MT4 is a powerful and popular trading platform
Your needs as a trader will differ as you acquire more experience along the way. Your strategies and the tools you use will not be the same. Despite this, the popular platform MT4 has the potential to cover all your needs, regardless of whether you are a novice trader or a professional one with long experience.
How MT4 can meet the needs of beginners and experts alike
- MT4 is available on all devices. Whether you have a Mac or a Windows, you can ask your broker to give you the MetaTrader 4 download PC link, or the one for Mac.
- MT4 has advanced drawing tools. MT4 offers you several shapes that you can add to your charts. You can also add trend lines, as well as horizontal and vertical ones. Those lines can be valuable if you analyze both price action and the time on the chart. The drawing tools will also help you pinpoint Elliot waves on the chart (for more experienced traders). This will help you catch waves early on and stay in the trade until the wave is about to finish.
- You can trade manually or automatically using MT4. If you are a beginner, then you can easily use MT4 to trade manually. You can use all the technical indicators you need and find your edge in the market. Once you have found a good strategy, you can automate it and test it using MT4 as well. The strategy tester will help you check whether your strategy will in practice produce favorable results or not. If it works well, you can set it to trade on its own.
- You can use the available technical indicators, or you can develop your own. MT4 has all the technical indicators that are usually used by most traders including beginners. Those include the moving averages, the stochastics, the RSI, the Bollinger bands, and several others. If you are an advanced trader and you have developed your own indicator, then you can use it as well on MT4. You can also shop and buy custom indicators available on the market if you are familiar with good ones.
- You can customize your charts the way you want. As a beginner, MT4 has several themes you can apply quickly on your charts, such as the black and white theme, the black and green theme, and others. If you prefer a different style, then you can customize those colors so that the platform has the appearance you want. This makes analyzing the market an easier task.
- You can add alerts. If you are an experienced trader, and you do not have time to sit behind the screen, then you can set up alerts. Those alerts send you notifications when the price touches a certain level, or a technical indicator reaches a specific point. They make your trading life a lot easier. This feature can be used by beginners and experts alike.
MT4 is full of features, and it is quite easy to use. There are also plenty of resources you can download to learn more about the platform. Make sure you use proper risk management techniques for the best probability of success.