How to Install MT4: A Beginner's Guide
MetaTrader 4 (MT4) is a powerful forex trading platform with a user-friendly interface and advanced analytical tools for automating trading. Knowing how to use and install MT4 can help you save time on your trades and make more profit. In this article, we take a look at how to install MT4 software and boost your forex trades.
What is MetaTrader4?
MetaTrader 4 is an online trading platform with advanced technical analysis tools, algorithmic trading, and robots to automate trading orders. The platform is specifically designed for forex, though you can also trade indices, commodities, and cryptocurrencies on it.
Benefits of MT4
Customisations with MQL4
MetaQuotes Language 4 (MQL4) is the system language of MT4, and it allows you to create your customised indicators, robots/expert advisers, and algorithms. It is completely customisable and allows you to automate trading.
Advanced analytical tools
MT4 offers a wide range of advanced analytical tools that you can use to fine-tune your trades. Both fundamental and technical analysis is used to monitor the market for the ideal time to enter or exit trades. Additionally, there exist more than 23 analytical objects, 30 technical indicators, and 9 time-frames that can help you with both short-term and long-term strategies to execute orders. Tools like customisable charts, shapes, arrows, and more can make future price forecasts. Another advanced feature on MT4 is the Gann tool, which helps measure different forex patterns, prices, and time frames. The MQL editor enables you to customise your own Expert Advisors, scripts, technical indicators, and more.
One of the biggest benefits of MT4 is that it allows copy trading, which is the process of copying positions of another experienced trader automatically. It's about basing your trading decisions on more experienced traders who have a higher probability of making a successful trade. In the copy trading method, you copy and paste the trades of an experienced trader to place successful trading orders. Copying trades of an experienced and expert trader increases your chances of profiting from the trades. So, if the trading you are following is buying 10 units of a specific currency pair at an exchange rate of 2, you will copy their moves in the exact same way, according to the funds you want to trade. If the trader continues to invest more in the same currency pair, you do the same thing. To become a successful copy trader, you are required to copy each and every trade of the expert trader. With forex copy trading, you can also choose the amount you want to invest and enter the market on your own if you feel you do not want to copy the expert trader’s moves anymore.
With the MT4 trading platform, you can run more than one forex trading account from a single platform. It makes the process of handling multiple accounts together easier and saves time.
Automatic or algorithmic trade execution
Expert Advisors (EAs) are programs running on the MT4 platform that allows you to monitor and trade the forex markets automatically using algorithms. EAs identify ideal trading opportunities based on your specific trading preferences and open positions accordingly. Traders can choose from hundreds of EA’s as each of them is designed uniquely to match specific trading requirements. Pre-programmed trading instructions are used to save on the time consumed on each trade and execute orders at the ideal prices. Additionally, traders can develop their own EAs or trading robots. They can then run them on the platform to place automatic trade orders as per the exact trading requirements of the trader.
Supported by mobile and desktop
The MT4 platform can be used on either a desktop or a mobile phone. This offers flexibility to traders even on the go as the platform is fully optimised for the same. The MT4 platform has three versions: a mobile phone version, a laptop version, and a web version supporting Mac, iOS, Android, and Windows. You can switch between different devices throughout the day and use your MT4 account without any hassle.
MT4 follows a straightforward process to support strategies of all levels of complexity. Since the platform is extremely simple to use, beginners can start trading with MT4 and move to MT5 platform, the more advanced version, when they feel comfortable with it.
Demo mode and live mode
MT4 software can be used in two different modes: demo mode and live mode. For the demo mode, you can register with a broker and use the software to practice trading. You can try different strategies through a virtual account deposit and trade in real-time without actually involving any real funds or money. On the other hand, when you get the hang of the market, you can shift to the live version and start trading the real market with real money. This helps you practice before you execute real orders to avoid any possible mishaps and risks from trading with new software. However, to switch from a demo account to a live account, you need an account with a reliable forex broker. Note that while you can create a demo account on MT4 without signing up with a broker, switching to a live account requires a forex broker. Moreover, it is better to create a demo account through a forex broker as well in order to quickly switch your demo account to a live one without losing any of your trades from the demo account, including trades, customisations and indicators.
What are the MT4 hardware requirements?
Hardware requirements for MT4 are limited –
- Windows or iOS devices like a laptop, tablet or smartphone
- A high-definition display (1024 x 768 or more)
- An internet connection with advanced connectivity, at least 1 Mbps or higher
- At least 12.5 MB of free storage on the device
- A process with at least SSE2 support or at least 512 MB RAM
- A 2.0 GHz or faster CPU
What are MetaTrader 4 server requirements?
Here are the following software requirements for MT4 –
- Windows 2000 or later or an updated iOS system
- A trading account’s successful server
- 64-bit processor
- 1 TB hard drive space
How to install MetaTrader 4 on PC: MetaTrader for Windows
Step 1: Download the MetaTrader 4 installer
The first step towards installing the platform on your Windows PC is to first have the MT4 installer file on your computer. Download MT4 installer from its official website. But if you have already signed up with a trading platform that offers MT4 then you can sign in to your account and navigate to the MetaTrader 4 PC button to start the download. Most forex trading platforms like Blueberry Markets, have their dedicated MetaTrader download pages to assist you. There is also 24/7 support available to help you with anything that you need.
Step 2: Run the MT4 Setup
After you have downloaded the MT4 installer, a dialogue box will appear with a yes or no question. Double-click on the ‘yes’ button to successfully run the installer. Accept the terms and conditions after clicking the yes button and press ‘next’ once you are sure about installing the MT4 software on your computer with its default settings. If you wish to change the settings before it is downloaded on your PC, click the settings button and change the settings based on your trading preferences.
Step 3: Change the settings, if needed
While installing the MT4 software, you cannot change all the settings, but quite a few of them, as mentioned below –
- The software’s group name can be changed in Windows’ Start Menu, and you can choose a name of your choice in the ‘Program Group’ option.
- Suppose you want the software to open the MQL5 website after it is installed. You can tick on the ‘Open MQL5 community Website’ and untick it if you do not want the software to open the same.
- The location of where the folder will be finally saved can also be changed by selecting the ‘Installation Folder’ button.
Step 4: Wait for the Installation Process to Complete
After you have made the desired changes and accepted the terms and conditions, the installer will start downloading after you press the ‘finish’ button. The installation can take anywhere between 10 to 200 seconds, depending on the processing of your computer. Once the installation is finished, the MetaTrader 4 terminal will start running automatically, and you will be able to see the ‘Open Account Window’. In this window, you can click on ‘Help’ to check the software’s date and version. You can close the window after you are done checking the information.
Step 5: Use the MT4 tool
After this step, your installation process is successfully completed. You can purchase the demo account for free, practice trading with the MT4 software, and then proceed to the paid version. However, if you are using MT4 with an already existing trading platform, you can use the software for free from day one.
Can I use MT4 without a broker?
No, you cannot place any real forex traders with the MT4 platform until and unless you have an existing live account with a broker who supports the software. Using the software without a broker hinders you from several services and does not really offer much leverage. However, you can open a demo account with MT4 and navigate through the different technical tools it has to offer and place demo trades to practice.
Start trading with MetaTrader4 today
MT4 offers a wide variety of trading tools that can help you enhance your trading experience. You can also customise these tools as per your specific trading experience. Blueberry Market is an online trading platform in Australia that gives you access to both MT4 and MT5 platforms to take your forex journey to the next level. Get started today. Sign up for a live trading account or try a risk-free demo account.
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