What is MT4 Forex Trading platform
MetaTrader 4, also known as MT4, is an electronic trading platform widely used by online retail foreign exchange speculative traders. It was developed by MetaQuotes Software and released in 2005. The software is licensed to foreign exchange brokers who provide the software to their clients. The MT4 Forex Trading Platform consists of both a client and server component. The server component is run by the broker and the client software is provided to the broker’s customers, who use it to see live streaming prices and charts, to place orders, and to manage their accounts.
The client is a Microsoft Windows-based application that became popular mainly due to the ability for end users to write their own trading scripts and robots that could automate trading. In 2010, MetaQuotes released a successor, MetaTrader 5. However, uptake was slow and as of April 2013 most brokers still used MT4 Forex Trading Platform. While there is no official MT4 Forex Trading platform version available for Mac OS, some brokers provide their own custom developed MT4 Forex Trading platform variants for Mac OS.
MT4 Forex Trading Platform Tutorial
MT4 Forex Trading Platform provide two types of trading orders, Pending Orders and Market Orders. Pending orders will be executed only when the price reaches a predefined level, whereas Market orders can be executed in one of the four modes: Instant execution, Request execution, Market execution, and Exchange execution. With Instant execution, the order will be executed at the price displayed in the platform. Its advantage is that the order will be executed at a known price. However, a good trading opportunity can be missed when the volatility is high and the requested price cannot be served. Request execution mode enables trader to execute a Market order in two steps — first, a price quote is requested, then, a trader decides whether to buy or sell using the received price. A trader has several seconds to decide if the received price is worth trading. Such mode offers a certain knowledge of price combined with guaranteed execution at that price. The tradeoff is the reduced speed of execution, which can take a lot longer than other modes. With Market execution, the orders will be executed with broker’s price even if it is different from that displayed in the platform. The advantage of this mode is that it allows trading without any sort of requotes. However, deviation can get considerable during volatile price changes. In Exchange execution mode, the order is processed by the external execution facility (the exchange). The trade is executed according to the current depth of market.
MT4 Forex Trading Platform Review Conclusion
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