Metatrader 4: review from popular sources

There are plenty of trading platforms nowadays.

MT4 is considered the most widely-used platform among traders. The efficiency of any trading platform depends both on its features and the skills of a trader.

In this article, we will tell you about some advanced features that you can add to the platform yourself. You will also learn why traders use expert advisors.

Learn more about the platform and study the MetaTrader 4 tutorial here.

MetaTrader 4 is a tried and true platform. You can easily find thousands of reviews about MT4 online.

In our view, the platform features everything a trader needs. Standard MetaTrader 4 offers the following:

2 types of standard orders;
4 types of pending orders;
2 types of stop orders;
2 types of trailing stops and some other features.

However, some traders feel that this is not enough and they will definitely appreciate the possibility to install special trade panels (multifunctional trading assistants) directly on the platform to enhance their trading experience.

Since trade panels for MT4 are not indicators but Experts Advisors, their setup algorithm looks as follows:

Go to MetaTrader 4 and click the File tab;
In the drop-down menu, click on Open Data Folder;
In the just-opened Data Folder, open MQL/Experts;
Copy the downloaded files to the Experts folder (you may have to install additional files later);
Then you need to restart the platform;
Go to the platform and check the required files in the Navigator window (the Expert Advisors section);
Use the required Expert Advisor on the chart.

Metatrader 4 review: most popular trading assistants for МТ4. Traders’ choice

The choice of trading assistants on MetaTrader 4 is huge. Yet, everyone can choose something to their taste.

Trade panels and other add-on programs for MT4 have various features. Some programs offer so many settings that you can hardly test them all.

As a rule, experienced traders know exactly what they need for trading. Oftentimes, they ask developers to create a program that addresses their specific needs.

Метатрейдер 4: отзывы реальных людей из популярных источников

Regarding trade panels, the most popular features they offer are:

Buying and selling;
Buying and selling with Stop/Limit orders;
Closing or deleting an order;
Trailing Stop, Stop Loss and Take Profit.

These panels help optimize your trading so that you can do several things in one click. They also provide necessary information on some aspects of trading.

What are the most popular programs among traders?

Additional programs for MT4 can be both paid and free. The latter can be quite effective as well. Some traders prefer to spend their time rather than money and develop their own programs.

Those who are familiar with forex trading, have surely come across such concepts as scripts, expert advisors, and indicators. These are the tools that traders use most often.

Some of the most popular scripts are:

a script that opens 5 sell orders and 5 buy orders. It allows you to open and close trades at the price spotted at the moment when the script is launched. In other words, if the price changes, the program will wait until the price returns to the initial level at which the script was launched;
a script that automatically opens or closes an order by the preset time;
a script for preventing losses that sets two opposite stop orders;
a script for closing all sell and buy orders and a script for closing all profitable sell and buy orders. In fact, these are four different scripts. Orders are closed on all charts;
a script that can change Chart Templates and some others.

Expert Advisors also play an important role in the trading process.

They stem from the patterns that were noticed during trading. That is, these programs are based on trading practice and on some behavioral patterns of a currency pair or any other asset in certain conditions.

On forums, traders often mention the following trading robots:

The Infinity trading robot for automated trading (see above). It is available in different versions. This program is not free but it is very well designed;

Vsignale Trader 3.0 is a free expert advisor available for both professional and beginning traders;

GR Trade and SR Trade Expert Advisors;

Manhattan PRO is a paid Expert Advisor with a unique chart pattern;

DaVinci Trade Helper is not a fully automated advisor;

BumbleBeeFX is a completely automated trading robot;

WallStreet Evolution 2.0 is a paid advisor that is especially effective for trading major currency pairs including EUR/USD, GBP/USD, USD/JPY, and USD/CHF.

In addition to trading robots, there are programs that do not trade instead of you but enhance the functionality of trading platforms or test trading advisors.

Copying trades on МТ4 as additional opportunity to earn

Not everyone knows that there is one more way to get profit on platforms other than trading. Experienced traders may become providers of trading signals, that is, they can offer their services for a certain payment.

Some traders are ready to share for free and everyone can have access to their transactions. Yet, a small payment is a fair reward for a good signal.

The function of copying trades is a great help for both beginners and professionals. Almost every user of the MT4 platform tests this feature.

You can find a trader who offers this service directly on the MetaTrader 4 platform. To start copying trades, you need to follow a trader you have chosen. After that, all their trades will be automatically copied to your account.

IMPORTANT!

A paid subscription is provided by MQL5.com.

As we have mentioned above, the copying service is available directly on the MT4 platform: you get a subscription right away.

But to pay for a signal, you need to have an account with MQL5.com apart from your trading account and the MT4 app. This is the account from where the subscription fee will be charged.

When choosing the copying service, please note that:

All signal providers (as well as their products) are rated by the service;
The best signals can be found at the top of the list;
Ineffective signals are removed from the list;
You can follow one or several traders;
Before buying a signal, you can analyze its effectiveness.

It is recommended to check different offers from various traders and choose at least two or three. This will allow you to monitor several successful traders with different strategies.

Metatrader 4 review: advantages and disadvantages of MТ4

MetaTrader 4 is the most popular platform among traders. Obviously, the platform has a lot of advantages. However, nothing can be perfect, and there are some drawbacks as well.

Traders praise the following features of MT4:

Easy-to-use and intuitive interface;
Security. МТ4 operates using the 128-bit encryption system which makes all transactions secure and protected;
Additional features. When mentioning them, traders mean the opportunity to create their own expert advisors and indicators that are developed with the MQL programming language;
An option to trade in multiple windows;
Up-to-date news in the platform news feed;
Great functionality. The platform offers several types of charts, 9 time frames, and built-in indicators;
History of trades that you can check at any moment;
Free access.

So, these are the most popular benefits.

And now let’s take a look at some disadvantages:

The system of crediting and charging swaps is not transparent enough.
For accountability, credited swaps go directly to the Account History and are registered in the server log files.
At the end of the trading day, all open positions are closed. When they are opened the next day, the price is already shifted. Banks using this platform often resort to such a scheme;
Novice traders often complain that it is impossible to keep track of swaps. However, experienced players know that this disadvantage can be offset with the help of an Expert Advisor.

Interestingly, it is usually beginners who notice the disadvantages. In part, they perceive them as such because they do not have enough skills to make full use of the platform. With practice, traders get used to the platform and can intuitively use all the tools.

Final thoughts

Based on traders' feedback, we can conclude that MT4 is the most functional trading platform. It is suitable for both beginners and savvy forex traders.

Of course, experienced traders can benefit more from MT4 as they know how to use its various advanced features. Besides, most assisting programs are free and available online or you can develop them yourself.

MetaTrader 4 is a perfect platform for practicing trading and mastering your skills. With MT4, a beginner can grow into a confident trader by learning from the experience of other professionals.