customizability

MT4 gives users a great deal of freedom to customize their trading environment, making it easy for inexperienced traders to get started. The MT4 platform allows users to set up the workspace to their liking. Traders can also modify order parameters and create custom indicators by using the built-in MQL programming language and writing their own trading scripts.

However, the platform itself has a learning curve, so new traders should invest time in learning the ins and outs of the platform before funding an account with real money.

4. Backtesting

One of the most interesting features of MT4 is that it allows users to test their created expert advisors. This means that you can backtest your strategies, a handy feature for traders. Backtesting strategies on historical data is an excellent way to test a strategy to see if it is profitable. It can also be used to select the best parameters to use for a specific strategy.

Backtesting can be done manually or automatically. Manual backtesting simulates trading over a period of time and requires the user to record their trades on paper or in a spreadsheet. Automated backtesting occurs when you program your trading strategy into an expert advisor (EA), then run the EA in MT4 over historical data.

5. Convenience

MT4 is easy and convenient to use for traders. They do not need to have any knowledge of programming for trading on any platform. It is designed so that even beginners can easily trade on it. MT4 is suitable for traders who are new to forex trading as well as professional traders. Also, this platform offers a wide range of features and tools, which makes it more convenient for the user. MT4 is also available on virtually all devices as there are apps for Windows, macOS, Linux, Android, and iOS. There is also a web version, meaning you can run MT4 anywhere as long as you have access to the internet.

6. Free

One of the most significant advantages of MetaTrader 4 is that it is a free Forex trading software. You do not have to pay anything to use it. If you choose to trade with a broker that does not offer the MT4 platform, you can still use it for free by opening a demo or live account with the MT4 broker.

7. Reliability

MT4 is a very stable platform. It was built by experts who understood the importance of reliability, and it has never let down its users. For this reason, more banks and brokers choose to use MT4 than any other software in the industry.

MT4 is an excellent platform for trading Forex, and it has proven itself over the years as being safe, reliable, and fast. You can use this platform from anywhere in the world, at any time of day or night. It has a history of never failing, and it offers many great benefits for traders who want to take advantage of the many opportunities available in the Forex market.

Conclusion

In conclusion, we can say that MT4 is popular because it’s a powerful and versatile trading platform that offers everything a trader needs. With MT4, traders can easily access hundreds of markers, tools, and forex brokers, making trading easy and straightforward. If you’re interested in trading without feeling overwhelmed and lost, then the MT4 platform is for you.

Posted by Dragan Sutevski

Dragan Sutevski is a founder and CEO of Sutevski Consulting, creating business excellence through innovative thinking. Get more from Dragan on Twitter. Contact Dragan

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