What is metatrader 4?


Meta trader 4 is a trading platform which is used by many of the big foreign exchange (Forex) trading houses.  Metatrader can be integrated with your personal account to enable you to trade your account from the metatrader platform directly.


There are certainly some big pros, and also some big cons with using Metatrader.


The current version – metatrader 4 is widely considered to be the platform to trade on when it comes to Forex, but it is worth noting that Metatrader 5 is soon so be released which will solve some of the cons which I will come to in a bit.


Metarader 4 allows the personal trader to interact with the Forex markets (usually with a slight delay) in a real time.  The information shown on the screen can be tailored to your own preferences, and can include whether you see line graphs, bar graphs, candlesticks and a whole plethora of other graphs which chart the movement of the chosen pairs.  The charts themselves can be on different timescales, so for the scalping trader could use 1 minute charts, or the long term trader could use weekly or even monthly charts.


Another big benefit for using Metatrader is that you can attach lots of indicators in a very simple fashion.  These are usually drag and drop indicators and can easily be removed from the chart as well.  There are far too many indicators to list here, but suffice to say that the well known indicators are all there, along with some which are a little bit more bespoke.


The customisation of the platform even goes so far as the ability to change the colours on the screen.  This can be very useful for indicating a change of direction in the market with a quick glance.


One of the biggest downsides to Metatrader 4 is the inability of it to be mobile.  The software is just calling out to be put on the iphone or blackberry, but as of yet it has not materialised.  I have heard (from the MT website) that metatrader 5 will be made mobile, so you can trade from anywhere in the world.


One of the pros and cons wrapped up in one, is the ability for Metatrader 4 to use robots (or expert Advisors) to automatically trade on your behalf.  The pro of this, is that it takes the emotion of out of trading, so you can program the robot to buy after certain conditions are met, and also to sell when a different criteria is reached.  One of the cons to this is that Metatrader 4 needs to be open 24/7 (either leaving your computer on, or having a VPS).  This adds to the cost of your trading, although it is relatively cheap these days.


Overall, Metatrader is one of the most useful trading tools out there.  It is certainly not the be all and end all of Forex trading, but is a definite worthwhile addition to the tool set for the Forex trader.