What is MetaTrader
MetaTrader is a trading software that is most commonly used among Australian forex traders. Posing similarly as a connecting channel between currency trading systems and your computer (or mobile device), and so MetaTrader is the link. Let’s take a look at the MetaTrader in review.
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There are two versions of the MetaTrader Platform:
- MetaTrader 4 – Available on desktop, mobile and web
- MetaTrader 5 – Coming soon
Either platform you choose, one can run multiple platforms where you will not experience a lagging effect on your server or computer. The software is light and will not overload the systems in place, making for fast trading and immediate executions. This is a must when trading on the volatile markets.
Why trade with the MetaTrader Platform?
Besides being easy to download and install, MetaTrader has many trading capabilities and features that are not available on other platforms. Follow instrument price fluctuations and examine the charts and graphs, while plotting the trends to locate your planned Australia trades. The platform showcases and supports the following graphs: Candlestick, Heikin Ashi as well as Renko charts.
Setting up your trading orders is simple and predefined stop losses and targets are executed immediately. The trailing stop loss and pending orders are just as easily accessed.
Expert advisors (EA’s) can automate your trading by using scripts that are uploaded to the platform, with scrip instructions easily carried out in real time. This saves you the hassle of needing to be close to your computer, and the annoyance of missing out on a trading opportunity.
Learn from your mistakes. The MetaTrader platform provides you with the functionality and convenience to view your trade history:
- Download your historical trading data per currency pair
- Create / request detailed reports on the positions you take
- Track past charts and graphs to keep a summary of trends per instrument
With these features, the MetaTrader 4 is really enough for forex trading. For more advanced strategies, the MetaTrader 5 is a great alternative option for Australian traders.
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MetaTrader 4 in forex trading
MetaTrader 4 (MT4) is the most popular online trading platform in Australia and across the world, because it provides all you need in one interface. The powerful combination of analytical technologies and leading trading tools allows traders to implement even the most complex trading strategies.
The MQL Language:
Developed by MetaQuotes Software Corp. the MetaQuotes Language is a script that is built-in for programming specific trading strategies. The purpose of the way these scripts is to easily facilitate automated trading as well as customize technical indicators, libraries and scripts.
One can also analyze large amounts of information and assists users in orientating themselves easily in the expert systems.
Each program (pertaining to MetaTrader 4 and MetaTrader 5) has different features and purposes:
MQL4 and 5
The Guardian Angel tool is useful for new traders and experienced ones alike, providing an external and objective review on their trades. This feedback can contribute to the trader in current and future trades, as learning for mistakes is an integral part of trading.
An algorithmic trading system that links directly to the internal charting. Allowing the system to run when an event happens in real time, or remind you of a planned event.
In addition to technical indicators already written into the system, you can write your own technical indicators independently.
Scripts are imposed when traders want a single execution in an action. They are only acceptable for the start of an event and cannot process any other trade actions.
This is a set of custom functions that is intended to store and distribute the same used parts of the program.
MetaTrader 4 vs MetaTrader 5
The relatively recently launched MetaTrader 5 is not that different from its prototype MT4, even though it is advertised as substantially more advanced. New features include more advanced charting systems and deep analytical tools. Even though the MT4 is more than enough for most forex traders, if these two functions will improve your trading skills, MT5 could be a good option. MT4 is still the most widely used and downloaded platform in Australia and traders are satisfied with its current abilities and therefore do not generally feel a need to change or upgrade.
|Availability to brokers||Very popular||Very popular|
|User-friendly and easy to navigate||Extremely easy||Extremely easy|
|Roll-over and Hedging||Possible||Possible|
|Programming Language used||MQL4||MQL5|
|Number of order execution types||3||4|
|Number of Pending Order Types||4||6|
|Depth of Market||No||Yes, but not available from beginning|
|Economic Calendar||Not Available||Available in MT5 apps|
|Reports||Tables only||Tables + Charts
Everything can be exported to Excel
|Open Trades View||Lots only||Lots, Quantity + Milliseconds|
|Docked Charts||Not available||Available|
|Market Watch||Less detailed||More details + easy navigation|
|Partial Order Filling||Not available||Available|
|Email System||No attachments||With attachments|
|Strategy Tester||Single threaded||Multi-threaded + Multi-currency + Agent manager|
|Netting||Not supported||Not supported|
|Exchange Trading||Not supported||Not supported|
|Funds Transfer between Accounts||Not supported||Supported|
Why trade with AvaTrade Australia and MT4:
There are a number of reasons why thousands of Australian traders have chosen to trade with AvaTrade. Offering MT4 is one of them among many others:
- High trading Leverage and Bonuses
High leverage up to and up to 100% in welcome bonuses are offered to all new traders that register with us. The leverage is one of the highest in the industry that a regulated broker can offer.
- Fully Regulated Broker
With multiple awards being won, amongst the 2015 and 2016 Best broker, we also boast over 10 years of industry experience and have a presence in over 150 countries. AvaTrade is regulated on 5 continents and is an Australian Securities and Investment Commission (ASIC) regulated firm.
- More Markets
There are over 250 assets to trade on in Australia. We offer a variety of the most popular instruments including forex, commodities trading, indices & individual stocks.
- Deep Analysis
Enjoy more than 30 advanced trading charting & analytical tools, including trading strategy back-testing on the MT4.
- Automated Trading
EA and MQL5 compatible, giving you free access to thousands of auto trading strategies. Additionally, there’s an option to upload your developed or purchased trading robots to take your trades automation to the next level.
- Flexible Conditions
Competitive spreads to trade on the most popular assets in the industry.
- Mobile Trading
Trade MT4 in Australia on your tablet or mobile phone with our free Android & iOS trading apps.
- Full Support
Get free daily market analysis, quality education materials and live multilingual support 24/5 when the markets are at their best.
- Guardian Angel
AvaTrade’s free Guardian trading support system acts as a risk management tool for MetaTrader4.
Open an Account now ➤ Get an incredible BONUS!
- High trading Leverage and Bonuses