Is MetaTrader 4 only for forex?

MetaQuotes developed the online trading software known as MetaTrader 4 (MT4) in 2005. MT4 is a platform that can be used to trade a variety of markets, including forex, indices, and commodities, via CFDs, although it is most often linked with forex trading. Two factors make MT4 popular.

The first advantage is that it may be completely tailored to fit your unique trading requirements and preferences.

The second is that by integrating algorithms that start and close positions in accordance with pre-established specifications, it may automate the trading process.

MetaTrader: Definition

Forex traders often use the MetaTrader platform to trade a variety of assets and access the trading markets. They can perform a variety of trading activities on this feature-rich platform, including charting, technical analysis, market monitoring, and trade automation using expert advisors.

The MetaTrader platform tends to be very popular among traders. It is widely used among traders, and most reputable brokers provide it.

MetaTrader 4 and forex trading

Trading and financial market analysis are both done on the MT4 platform for Forex and CFDs. MT4 trading platform gives users access to powerful trading functions in a quick, safe, and reliable setting. It has developed into one of the most famous trading platforms among experts in trading because of its characteristics. You only need to download, install, and start trading!

MT4 provides all the features required for trading online on a single screen. Traders may execute even the most advanced technical trading methods on a single platform thanks to a powerful mix of analytical technology and cutting-edge trading tools.

How to use MetaTrader 4

• To start using MetaTrader 4, you will first need to create a live trading account with an online broker and download the platform on your preferred device. Secondly, you will need to open a position once you are ready to place a trade. Once the order window pops up, you will be presented with some options.

Symbol: From this drop-down menu, select the market you wish to trade.

Volume: Volume is the total number of trades you want to make.

Stop loss: Use a stop loss order if you wish to close the transaction when the market swings against you.

Take profit: Use a take profit level if you wish to apply a limit to secure your earnings.

Comment: An area for comments on a specific trade or for advanced trade management purposes.

Type: If you wish to execute your trade as soon as you click “buy” or “sell,” choose “instant execution.” ‘Pending order’ should be chosen if you wish to select the price at which your transaction will open.

• Then, you should keep track of and execute any pending orders and positions you have.

Monitoring your trades is very easy with the MT4. You just click Ctrl + T or ‘view’ in the toolbar and choose ‘terminal’ where you can keep track of the positions you have open and pending orders. By clicking the little ‘x’ at the very top of the profit column, you can close a trade or remove a pending order.

• Another thing you can do while navigating the MT4 platform is change the limits and stops on open positions. To do so, you can open the “terminal” window by using the keys “Ctrl” and “T,” then select the “trade” tab to change stop or limit orders on positions that are open and pending orders. To open the order window, right-click on the currently open or pending order you need to amend, then click “Modify or Delete Order.” It will be possible for you to change or add stops and restrictions to your position.

• Customizing MetaTrader 4 forex charts is another option. A variety of tools are available that you may use to modify charts.

Simply choose the desired object from the menu and hit the chart to begin drawing. While clicking on the chart, you may move certain items’ lengths and positions by dragging your mouse, while clicking on others causes other things to launch a new window for customization.

Right-click on the chart and choose ‘objects list’ from the menu to modify or delete an object. By doing so, a window with an inventory of every one of the active items visible on the chart will pop up. Choose the object you want from the list, then click “edit” to change its settings or “delete” to remove it.

Using the menu bar, you can also add indicators to a particular price chart. Select which indicator you want to use from the list that appears by clicking “insert,” then “indicators.” You can also modify or delete an indicator that is currently shown.

• Viewing your trades’ history is another thing you can do with MetaTrader 4. Go to the “account history” tab in the “terminal” window to examine your trading history. By right-clicking anywhere in the window, you can select any of these options to adjust the date range: The entire history, the past three months, the month before, and a specific period

• You can always download market reports. Open the ‘terminal’ window and go back to the ‘account history’ tab to create a transaction report. Choose one of the following choices by right-clicking inside the window: Save it as a report or as a thorough report. In both cases, a report outlining particular trades (i.e., transactions, open trades, and working orders) as well as an account summary will be generated. Additional data, such as profit variables, is included in the complete report.

• Last but not least, you can establish a price alert. Open the ‘terminal’ window and select the ‘alerts’ option to configure a price alert. ‘Create’ may be chosen from the menu by performing a right-click inside this window. By doing so, the “alert editor” box will open, allowing you to modify your price alert.

MT4: additional features

You can select from hundreds of MT4 add-ons and indicators. MT4’s extensions and indicators are a huge advantage. Indicators are tools for technical analysis that may be used to guide your trading decisions. You will have the ability to view pivot points, order history, and the Renko indicator, among many other things, with our MT4 trading account.

On the other hand, add-ons are intended to assist you in tailoring the MT4 platform so that it better fits your unique trading style and objectives. Most brokers provide free add-ons like stealth orders and alarm management.

Programs like Expert Advisors are available in MT4 alongside the indicators and add-ons. On the platform, you may use them to automate your trade.

IronFX and MT4

Using MT4, IronFX offers CFD trading on more than 500 products and 80+ currency pairs.

Trading on MT4 with IronFX gives traders access to:

• 50+ Indicators
• 24+ Analytical Tools
• 9 Different Timeframes
• 3 Chart Types
• One-Click Trading
• User-Friendly Interface
• Financial & Data Security
• Automated Trading (EAs)
• Exceptional Support
• Customizable Charts

Disclaimer:
This information is not considered investment advice or an investment recommendation, but instead a marketing communication. IronFX is not responsible for any data or information provided by third parties referenced, or hyperlinked, in this communication.