There’s no doubt that the world’s financial markets have evolved markedly during the digital age, with the foreign exchange offering a particularly relevant case in point. This market now sees an incredible $6.6 trillion traded globally every single day, as one-by-one the historical barriers to entry have been removed by innovation.
Perhaps the best example of this is the rise of online and mobile trading, which has made it easier than ever for investors to access the 24-hour forex market in real-time and execute multiple orders simultaneously.
In terms of mobile trading, it’s MetaQuotes MetaTrader 4 (MT4) app that continues to set the industry standard in 2020. But what is this platform, and how does it enable you to trade currency pairings successfully?
What is the MT4 and What Makes it so Popular?
In simple terms, the MT4 is a trading platform that was developed by MetaQuotes back in 2005.
Although it remains synonymous with forex trading, it also offers access to a growing range of potential markets, including indices, equities, commodities and even cryptocurrencies such as Bitcoin.
Interestingly, the MT4 remains the single most popular and widely used mobile trading app of its type in existence, despite its age and the fact that MetaQuotes rolled out a so-called upgrade in the form of the MetaTrader 5 in 2010.
Of course, familiarity is one of the main reasons behind the enduring popularity of the MT4, which is also indicative of the app’s immense ease of use and intuitive nature.
Not only this; but the MT4 is also an inherently customisable app, which enables you to carefully select your inputs and personalise visual charts in a way that empowers informed decision making depending on your own unique outlook and expectations.
At its core, MT4 is also a secured platform that safeguards both your capital and personal details, while it has a multi-language facility that only serves to increase its accessibility.
Of course, the inclusion of advanced technical indicators and EAs (Expert Advisors) also allows for high-frequency and automated trading, which is ideal for day traders or those who want to execute a high volume of orders and leverage everyday volatility.
How to Use the MT4 Software
Another huge benefit of the MT4 software is that it’s compatible with and available through a large number of online brokerage sites, allowing for seamless use and access across numerous device types.
While you can use this with different brokerage sites, it’s generally easy to launch the software through your chosen platform and access a raft of marketplaces in real-time.
To begin with, you’ll need to create either a live or demo account with your chosen platform, at which point you can set up your MT4 profile through your personalised dashboard. You’ll then need to download a compatible MT4 app onto your iPhone or Android device, and once this process has been completed you can login using your unique brokerage credentials.
From here, you can click through to tools and click ‘new order’, at which point you’re ready to trade and fully deploy (or test) your forex trading strategy. The simplicity of this process certainly highlights the underlying appeal of the MT4 app, which continues to dominate the financial markets despite apparently being superseded by an upgraded version of the software.