An advanced trading platform, MT4 has become a norm for seasoned Forex traders as it helps them execute their trades even when their machine is off. It comes with a user-friendly interface, numerous technical analysis tools for forecasting market patterns, real-time currency price data, and much more.
MetaTrader 4 is an advanced trading platform that can automate Forex and CFD trades. It can also closely analyse the markets. Developed by MetaQuotes in 2005, it is licensed to Forex brokers who can offer this platform to their clients for seamless trading.
Traders can use it to check live currency pair prices, charts, place orders, manage orders, and automate trades. The tool is free to download and gives traders access to a secure, fast and reliable trading environment.
Automated trading opportunity
Traders can automate their trade and leverage market movements without any manual intervention. In fact, traders can also use automated trading strategies with MT4 expert advisors. Expert Advisors or EA are strategic programs run on the MT4 platform, which help monitor and trade financial markets with systematic algorithms.
You can set your own EAs and technical indicators to suit your trading goals and objectives. You can then test and optimise your strategy through MT4’s Strategy Tester. The tester lets you know if the strategy you are doing will be useful in Forex trading or not.
Real-time market prices and liquidity access
MT4 allows you to access all Forex quotes in real-time and execute trades simultaneously. You can also view additional details about a currency pair, including its spread, margin, contract size, and the number of buy and sell orders.
If the bid is greater than the sell, the market trend is considered bullish. This enables the trader to increase their purchase of a particular currency pair due to the increased liquidity. This also helps them with short-term strategies like scalping.
Extensive price analysis tools
MT4 has several in-built charts and technical indicators along with extensive price analysis tools. There are over 30 indicators that include major volume and trend tools along with unlimited charts that can be viewed together. The platform displays currency pairs in nine different timeframes, ranging from minutes to monthly intervals.
It also allows traders to conduct an in-depth chart analysis with price analysis, mathematical tools, and drawing objects that help traders analyse all price-related activities. The charts are customised to suit each trader and their requirements. These charts help traders identify support and resistance levels, forecast price changes, define exit and entry points, and set the stop-loss levels in the Forex market.
High flexibility on multiple orders
With MT4, you can deal with two market orders, four pending orders, and three different trade execution modes together. Since everything on MT4 is automated, traders who do not wish to trade full time can opt for the same strategy.
Slippage happens when an executed market order or stop-loss order is closed at a different rate than what was set initially. This happens mostly in markets of high volatility and can lead to losses. However, MT4 comes with a lightning-fast execution and robust stability that helps in minimising the chances of this issue from happening.
MT4 has an alert function that informs traders of significant price changes across financial markets. Any change in the national or global economy can result in dramatic changes in the market. This leads to volatile price movements that can result in losses. To protect you against these, MT4 sends an email and mobile alert notifications to update you on all price movements.
Automatic and algorithmic trading
With the EA’s function, there are several algorithms that you do on MT4. EAs come with a programming language that allows traders to create their own automated and algorithmic trading strategies.
Trend indicators are used to study and identify price trends of financial instruments in the market. Some examples include:
The oscillator indicators show the fluctuations in the market with upper and lower bonds providing oversold and overbought signals. Some examples include:
Volume indicators define trading volumes and the quantity of security traded in a market over a specified period. A few examples of volume indicators are:
Bill Williams Indicators
Bill William indicators are preferred by people following the methods of American trader and author, Bill Williams.
1. Sign up with a Forex broker supporting MT4
Use MT4 by signing up with Blueberry Markets. Once your account is set up, you can immediately open trades using MT4.
2. Download MT4
You can download MT4 for Windows, Mac, Android, or access it from the web. Log in with the credentials you used to sign up with Blueberry Markets.
3. Open your first position
MT4 will show an order window where you can place your order. For one-click order placement, press F9 and fill the components like symbol, volume, take profit, stop loss, comment, and type. Your order is instantly executed based on the order type you choose.
4. Monitor current and pending orders
You can monitor all your open and pending positions in the terminal window. Press Ctrl + T or click on View in the toolbar. Then, select the Trade tab. Closing a position or deleting an order with MT4 comes easy with a single click.
5. Modify orders
You can also modify your orders on open and pending positions. Open the terminal window and visit the Trade tab again, right-click the position or pending order you want to change, and click on Modify or Delete the order.
6. Customise charts
You can draw on the charts, add indicators, and even edit indicators when required. MT4 also allows you to change the time frame of a particular price chart with one click.
7. Set up price alerts
You can set up price alerts by opening the terminal window and going to the Alerts tab. Right-click on the window and click Create. This will give you an alert editor where you can completely customise price alerts for currency pairs.
8. View trade history and download trade reports
Viewing trade history on MT4 is easy as all you have to do is click on the Terminal window and go to the Account History tab. After you have gone through your trade history, you can also download trade reports for specific periods. The reports give details on individual trades and an account summary with metrics like drawdowns and profit factors.
Blueberry Markets gives you access to MT4 if you sign up for a live or demo account with us.
We allow our traders to customise everything from charts and strategies to indicators with a single click.
Sign up today to make the most out of the benefits of trading on MT4.
Gaps in the Forex market help traders identify price movement clues, entry and exit signals, and trend reversals. In simple terms, gap trading is a disciplined approach to buy and sell assets. You can benefit from volatile markets in asset prices or gaps and turn these gaps into trading opportunities.
Swing trading is all about profiting from market swings. It is a popular speculative strategy where traders tend to buy and hold their assets hoping to profit from expected market movement. While swing trading exposes you to gap risk, it also helps you effectively use technical analysis to determine entry and exit points. Ideally, swing trading falls somewhere between day trading and trend trading.
Support and resistance levels in the Forex market allow traders to understand the market direction and predict future prices to consider in making trade decisions. They help you identify key price trends when the market has a higher chance of stopping and changing direction. Buying near the support level and selling near the resistance level increases trading opportunities and possibly minimise losses and risks.
MetaTrader is one of the most popular online trading platforms used globally and its two main versions are MetaTrader 4 and MetaTrader 5. But between MT4 and MT5, which is one best for you?
Hedging in Forex helps limit significant losses and survive falling markets as well as major economic downturns. When you hedge a Forex trade, it reduces your investment risk in the market as hedging strategies can help determine how much loss you can endure as a Forex trader.
The Forex market offers high liquidity and margin opportunities for you to trade and potentially profit off of exchange rates of currencies. With a daily volume of more than $6.6 trillion in 2019, it is the largest financial market in the world.
Margin trading is one of the most common derivative strategies used in financial markets. It can also be considered tax-efficient as it allows you to choose the size of your wager and exempts profits earned from stamp duties and taxes.
Leverage allows traders to hold large positions in the Forex market with fewer capital. With leverage trading, traders can borrow money from a broker and hold larger positions, which in turn could magnify returns or losses.
A stop loss order is used to prevent extensive losses, especially during severe market dip situations. By placing a stop loss order, you can automatically close your position if the market moves against you. It frees you up from monitoring your portfolio constantly. In volatile markets, uncontrollable losses that could wipe out your entire account can be prevented with the use of a stop loss order.
MetaTrader 5, the powerful automated trading platform, offers advanced tools for successful trading analysis and trades in the financial markets. Aside from Forex, the MT5 platform helps you trade Stocks, CFDs, and Futures. It has numerous order types and execution modes that allow traders to use custom trading strategies even when their machine is not online.
A spread is a cost built into the buying and the selling price of all the currency pairs. In most cases, Forex spreads depend on your Forex broker.
The foreign exchange (Forex) market is the largest financial market in the world. With a daily average volume of about $6.6 trillion and worth over $2.4 quadrillion as of 2021, Forex is a decentralised global market for trading currencies.
Major players in the Forex market are financial institutions including commercial banks, central banks, money managers along with hedge funds. Many global corporations also trade in Forex to hedge currency risk.
As the largest financial market globally, Forex trading is one of the most popular investment avenues for many. The liquidity and huge trading volume make Forex trading an option worth exploring.
Many people want to get into Forex trading and make quick profits, but only a few even know how to start. While trading Forex online has now become easier than ever because of powerful platforms like Blueberry Markets, it can still feel incredibly overwhelming to get started with it.
In case you are wondering isIn case you are wondering is Forex trading profitable, the short answer is yes. But many opt for Forex traders to make fast profits since Forex markets are operational 24 hours for five days a week.
In terms of trading volume, the Forex market is the largest financial market in the world. It is also the only financial market that operates round the clock every day. It is estimated that the global Forex market is 2.5X larger than the global GDP. These facts make the Forex market an incredible investment opportunity.
Making your first trade in Forex successfully requires in-depth knowledge about trading basics and Forex trading strategies. The learning curve to trading currencies can seem overwhelming and complex, but when you have the right information by your side, it can make the entire process all the more easier.
Forex trading usually provides much higher leverage compared to other financial instruments like stocks. This is one of the primary reasons why so many people are attracted to Forex, and more and more people have started to enter the Forex trading market.
There are several Forex brokers in the Forex market, and amidst those thousands of Forex brokers, it can become nothing less than challenging for traders to find the best brokers.
When you hold a currency spot position overnight, the interest you either earn or pay is the rollover amount. Each currency has a different overnight interbank interest rate, and because you trade Forex in pairs, you also deal with two different interest rates.
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