The forex market is the most active financial market in the world. It is also the largest. Managing the intricacies of trading in this market requires skill, grit and a platform that understands its mechanics. One such platform is MetaTrader 4 (MT4), used by traders almost everywhere. Developed in 2005, MT4 (for android) has gone on to acquire a user base comprised of millions of global traders and continues to be the most sought-after trading platform worldwide.
Trading on the go
An increasing number of traders today want the ability to trade anytime, anywhere in the world. As a result, accessing the forex market in real-time through one’s mobile has become more and more popular. This includes the mt4 for android (Forex Trading app) available via Google Play. Installing MetaTrader 4 for Android devices is relatively straightforward. Simply follow the steps below.
- Download and install MT4for Android. Visit the website and select Platforms. On the dropdown list, choose MT4. Scroll down the page and click on Download mt4 for Android. You will be redirected to the MetaTrader 4 Forex Trading app on the Google Play store to install.
- Directly from Google Playstore. Visit Google Playstore directly from your Android device. Search for MetaTrader 4 Forex Trading by MetaQuotes Software Corp. Select install to download and install the Metatrader 4 platform on your Android device.
- MT4 Android User Guide. For additional support, you can also find an MT4 Android User guide on IronFX’s webpage explaining how to download, install and use MT4 for Android.
- Accessing MT4 for Android. Once the MT4 trading platform has been installed on your Android device, follow the steps below:
- Log in with an existing account or open a new account. Peruse the list of brokers. Insert your real or demo account login credentials. Begin trading.
Why MetaTrader 4?
The MT4 trading platform appeals to traders across the globe looking to start their trading journey. There are many reasons why. For one, MetaTrader 4 has some of the most robust trading functionalities and features in comparison to competitor platforms. It offers the tools needed to manage trades in what is a highly volatile forex market and supports the implementation of complex trading strategies. It also provides the tools to help a trader manage the risks of forex trading.
- Easy to use. For someone new to forex trading, the MetaTrader 4 offers a user-friendly interface to simplify the execution of orders. Navigating the platform is easy as is finding the tools needed to optimise your trades. The MT4 platform can also be tailored to the needs of different types of traders, boosting the overall user experience. It can be accessed from Android, iOS and MAC devices, and through operating systems like Windows, MacOS and Linux. This makes trading possible from practically anywhere in the world, in real-time, internet access permitting.
- MetaTrader 4 analysis and charting capabilities. The MetaTrader 4 platform is probably most renowned for its technical analysis tools and advanced charting capabilities. Traders can opt to make use of its 30 built-in technical indicators, in excess of 2000 custom indicators (for free) or 700 free ones, as well as 24 analytical objects (e.g., channels, shapes, lines, arrows, etc). Using the MT4 trading platform, a trader can access an unlimited number of customisable charts, to which technical indicators and graphical objects can be added. Individual symbols can be displayed in 9 timeframes as well, enabling a trader to analyse the markets more accurately. Objects can also be applied to charts as well as indicator windows manually.
- Different order types. The MetaTrader 4 platform offers a flexible and convenient way to trade, regardless of the complexity of one’s trading strategies. This is made possible by 3 execution modes, 2 market orders, 4 pending orders, 2 stop orders and a Trailing stop.
- Algorithmic trading. Algorithmic or automated trading is another powerful tool offered by the MT4 platform. With it, traders can build and implement Expert Advisors using MQL scripting language, as well as technical indicators. Expert Advisors (EAs) are trading robots that use trading signals to execute trades, without the need for human intervention. EAs are fast and reduce the risk of emotion negatively impacting trades. However, regardless of the level of automation and accuracy that trading robots offer, there is still risk involved in using them. This means a trader must constantly be vigilant in monitoring all trades, whether implemented by an EA or not.
- Backtesting. Brokers can use the MT4 platform to backtest trading strategies, assessing different trading models using historical market data. Based on the outcomes of the backtesting, traders can adjust their live trades to maximise potential profits. As always, risks must be assessed and mitigated to avoid losses.
Opening a demo trading account
Choosing a forex broker requires research. It may even be useful to open a demo trading account to get a feel for a particular broker’s platform and service.
Benefits of a demo trading account
- Simulated trading environment to practice your trades and gain trading experience
- Trade using virtual money so your own capital isn’t put at risk.
- Gain insights into real market conditions and volatilities.
