MetaTrader 4 is the most widespread worldwide platform because it is distributed free to traders, but the reasons I'm a fan of it are its programmability and its ability to be tweaked to be exactly how I want it.
I think that I will use it forever!
Summary:
MetaTrader 4 trading platform
MT4 is a suite of applications
How to create a free infrastructure based on MT4
A wide amount of resources on the internet
Conclusions and suggestions
MetaTrader 4 trading platform
MetaTrader 4 (also known as MT4) is a trading platform built in 2005 by MetaQuotes Ltd, its software company (https://www.metatrader4.com/en). While MetaTrader 5 came out in 2010, MT4 is still the favorite platform of many traders.
It’s programmable through its own proprietary language called MQL4 (MetaQuotes Language 4).
If you want to learn to code automated trading systems, this book (“Learn to program automated trading systems for MetaTrader 4 from scratch”) can help you to start.
Free demo accounts are available worldwide from hundreds of brokers.
It has an easy-to-use interface, highly customizable.
MT4 is equipped with all the most common technical indicators.
There is a desktop version (the one I normally use):
Source: MetaTrader 4 trading platform - screenshot by Author.
A smartphone/tablet version:
Source: MetaTrader 4 mobile trading (Android) - screenshot by Author.
Moreover, a web version (to use through a browser):
Source: MetaTrader web application - screenshot by Author.
It is surprisingly stable (rarely or never crashes).
It requires very few hardware resources (Windows 2000 or later, with a 2.0 GHz or faster CPU, and, at least, 512 MB RAM (1 GB is recommended), a screen resolution of 1024 x 768 or higher, and an internet connection speed of 56 kbps or faster); for this reason, it can be used on very cheap VPS (virtual private server), 24 hours a day.
The terminal also runs on Linux and on Mac OS (using Wine).
MT4 is a suite of applications
In addition to the trading terminal, we also have a development environment (IDE) for indicators and automated trading systems ("robots") called MetaEditor:
Source: MetaTrader4 automated trading IDE - screenshot by Author.
Source: MetaTrader 4 History Center - screenshot by Author.
How to create a free infrastructure based on MT4
As I just wrote, downloading and installing MetaTrader 4 you have a trading terminal, an IDE, and a data manager.
Now you can easily add a free data downloader (for example Quant Data Manager by Strategy Quant) and a free (with some limitations in advanced features) portfolio manager and advanced report analyzer (for example Quant Analyzer by Strategy Quant).
This way, you have built (without any fee!) a complete infrastructure to develop, backtest and use automated trading systems.
MT4 can be your first step to becoming an algorithmic trader.
A wide amount of resources on the internet
MetaTrader 4 is so widespread worldwide that finding online resources (such as indicators or robots or libraries) to increase its functionality or to customize it as we want is very easy.
I recommend starting from the Code Base of the official community created by MetaQuotes: https://www.mql5.com/en/code/mt4
Conclusions and suggestions
- MetaTrader 4 is the most popular online trading platform in the world and you can obtain it without any fee or risk if you open a demo account. The interface is easy to use and understand. It requires very few hardware resources and it is very stable. It works perfectly in a VPS.
- For all these reasons, it’s a very good choice as your first trading platform.
Suggestions:
- Find a good broker, open a demo account, download, and start to use your MetaTrader 4 platform forever!
- Learn to code indicators and automated trading systems to become an algorithmic trader.
A sincere wish of good work to all!
Written by F. GRAMOLA (*).
(*) Member of S.I.A.T., the Italian Society of Technical Analysis (member society of I.F.T.A. – International Federation of Technical Analysts).
Warning
We merely cite our personal opinions for educational purposes only.
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Investing and trading are risky. Don't invest or trade money that you cannot afford to lose.
Initial Photo by Maxim Hopman on Unsplash.
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