The most widely used version of WebTrader is MetaTrader 4. This completely free and reliable interface still allows many Forex traders to benefit from direct access to the CFD and Forex markets.
It might even be the best way to start trading! When traveling or when the trader does not directly access the computer, the trader can connect from any computer to take positions, manage the trading account, or even close losses or gains.
MT4 is a trading platform specifically designed for trading leveraged financial products, including forex and CFDs. It, therefore, allows a trader to have access from the same platform to the Forex market, as well as to commodities/indices/shares via CFDs which avoids him being forced to switch from one trading platform to another according to the asset on which he works and wishes to position himself.
MT4 trading terminal
The trading terminal of the MT4 forex software is a classic terminal on which information appears relating to each position:
- The order ticket number
- Date and time of the opening of the position
- Opening price
- The direction of the position
Order (buy/sell), volume, symbol, stop loss, take profit, the current price of the asset, swap fees, commissions, comment.
The trader can classify the positions by symbol, by opening hour, according to the current profits/losses.
From this trading terminal, the trader can modify the trading order: add a trailing stop, adjust the stop loss and take profit, partially close the position, etc.
In this tab, the trader also has access to information concerning his balance, locked-in margin, available margin, etc.
The MT4 trading platform not only allows the trader to analyze the markets, place his orders, develop algorithms… but it also allows the trader to analyze previously closed positions.
Indeed, the trader has the possibility of obtaining a detailed report on his activity, information based on the data of the closed positions. Thus, the trader will be able to analyze the evolution of the portfolio based on ratios that will allow him to improve his trading, and this, on a continuous basis.
User-friendliness of MT4 trading platform
We recommend MT4 to you without any hesitation. MT4 will provide you with significant visual comfort for continuous trading sessions, especially for traders used to simultaneously observing an asset at different time scales or used to studying foreign assets simultaneously.
You, as a trader, will also be able to position yourself for both buying and selling on an asset, which is quite common when you are setting yourself for the short trades, medium, and long term on the same asset.
In addition, hedging is a significant asset in the development of a complex trading strategy involving hedging its orders to protect its capital from volatility.
For traders using so-called “MTF” algorithms (Multi Time Frame: analyzing several timescales simultaneously), as well as for traders using algorithms using hedging or likely to open several positions simultaneously for both buying and selling, it is imperative to use the MT4 platform and to develop your algorithms in MQL4.
Indeed, on the MT5 platform, the inability to open buy and sell positions simultaneously can, in the best case, prevent the EA from opening positions, in the worst-case generate losses that can lead to a margin call due to the inability of the ae to respect the strategy it is supposed to apply correctly.
For those who don’t have a problem using a little retro-style platform when it comes to user interface esthetics, MT4 is also a good choice.
MT4 has everything you need to start and perform online trading, and it’s accessible on any operating system and device. Also, it’s easily downloadable to any of them.