Why Forex Traders Can't Get Enough of the MT4 Platform | Vantage FX

Why Forex Traders Can’t Get Enough of the MT4 Platform

March 15, 2017

Despite its age, the MT4 platform developed by Metaquotes is by far the most popular forex trading platform, used by more than 70% of the world’s retail forex traders.

First launched in 2005, MT4 revolutionised retail trading and quickly became a dominant force; a force both Metaquotes and its competitors have been unable to shake. So why do forex traders love the MT4 platform?

The MT4 platform which is the most popular forex trading platform available

Reliable and Easy to Use

The MT4 platform may not be the prettiest trading solution around, but it does the job. You have your quotes on the left, charts centre-right and trade terminal down the bottom; the one-click-trading buttons let you place a trade instantaneously with no unnecessary pop up dialogs. Modify orders or place trailing stops in just a few clicks and apply popular technical indicators to your chart with a quick drag and drop.

MT4 is also extremely reliable and bug free – day in, day out you can rely on the MT4 platform to get the job done. When users do experience issues, 99.99% of the time the problem lies with the user’s internet connect or an issue at the broker side. In all our years trading forex with the MT4 platform, we have never experienced a fatal run-time error. If you’re scalping volatile markets or news releases, the last thing you need is your trading terminal crashing at a critical moment. MT4 is built like a tank and Windows 98 aesthetics are a small price to pay for ease of use and reliability.

Trade Wherever, However you Like

Originally only available for Windows PCs, MT4 now runs natively on both Mac OS and Linux operating systems, as well as innovative mobile and tablet versions for both Android and iOS. Whether you’re at home, work, commuting, or even spending a day with the family at the beach; exhaustive operating system support means you can always access the market when you need to. Opening, closing or managing trades and charting on the go are a breeze and the mobile versions even got that much needed aesthetic upgrade! The MT4 platform even allows you to have multiple devices connected to the same account simultaneously, this means you can have a trailing stop or automated system running on your home PC, whilst monitoring or trading the same account from your mobile or work Mac without the fear of forced log out disruption.

MT4 Trading Signals

Not only can you trade from literally anywhere in the world with an internet connection, it’s also incredibly simple to have someone else trade for you, or even market your trading to other users for a monthly fee. The MT4 platform’s Signals tab allows users to copy the trades of successful traders and replicate their performance. There are tons of free signals which are great for testing out the feature’s functionality, as well as numerous modestly priced signals which have exhibited very impressive performance. Signing up for a signal or creating your own is as simple as creating an MQL4 account. You can even rent a Virtual Private Server (VPS) from within your MT4 platform.

MQL4 Marketplace

As well as the range of inbuilt indicators that come ready to go with the MT4 platform, you can also download and purchase custom indicators from the MQL4 marketplace. This process is once again incredibly simple: you select the indicator you’d like, click download / purchase and the indicator is automatically installed inside your platform and ready to use. There is a wide range of custom indicators available, some of which are incredibly powerful.

Want more than just an indicator? The MT4 platform’s marketplace is also home to hundreds of automated trading systems (expert advisors / EAs). Once again there is a wide variety of free and paid options and all EAs available for purchase in the market are available for free demo back testing. Just like with the custom indicators, purchase and installation is a breeze, with the entire installation process automated and requiring no adventures into MT4’s data folder.

MetaEditor and the MQL4 Language

One of the biggest advantages of the MT4 platform is the integrated MQL4 coding support via the MetaEditor program. MQL4 is Metaquotes’ proprietary language which allows the user to create their own expert advisors and custom indicators. The language is relatively easy to learn and generally intuitive, it even auto-completes terms after you’ve entered a few characters. There is also an extensive documentation and knowledge base available at mql4.com, as well as the MQL4 forums if you find yourself needing to ask a question of experienced coders.

The MetaEditor showing a screen of code

Learning a programming language sound a little daunting? There are numerous third party products available online that let you design an expert advisor or custom indicator using a visual modular interface and bounce your creation to a .mql file, ready to import into your MT4 platform. This is actually a great way of learning to code MQL4 too: create a very simple expert advisor using a modular interface and then import your creation into MetaEditor and study the code.

The MT4 platform’s automated trading support via the MQL4 language is widely lauded as the primary reason for the program’s dominance of the industry. Allowing retail users to design their own black box systems was a truly revolutionary development causing the program to gain a loyal following from both traders and system developers. Traders began to demand MT4 from their brokers and these days it is near impossible to find a retail forex broker that doesn’t offer the MT4 platform.

MT4 is a reliable and easy to use program which runs on almost any operating system and from any device. Mobile and tablet versions allow you to trade from any location in the world that has internet access. There are a wide range of signals, custom indicators and expert advisors available to purchase from the MQL4 marketplace and you can even code and create your own systems with relative ease. These are just some of the reasons forex traders can’t enough of the MT4 platform.

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