Can I trade MT4 on my phone?

The world has become incredibly fast-paced and using applications that can be accessed any time, anywhere, has become vital. The same stands true for forex trading platforms such as MT4. But why? Well, the forex market is open 24/5 (Monday to Friday). The only time it closes is over the weekend. As such, a trader is likely going to want to have the flexibility to be able to trade the market whenever they want during that time, regardless of where they are, be this in the office, during a commute, at the gym, etc. This requires a trading platform that can be accessed via a mobile device.

The evolution of MetaTrader 4

Launched back in 2005, the MetaTrader 4 (MT4) platform was originally confined to desktops, and to a lesser extent, laptops. The platform very quickly gained popularity, largely for its ease of use, advanced features, and an extensive range of innovative tools for forex and CFD trading.

More specifically, the platform became renowned for its technical analysis and algorithmic trading The leap from desktop to mobile seemed a little far-fetched but over time, as smartphone technology progressed at an exponential rate, access to MT4 on iOS and Android became a reality.

Downloading MT4

The process for downloading the MT4 platform on mobile is relatively simple. It’s also free. Simply search for MetaTrader 4 in the Google Play Store or the Apple App Store, and install it. Once installed, the trader need only open the app and will be prompted to either log into an existing trading account or open a new one.

For those already trading on the MT4 desktop version, they are able to use existing login credentials to access their account on the mobile app. This seamless integration between desktop and mobile versions is one of MetaTrader 4’s strengths.

Why install MT4 on your mobile phone?

There are many reasons why a trader would opt to engage in mobile trading. A key advantage is that mobile trading offers the flexibility to trade anytime, anywhere, whether you’re travelling, at work, or away from your computer. This is essential for fast-moving markets where timing is of the essence to leverage trading opportunities as they arise.

The MT4 mobile app also offers real time alerts and notifications. This ensures a trader never misses key market movements and stays informed continuously, allowing them to quickly react to price fluctuations as and when needed. Traders can also monitor their accounts and complete trades on their phone. Additionally, the app offers stringent security features including data encryption and two-factor authentication, for increased reliability and minimal downtime. 

Are there any drawbacks to trading from your mobile phone?

While the flexibility that mobile trading offers is great, there are some drawbacks to trading MT4 on your phone.

• Overtrading: unless properly managed, the convenience of mobile trading can potentially lead to overtrading. Having constant access to the markets can significantly heighten the temptation to trade more often, leading to hasty decision making driven by impulsion rather than objective reasoning. 
• User experience: a desktop offers a larger screen size to access and view charts, indicators and historical data. On mobile, this becomes slightly more challenging due to a smaller screen size.
• Connectivity: access to the markets from your mobile requires a stable internet connection. If you’re at a location with poor connectivity, you risk delayed executions or missed trades.
• Battery life: an app like MT4 is resource intensive and will likely drain your battery life quickly if in continuous use. Ensuring you keep your phone charged is vital.

Planning your trades on mobile with MT4

Trading on the MT4 platform via your mobile device still requires proper planning, much in the same way as you would on a desktop computer.

1. Follow your trading plan across all devices. Regardless of whether you’re sitting in your office or on a train, stick to your goals and avoid making impulsive decisions. This goes for analysing and executing trades. Alternatively, consider using your mobile phone to monitor positions, and use your desktop for complex analysis and trade execution. In the event that a market moving event requires immediate action, you’ll have your mobile device ready to swiftly respond, ensuring you don’t miss a trading opportunity.
2. Make use of push notifications and price alerts. In this way, you can stay focused on other tasks without needing to constantly check the app, while still keeping an eye on the market.
3. Consider setting predefined levels for opening and closing positions before leaving your desktop. This approach allows you to then monitor those levels on your mobile and enter or exit a trade when those levels are reached. This reduces the need for complex analysis on a smaller screen.
4. MetaTrader 4’s one-click trading feature is a great tool for traders looking to execute trades quickly and easily. It is available on the MT4 mobile app and essentially allows a trader to place trades with a single tap. This is a great option for traders who need to swiftly react to market changes, like day traders or scalpers.
5. Be mindful of your trading psychology. Trading on your mobile may lead to decisions driven by impulsion or knee-jerk reactions to market volatilities. Getting a handle on one’s feelings is key to mitigating the risk that emotions have on trade execution.  During periods of high stress or overwhelm, consider putting your mobile down or stepping away from your device until you’ve reached a level of calm that will enable you to take more rational decisions.
6. If your mobile will serve a primary device from which you’ll trade on MT4, ensure your phone is always charged, and always trade in areas with strong and stable internet connectivity.
7. Ensure you have a good understanding of how to navigate the MT4 platform. Remember, your mobile device will likely have a smaller screen than what you’re used to, making navigation somewhat more challenging. One of the ways to ensure this is by signing up for a demo trading account. A demo account is a great way – and one of the most practical ways – to learn how to use the MetaTrader platform. It offers a simulated trading environment that mimics real life market conditions, giving you much needed experience on how to use the system. If allows you to learn how to use technical analysis when it is most needed. Using virtual funds, you’ll be able to open and close positions without putting your own money at risk.

Effective risk management

Regardless of whether you choose to trade on mobile or via a desktop, be sure to have proper risk management measures in place to safeguard your funds. Forex trading comes with a high level of risk, particularly when a trader is making use of leverage which not only amplifies profits, but also magnifies losses.

So consider setting stop-loss and take-profit orders to limit losses and to lock in profits. Be mindful of position sizing and ensure it aligns with your budget and tolerance for risk. Stick to your trading plan and deviate only when absolutely necessary.

Trading with IronFX

Becoming an IronFX trader means gaining access to a high-quality, flexible trading experience, multiple asset classes, an extensive range of account types, and fast trade execution. Through this international broker with clients across the globe, you’ll also be able to enjoy seamless withdrawals and deposits, and market access via the MetaTrader 4 (MT4) trading platform, arguably one of the world’s most popular trading systems amongst global traders. The IronFX Academy also offers an abundant source of educational resources to boost one’s skills and acquire fundamental trading insights.

The world has become incredibly fast-paced and using applications that can be accessed any time, anywhere, has become vital. The same stands true for forex trading platforms. But why? Well, the forex market is open 24/5 (Monday to Friday).

The only time it closes is over the weekend. As such, a trader is likely going to want to have the flexibility to be able to trade the market whenever they want during that time, regardless of where they are, be this in the office, during a commute, at the gym, etc. This requires a trading platform that can be accessed via a mobile device.

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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.