With more than $6.6 trillion now traded globally on a daily basis, the forex market is one of the largest and most liquid entities of its type anywhere in the world.
This number has increased markedly from the $5.1 trillion in 2016, while just $1.2 trillion was traded during each 24-hour period way back in 1995.
Undoubtedly, this increase has been inspired by the rise of accessible trading platforms like the MT4. But what exactly is this type of trading platform, and what are the key things that you need to know about it?
What is the MetaTrader 4?
Let’s start with the basics; as while the MetaTrader 4 (MT4) may sound like a video game, it’s actually the single most popular and established forex trading platform in the world.
Despite being superseded by the MT5, this platform has remained the standard bearer in developed economies, particularly among independent and retail traders who benefit from increased accessibility to the forex market.
Although some forex brokers have developed their own proprietary trading platforms, most offer compatibility with the MT4, which in turn affords them access to a large audience of novice and part-time investors.
Over time, the platform has also cultivated a sense of popularity and familiarity among users, enabling it to remain in high demand despite being developed back in 2005.
What’s Good About the MT4?
Ok, we hear you ask, but what factors and attributes underpin the popularity of the MT4? Well, to begin with, it’s flexible, enabling you to trade freely and access your account seamlessly through a laptop, smartphone or tablet device.
What’s more, the platform and its interface are incredibly easy to navigate, which is ideal for beginners who are getting to grips with a host of technical indicators and attempting to analyse various datasets.
To this end, the features of the MT4 remain largely the same regardless of your chosen broker, allowing for superior and easier use across the board.
What’s more, the MT4 boasts access to a diverse range of customisable charts, enabling you to choose how data is presented in real-time and making it far easier to make effective real-time decisions.
What Else Do I Need to Know About the MT4?
Another key element of the MT4 is that it features so-called “forex robots”, which allows you to access algorithmic trading and create highly profitable automated strategies.
Forex robots are synonymous with high-frequency trading and strategies such as scalping, which require investors to execute a high volume of low value orders in relatively short periods of time.
Additionally, the widespread nature of the MT4 means that a huge number of successful traders continually broadcast and share signals with others. Sometimes, this will incur a fee, but it enables part-time traders to follow successful investors and replicate their strategies.
More specifically, the program has a signal feature that’s designed so that you can follow other traders, creating the opportunity to copy and modify their strategies while learning how they navigate the marketplace.
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