Frequently Asked Questions About MetaTrader 4 (MT4)
What is MetaTrader 4?
MetaTrader 4 (MT4) is a trading platform mostly used in Forex trading and CFD trading. MetaTrader 4 is currently the most popular trading platform for forex traders. In fact, more than 95% of Forex brokers are offering this platform among their clients, which means that it will be hard to find a broker that doesn’t offer this trading platform to its clients. It was first launched in 2005.
What are the MetaTrader 4 Indicators?
MetaTrader 4 indicators are important technical analysis tools that are very helpful in identifying market trends and also providing reliable evidence on the predictions you have in the market regarding future price movements. Different brokers offer different types of indicators for free.
What are the add-ons in MetaTrader 4?
Just like the indicators offered by brokers, they also offer free add-ons on your MetaTrader 4 trading account. With the add-ons provided for you, you can easily customize your trading platform according to your needs and your preference. With each add-on comes a specific purpose.
What is an Expert Advisor?
An expert advisor is a program in MetaTrader 4 (MT4) that is used to monitor and trade in the financial market through the use of algorithms. You have to set a certain parameter in the platform and when it gets triggered, you will be notified or your position will automatically open. When a position is open, the EA can automatically add close conditions such as limits, stops, and trailing stops.
How does Expert Advisor work?
Expert Advisor works by enabling the parameters that you have set when a specific opportunity is found. EA can also be customized according to your likes. You can also opt to import an EA from a third-party source.
What Makes Expert Advisors Popular?
It is Timesaving
When an EA is correctly programmed, you can easily monitor hundreds of markets, which means that you can free some of your time away from the monitor. Also, the Forex market is open 24 hours a day and new opportunities can arise any time of the day.
It Promotes Emotionless Trading
No matter how good your trading plan is, if emotions come in between your trades, you will surely lose composure. But if you automate your trades, you are freeing yourself from all emotions and your decision will be at bay.
It Promotes flexibility
No matter what market you want to trade, you can use EA and take a lot of information such as economic announcements, price movements, your current balance, and technical indicators. It has a powerful capability of building sophisticated algorithms.
It Supports Backtesting
You cannot let loose your strategy in the live market without backtesting. Backtesting is all about running a trading strategy into real historical data and checking if it still works well. This will help you iron out issues before it creates trouble into your account.
It is very Accessible
EA is easily accessible that you can import it from an outside source. If you want, you can also create your own EA boosted with your preferred technical tools.