The MT4 Android platform is phenomenally popular and used by hundreds of thousands of traders worldwide. It’s no surprise though if one considers the exceptional trading features MetaTrader 4 offers. Adding to its appeal is the fact that it comes as a mobile application that can be downloaded on multiple devices, including Android.
As a result, traders can benefit from 24/7 access to the market, connection to more than 2k broker servers and access to 30 technical indicators and 24 analytical objects. Furthermore, the app also provides a full-featured trading system (2 execution modes and 4 order types), real-time symbol quotes, 3 chart types and 9 timeframes.
There are many ways to sign up for the MT4 platform and then download the app onto your Android device. Let’s go through some of the steps.
Step 1: Register with a broker
T4Trade is a powerful broker that offers its traders an exceptional trading experience. This includes access to more than 300 tradable instruments like shares, currency pairs, metals, commodities, and more. Traders can also select an account best suited to their trading goals and skill set. They can also enjoy flexible leverage, competitive spreads, top-tier 24/5 multilingual support, and exclusive trading tools.
You can register with T4Trade by visiting the broker’s website. Once you’ve registered, you will receive three consecutive emails. The first email will welcome you to the broker, and the second email will inform you that your live account has been approved.
This email will also include your MT4 login credentials, server name, and currency of the account. The third email will inform you of what documentation T4Trade will require from you for compliance purposes.
Step 2: Downloading MetaTrader 4 on your Android device
Once you’ve signed up with T4Trade, you can then visit the Google Play Store on your Android device in order to download the MT4 app. Search for MetaTrader 4 in the store and select it. Then hit ‘install’ followed by ‘open’ once the installation has concluded.
Alternatively, you can visit the T4Trade website and click on Platforms at which point a drop-down menu will appear. Here you will select MetaTrader 4. Then move down the page and click the Android icon. Scroll down and click ‘Download MT4 for Android’. This will direct you to the Google Play Store where you can install the app, following the instructions above.
A guide on how to download, install and use MT4 can also be found on T4Trade’s website.
Step 3: Downloading MT4 on your Android device via your client portal
The MetaTrader 4 app can also be downloaded to your Android device via your Client Portal. Simply click on Trading Platform on the left side of your dashboard and select Android.
Step 4: Logging into MT4 on Android
This is another easy step. You simply navigate to and click on “Manage Accounts” from the main menu. Then click the “+” symbol on the top right-hand corner to “Log in to an existing account.” At this point, you will be required to find your server and enter your particular credentials. You will know that you’ve been logged in successfully if you are able to view live quotations. If the Quotes tab doesn’t open, re-enter your credentials.
Why do so many global traders use MetaTrader 4?
There are many reasons why forex traders worldwide opt for the MT4 to trade. Its ease of use and flexibility, as well as its ability to handle any complexity of trade, make it an obvious option to traders of all skill levels.
Its advanced technical analysis tools allow traders to make informed trading decisions, improving trading outcomes. In addition, the platform offers algorithmic (automated) trading, one of the most robust features of the system. With automated trading, forex traders can build, test and deploy Expert Advisors, also called trading robots, to execute trades within seconds, multiple times a day, based on predefined criteria.
Algorithmic trading has become increasingly popular, especially for a busy trader who doesn’t have all the time in the world to enter and exit positions to maximise profits. This form of trading also removes the emotive aspect of trading, ensuring that feelings of fear or greed don’t result in adverse trading decision-making.
MetaTrader 4’s financial news and alert tools keep traders informed of the latest market events to stay focused and not miss out on favourable market events. The forex market is largely impacted by political, economic and environmental news so having the ability to keep abreast of what’s happening on a global scale is key to avoid losing your capital.
MT4 can also facilitate the most complex trading strategies through a variety of different orders. This includes:
- 2 market orders
- 4 pending orders
- 2 stop orders
- trailing stop.
The system also accommodates 3 execution modes (instant, request and market).
Practising how to trade on MT4
Regardless of whether you are a beginner trader or someone with years of experience, ongoing learning and practice are key to boosting your skills. A demo trading account is a great way to learn how to use the MetaTrader 4 platform, using virtual funds, so that you don’t jeopardise your own funds.
Another reason that makes a demo account a beneficial learning tool is that it offers traders great insights into the financial markets. It simulates a live trading opportunity in which you can test a combination of trading strategies and assess outcomes. It also gives you a realistic feel for what live trading will look like so that you can build a more effective trading plan.
Risk management strategies
As you widen your scope of knowledge and increase your trading capabilities, don’t forget to integrate proper risk management measures into your trading plan to protect your funds. Forex trading is highly volatile and full of risk. It’s also a highly leveraged activity which can magnify your losses exponentially so knowing how to mitigate risk as best you can is vital.
5 risk management strategies:
- Limit your use of leverage. Be mindful of your budget and don’t make trading decisions based on impulse or greed.
- Set realistic expectations for what you want to achieve. These should be aligned with your level of expertise, the level of risk you’re prepared to take on, and years of experience.
- Use a stop loss and take profit orders to safeguard your capital.
- Keep on learning. Regardless of how skilled you are as a trader, continuously educating yourself on the latest trends and advances in the forex industry is key to mitigating risk.
- Diversify your trading portfolio. This facilitates shared risk. Kind of like not putting all your eggs in one basket.
Why trade with T4Trade?
T4Trade’s MT4 trading platform enables traders to test their trading strategies using a variety of strategic tools and features. Traders are given access to 300+ tradable instruments across 6 asset classes (shares, indices, forex, futures, metals and commodities). The T4Trade Academy also provides traders with extensive information on forex trading fundamentals, from key forex terms to tips and strategies.
Disclaimer: This material is for general informational & educational purposes only and should not be considered investment advice or an investment recommendation. T4Trade is not responsible for any data provided by third parties referenced or hyperlinked, in this communication.
