For years MetaTrader 4 has set the standard for interactive trading software - but is its reputation still deserved?
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| Broker | Promotion | EUR/USD Spread | Leverage | Min. Deposit | Platform | |
|---|---|---|---|---|---|---|
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Deposit $5,000 and receive a $1,200 Bonus! | 3 pips | 200:1 | $100 | Xforex Platform | More infoVisit website |
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Up to $1200 when you open a new trading accout | 3 pips | 1:200 | $100 | AvaTrader | More infoVisit website |
Overview
MetaTrader 4 is online trading software that is freely available from more than 30 different brokers, and can be used to trade Forex, futures and contracts for difference. The version tested here was for Forex, and here's a snapshot of the program in use.
MetaTrader 4 includes a newsfeed, which you can see at the bottom, and windows for your account history, alerts, expert advisors, other information, and charts of the Forex pairs. Charts are available in line, bar, and candlestick form, and there are a host of indicators and oscillators available from the navigator window. Where MetaTrader 4 really scores, however, is in two ways -- it has its own programming language which you can use to create automatic routines to control or advise on your trading, and it is also a standard software engine for most if not all of the Forex expert advisors (robots) that are available, and that will trade your account automatically in accordance with their programming.
Opening a MetaTrader Account with GFC Markets
MetaTrader 4 software is easy to obtain from a number of brokers, and it is installed on your computer by following the prompts. Here's a typical download screen, in this case from www.GFCMarkets.com.
After download, when you run the installation program the first option is to choose a language, and MetaTrader 4 has 26 languages available. You will then see this screen.
The installation is automatic by following the prompts. Once MetaTrader 4 is installed and running, the File menu has an option to open an Account, which leads you to enter your details, and automatically opens a demo account for you to practice, once you have agreed to subscribe to their newsletters.
When you feel ready to open a live account, you'll need to contact the broker and arrange the details, and the funding. It will then appear in the navigator screen. For security, you cannot open them automatically from the terminal.
Basic Actions
MetaTrader 4 has the advantage of a huge user base, and if you want to do something complicated, including writing a trading system, someone on a forum will probably have done it before and be able to explain it. All the basic functions are easy, and when you click on the New Order button seen on the first picture, you get a self-explanatory dialog box like this.
The currency you've been watching automatically appears in the MetaTrader 4 dialog box, but as you can see you can change any factors you want and choose to buy or sell.
Pros v. Cons of MetaTrader 4
√ easy to use
√ many indicators available.
√ indicators can be customized.
√ easy to program.
√ customizable layout.
√ supports back testing of strategies.
√ large user bas.
x running expert advisors (Forex robots) requires you to leave your computer on.
Summary
MetaTrader 4 is a well written fully featured software package with a user-friendly front end. It has full analytical facilities built in, and the ability to program custom analysis if required. There is a large user base for MetaTrader 4 and it is one of the most popular and versatile platforms available.
Ratings for MetaTrader 4
? Price: free
? Ease-of-use: 5/5
? Value for money: 5/5
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