Programs and tools such as the Metatrader are extremely popular among online FX traders. With a program such as MT4 or MT5, you can create automated trading systems, which then directly and automatically trade foreign currencies online. Metatrader is probably the most popular automated FX trading system. Its popularity is one of the reasons why some of the best Forex brokers support this automated trading system.
But how does the Metatrader work? This online trading software was developed in 2000. While previously only professionals used this trading software, now an increasing number of amateur traders use MT4 and MT5. Meanwhile, there are also plenty of tips, extensive manuals and free videos with instructions on how to use Metatrader and its programming language MQL.
The Metatrader software can be used in several ways. As an “Expert Advisor” the software uses the experience of other traders and provides tips on when it is best to enter into a trade or when to close a position. With the “Custom Indicators” you can enter your own experiences into Metatrader, so that it generates specific tips for your own Forex trading strategy.
Fully Automated Trading with Metatrader
In addition, Metatrader supports and enables automated trading. With scripts and libraries, trading instructions are generated for MT. So you can define for example when a currency pair has to be sold and whether Metatrader should then enter into another FX trading position. What sounds complicated is not at all that difficult in practice. You can take advantage of existing trade instructions from other traders and adapt them later by yourself. Another advantage of Metatrader is that it also exists in a mobile version for smartphones and PDAs. So you can actually trade foreign currencies anywhere and anytime.
Forex Broker with MT4 and MT5
The newer version Metatrader 5 was launched in June 2010. Currently still most Forex brokers only support Metatrader 4. And because not every FX broker supports the Metatrader software, we have created a list of MT4 and MT5 brokers. The following FX brokers support MT4: easyMarkets, askobid, AvaTrade, Forexyard, Finexo, 4XP. Instaforex, LiteForex and Forex4You support MT 4 and MT 5.
The FX broker supporting Metatrader offer this automated trading tool for free. This means that after you register at one of the following FX brokers, you will be able to download Metatrader for free.
List of Metatrader FX Brokers