Trading the markets with the MetaTrader 4 app
Retail traders have been employing the MetaTrader trading platforms for more than a decade now, not only because of their stability and ease of use but also because of the powerful automated features and trading robots available in built-in marketplace. However, most of these tools and services are also available on the mobile iteration of the platform which you can now download on your phone and take the markets with you wherever you go.
MetaTrader 4 is the ultimate trading platform for retail traders since it provides them with tools and technical indicators that rival those available for institutional traders. The versatility and dexterity of the forex market offers retail traders access to futures, commodities, cryptocurrencies and hundreds of other tradable assets which can all be traded through a forex account that you can open with just under $300.
Of course, the first step in opening a forex brokerage account is to verify your identity but that is usually quite painless – as long as you have the necessary documentation on hand. These may include copies of your ID or driver’s license as well as a proof of address document such as a recent electricity bill.
When the verification process is completed, you can proceed to fund your account with any of the available deposit methods provided by your broker. Usually, you will be spoilt for choice here with dozens of payment providers to choose from including credit/debit card, wire transfers and online providers such as Neteller, fasapay and UPayCard. Some brokers even allow funding your account using your cryptocurrency wallet and most major digital currencies are accepted.
As soon as your account is activated and funded, you can proceed to download one of the platforms in your broker’s offering and start trading the financial instrument of your choosing.
The MetaTrader 4 platform
As already mentioned, the majority of traders prefer trading with MT4, and this is the main platform you will likely find available at most brokers. Even those who feature a proprietary trading platform will also often provide MT4 due to its widespread popularity.
In fact, MT4 is so established that even though its successor, the MT5, has been boasting more advanced features and greater support for tradable instruments, traders are still reluctant to make the change.
In part, this is learn a whole new platform when the old one still works perfectly well but mostly it’s because of all the automated trading robots and custom technical indicators developed with MT4’s programming language which isn’t be supported by the new version of the platform.
By default, the MT4 trading platform gives you access to dozens of popular technical indicators, three different chart types and nine timeframes to customize the charts according to your liking. This way, you can easily monitor and identify price movements that may align with the entry rules laid out by your trading strategy.
The mobile trading era
It’s commonly known that actively trading forex, or any other asset for that matter, is incredibly time-consuming. Depending on their trading strategy, some traders need to spend their entire day monitoring their platform to constantly open new trades and close the ones that hit their targets.
While this isn’t too much of an issue for those that are experienced enough and have developed a consistently profitable strategy trading this way, most of us prefer a more relaxed trading approach or at least one that doesn’t rely on being glued to the screen around the clock.
Mobile trading apps and the MetaTrader 4 app in particular, are a great solution to this problem. Just download the app on your phone and use it to login to your account or sign up for a new one and you can effectively trade away from home.
Each mobile trading app will have its own benefits and shortcomings of course but as long as your broker provides MT4 accounts, you can always use the MT4 mobile trading app as the primary platform for your phone.
In general, the MT4 mobile app provides a live feed of your chosen trading instruments and their price charts. If you want to conduct some rudimentary technical analysis, that is also possible albeit frustrating due to the limited display real estate.
However, the key takeaway here is that no matter where you are, you can quickly access your account and open new positions or make modifications as easy as you would on your desktop computer and that is an incredibly practical solution especially for reassuring yourself that your trades are going according to plan when away from home.