What Sets Apart MetaTrader 4 From Other Trading Platforms Used in Forex Trading?

What Sets Apart MetaTrader 4 From Other Trading Platforms Used in Forex Trading?

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Not just one or two, there are a whole bunch of trading platforms that you can find online. This is all thanks to the innovations and advancement of technology that we have nowadays.

But among the pool of trading platforms, there is this one trading platform that has remained on top, one the best to be exact. It is the MetaTrader 4, developed by MetaQuotes.

There are mix reviews of MT4 Truth be told. After all, it cannot please all traders. But among its good reviews is its very good user interface. Not just that, almost all respective brokerage firms operating from different countries across the world are offering MT4 to their clients.

To take advantage of its benefits, you need to make sure that you know how to use it to its full extent. That way, you can enjoy the perks of having a reliable trading platform on hand.

What Makes MetaTrader 4 Stand Out From Other Trading Platforms?

MT4 offers 3 trade execution modes. Four pending orders, two markets, two stop orders, and a trailing stop function. MT4 also features a quick trading function that allows the sending of trading orders easier with a single click. There is also a fascinating built-in tick chart feature that gives you accurate entry and exit points.

Trade Executions Modes in MetaTrader 4

There are three trade execution modes in MT4 – the Instant Execution, the Execution on Request, and the Execution by Market.

Instant Execution mode allows execution of orders under the price which was offered by the broker. The trading platform will be the one to set the current market prices in the sequence after sending it to the trade order. However, no order will be executed not until the broker accepts these prices.

In case of broker returns the prices, there will be a ‘requote’ and after that, there will be an execution of the order.

Execution on Request mode is when an order gets executed according to the price provided by the broker beforehand.

Prices are taken from the broker before executing the order and it gets sent if the input of the market order starts. After the prices get available and it is delivered, the order execution can either be rejected or confirmed.

The Execution by Market is a mode that relinquishes the authority of the broker. Because of it will allow the broker to make certain decisions regarding the order execution price without the need for any additional discussion with the trader. By using this mode, you are giving the broker permission to execute the order instead of you.

Order Types

There are different order types available in MetaTrader 4 – the Market Order, Stop Loss, Pending Order, and Take Profit. These order types ensure that your open positions are protected from huge losses and your trading funds will not be wiped out completely.

It is important to know and understand these order types so you will know which one of them to use at the right time. it’s mabe that the user not be able to completely avoid risks and losses using these order types, but one thing’s for sure, it will only permit very small losses.