MetaTrader 4: How to Download, Install, and Customize the Platform for Your Trading Needs
Metatrader 4 Download: A Guide for Forex Traders
If you are interested in forex trading, you may have heard of Metatrader 4, or MT4 for short. MT4 is one of the most popular and widely used trading platforms in the world. It offers traders a powerful and flexible tool for technical analysis, trading execution, and automated trading.
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In this article, we will show you how to download and install MT4 on your device, how to use it for forex trading, and how to enhance your MT4 experience with additional services and tools. We will also compare MT4 with its successor, Metatrader 5, or MT5, which is another platform developed by MetaQuotes Software Corp.
How to Download and Install Metatrader 4
Downloading Metatrader 4 from a Broker's Website
One way to download MT4 is from a broker's website. A broker is a company that provides you access to the forex market and executes your trades. There are hundreds of brokers that offer MT4 as their trading platform, but not all of them are reliable and trustworthy.
To find a reputable broker that offers MT4, you can check online reviews, ratings, and rankings from various sources, such as [ForexBrokers.com](^13^), [Benzinga](^15^), or [MetaTrader](^14^). You can also compare different brokers based on their features, fees, regulations, customer service, and more.
Once you have chosen a broker that suits your needs and preferences, you can visit their website and look for the MT4 download link. Usually, you will need to register an account with the broker before you can download MT4. You will also need to choose between a live account or a demo account. A live account allows you to trade with real money, while a demo account allows you to practice with virtual money.
Downloading Metatrader 4 from the Official Website
Another way to download MT4 is from the official website of MetaQuotes Software Corp, the developer of MT4 and MT5. You can go to [MetaTrader 4 Trading Platform] and click on the "Download MetaTrader 4" button. You will be redirected to a page where you can choose the version of MT4 that matches your device, such as Windows, Mac, iPhone, iPad, or Android.
Downloading MT4 from the official website allows you to open a demo account with MetaQuotes Software Corp, which is different from opening a demo account with a broker. A demo account with MetaQuotes Software Corp gives you access to the MT4 platform and its features, but not to the forex market. You can use this demo account to test the platform and its functions, but not to practice trading.
Installing and Running Metatrader 4 on Your Device
After you have downloaded MT4 from either a broker's website or the official website, you need to install it on your device. The installation process may vary depending on your device and the version of MT4 you have downloaded, but generally, it is simple and straightforward.
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For Windows users, you need to run the .exe file that you have downloaded and follow the instructions on the screen. You can choose the installation folder and the program group for MT4. You can also choose whether to create a desktop shortcut or not. After the installation is complete, you can launch MT4 by double-clicking on the icon on your desktop or in the program group.
For Mac users, you need to run the .dmg file that you have downloaded and drag the MT4 icon to the Applications folder. You can then launch MT4 by double-clicking on the icon in the Applications folder. However, since MT4 is not a native Mac application, you may encounter some compatibility issues or errors. To solve these issues, you can use a third-party software such as [Wine] or [PlayOnMac] that allows you to run Windows applications on Mac.
For smartphone or tablet users, you need to run the .apk file that you have downloaded and follow the instructions on the screen. You can also download MT4 from the Google Play Store for Android devices or from the App Store for iOS devices. After the installation is complete, you can launch MT4 by tapping on the icon on your home screen or in the app drawer.
How to Use Metatrader 4 for Forex Trading
How to Customize Your Charts and Indicators
One of the main features of MT4 is its ability to provide traders with various charts and indicators for technical analysis. Technical analysis is a method of analyzing the price movements and trends of a currency pair using historical data and mathematical formulas.
To customize your charts and indicators on MT4, you need to open a chart window by clicking on the "New Chart" button on the toolbar or by selecting a currency pair from the "Market Watch" window. You can then change the chart type, time frame, color scheme, zoom level, grid, and other options by using the buttons on the toolbar or by right-clicking on the chart and selecting "Properties".
To apply technical indicators and analytical objects on your chart, you need to click on the "Insert" menu on the toolbar or right-click on the chart and select "Indicators" or "Objects". You can then choose from a wide range of indicators and objects, such as trend lines, channels, Fibonacci retracements, moving averages, oscillators, and more. You can also adjust their parameters, colors, styles, and levels by double-clicking on them or by right-clicking on them and selecting "Properties".
To use templates on your chart, you need to click on the "Templates" button on the toolbar or right-click on the chart and select "Template". You can then save your current chart settings as a template or load a previously saved template. Templates allow you to quickly apply your preferred chart settings to any currency pair without having to customize them every time.
How to Place and Manage Trades on Metatrader 4
Another main feature of MT4 is its ability to execute trades quickly and efficiently. Trading execution is a process of opening and closing positions in the forex market based on your trading strategy and signals.
To place a trade on MT4, you need to open an order window by clicking on the "New Order" button on the toolbar or by double-clicking on a currency pair in the "Market Watch" window. You can then choose the order type, the execution mode, the volume, the stop loss and take profit levels, and the comment. There are four types of orders on MT4: market orders, limit orders, stop orders, and pending orders. There are also two execution modes: instant execution and market execution.
A market order is an order to buy or sell a currency pair at the current market price. A limit order is an order to buy or sell a currency pair at a specified price or better. A stop order is an order to buy or sell a currency pair when it reaches a certain price level. A pending order is an order that will be executed only when certain conditions are met.
Instant execution is a mode where you can set the desired price for your order and send it to the broker. If the price is still available, your order will be executed. If not, you will receive a requote and you can either accept the new price or cancel the order. Market execution is a mode where you send your order to the broker without specifying the price. Your order will be executed at the best available price in the market.
To manage your trades on MT4, you need to open the "Terminal" window by clicking on the "Terminal" button on the toolbar or by pressing Ctrl+T on your keyboard. You can then view your open positions, pending orders, trading history, account balance, margin level, and more. You can also modify or close your trades by right-clicking on them and selecting "Modify or Delete Order" or "Close Order".
How to Use Trading Signals and Expert Advisors on Metatrader 4
A third main feature of MT4 is its ability to support trading signals and expert advisors for automated trading. Automated trading is a method of using software programs or algorithms to execute trades based on predefined rules and criteria.
To use trading signals on MT4, you need to open the "Signals" tab in the "Terminal" window. You can then browse through thousands of signals from other traders who share their trading strategies and performance. You can also subscribe to any signal that matches your trading goals and risk appetite. By subscribing to a signal, you can copy the trades of the signal provider automatically on your MT4 account.
To use expert advisors on MT4, you need to open the "Navigator" window by clicking on the "Navigator" button on the toolbar or by pressing Ctrl+N on your keyboard. You can then access hundreds of expert advisors that are built-in or downloaded from the "Market" or the "Code Base". You can also create your own expert advisor using the MetaEditor tool and the MQL4 programming language. By attaching an expert advisor to a chart, you can enable it to analyze the market and execute trades according to its algorithm.
How to Enhance Your Metatrader 4 Experience
How to Access Additional Services and Tools on Metatrader 4
Besides its core features, MT4 also offers some additional services and tools that can enhance your trading experience and performance. These include:
The Market, which is a store where you can buy or sell various products for MT4, such as indicators, expert advisors, scripts, libraries, books, magazines, and more.
The Code Base, which is a repository where you can download free source codes for MT4, such as indicators, expert advisors, scripts, libraries, and more.
The MQL5.community chat, which is a chat service where you can communicate with other MT4 users and developers from around the world.
The Live Update, which is a feature that allows you to update your MT4 platform automatically whenever there is a new version available.
How to Compare Metatrader 4 with Metatrader 5
As mentioned earlier, MT4 has a successor called MT5, which is another platform developed by MetaQuotes Software Corp. MT5 was released in 2010 as an improved version of MT4 with more features and functionality. However, MT4 remains more popular and widely used than MT5 among forex traders.
Some of the main differences between MT4 and MT5 are:
MT4
MT5
Supports only forex and CFDs trading
Supports forex, CFDs, stocks, futures, options, and bonds trading
Uses MQL4 programming language
Uses MQL5 programming language
Has 9 time frames and 3 chart types
Has 21 time frames and 6 chart types
Has 30 built-in indicators and 33 analytical objects
Has 38 built-in indicators and 44 analytical objects
Has 4 order types and 2 execution modes
Has 6 order types and 4 execution modes
Has a maximum of 128 trading instruments
Has an unlimited number of trading instruments
Has a first-in, first-out (FIFO) order processing system
Has a hedging order processing system
Does not have an economic calendar and a depth of market feature
Has an economic calendar and a depth of market feature
Does not support netting and exchange trading
Supports netting and exchange trading
Is compatible with most brokers and older devices
Is compatible with fewer brokers and newer devices
The choice between MT4 and MT5 depends on your personal preference, trading style, and trading goals. You can also use both platforms simultaneously if you want to enjoy the best of both worlds.
Conclusion
In conclusion, MT4 is a powerful and flexible trading platform that can help you trade forex and CFDs with ease and efficiency. It allows you to customize your charts and indicators, place and manage your trades, and use trading signals and expert advisors for automated trading. It also offers some additional services and tools that can enhance your trading experience and performance.
If you want to download and install MT4 on your device, you can either do it from a broker's website or from the official website of MetaQuotes Software Corp. You can then use MT4 for forex trading by following the steps and tips we have provided in this article. You can also compare MT4 with MT5 to see which platform suits you better.
We hope that this article has helped you understand how to download and use MT4 for forex trading. If you have any questions or comments, please feel free to leave them below. Happy trading!
Frequently Asked Questions (FAQs)
Q: Is MT4 free to use?
A: Yes, MT4 is free to download and use for forex trading. However, you may need to pay some fees or commissions to your broker depending on their terms and conditions.
Q: How can I update my MT4 platform?
A: You can update your MT4 platform automatically by using the Live Update feature. Alternatively, you can download the latest version of MT4 from your broker's website or from the official website of MetaQuotes Software Corp.
Q: How can I backtest my trading strategies on MT4?
A: You can backtest your trading strategies on MT4 by using the Strategy Tester tool. This tool allows you to test the performance of your expert advisors or indicators on historical data and optimize their parameters.
Q: How can I transfer my MT4 settings and data to another device?
A: You can transfer your MT4 settings and data to another device by copying the entire folder of your MT4 installation. You can then paste it to the same location on the other device. However, you may need to re-enter your login details and adjust some settings depending on the device.
Q: How can I contact the support team of MT4?
A: You can contact the support team of MT4 by using the MQL5.community chat service or by sending an email to [support@metaquotes.net]. You can also visit the [MetaTrader 4 Help] page for more information.