What is MT4?
The MT4 platform has lots of tools and assets you can use to trade and can be downloaded to your computer, tablet, or smartphone.
The platform may look complicated at first, but once you get used to it and all its functions, you will see it is easy to use and very efficient. You can buy and sell all kinds of assets directly from the platform and perform technical analysis with its many tools.
How to use it
This is what you will see when you first open the platform.
The area on the left is the market watch area displaying the most common assets you can trade. This space will include currency pairs like EUR/USD, GBP/USD etc.
This area can be adapted and changed to reflect the assets you want to watch most. But by right-clicking on the assets, you get a range of options.
- You can place a trade by right-clicking on the chart and activating one-click trading.
- You can exchange directly from the market watch window, also by right-clicking and choosing the option to trade.
Charts can also be customised by colour, chart type, indicators, or one-click trading where you can buy and sell directly on the chart. Once the trading position is opened, you can manage the profit and target levels on the chart by dragging the dotted lines.
There are lots of setting and customisation tools for the MT4 terminal. Below are some of the most commonly used.
What tools are available
Some types of charts are represented as line, candle or market profile charts. There are many chart types traders use to make trading decisions (some could need additional downloads).
- Support and resistance lines – let’s work out where your key levels are in the markets.
- Fibonacci Levels – is a common tool for technical traders.
- Relative Strength – a commonly-used indicator that lets you measure momentum.
- MACD – moving average convergence and divergence, a commonly-used trend indicator.
Other benefits include
- Alerts for key price levels you choose – You can set up alerts if you want to be informed that the price of an asset has hit a specific price.
- Timeframes – You can look at many timeframes with the MT4 platform with M1, M5, M15, M30, H1, H4, D1, W1, and MN all available
- Multichart screen set up – If you need to watch more than one asset at a time, you can make multiple windows. This way, you can set up as many charts as you like to monitor market movements.
The assets can be listed on the left-hand side (customisable), which lets you switch between assets seamlessly.
The MT4 trading platform is fast and reliable. It’s buying and selling options make it easy for you to trade multiple asset classes. There are stop losses to help you limit your risk and also orders to help you close your positions when you hit your profit goals.
If you are new to trading, the MT4’s demo environment is a great way to learn how to use the platform. Why not sign up for a Hantec Markets demo account and take MT4 for a test run?