Why Meta Trader 4?
MT4 is one the most popular trading software in the Forex Trading world. This software was developed by meta quotes for online retail traders. This is the software every Forex and Gold trader uses either on their PC, Tablet or on mobile. It is Free for anyone to use and is really easy to customize which has made it the most popular trading software for retail traders.
3 Best Features in MT4
Short term traders need to have a quick way to do technical analysis. MT4 software has the most popular trading indicators built in such as moving averages, volumes, or oscillators. The next feature that is helpful is the drawing tools. MT4 allows you to easily draw price channels, an Andrews’ pitchfork, or trendlines. If you have a personal favorite setting this software allows you to save your chart templets.
You might be wondering why I am not talking about MT5. One of the weaknesses of MT5 is that the software doesn’t allow hedging. Hedging is to take the opposite side of a trade to protect a position against a loss. As an example, if you sold a currency pair then hedging would be buying the same pair. Some traders prefer this method instead of using stop losses.
MT4 Is Easy To Customise
With most trading software you are limited to the color and aesthetics of that you can choose. MT4 is completely customizable and with a large color palate. The other trading software that I have used limit you and it makes a huge difference when you are staring at the chart for long periods of time.