Best Day Trading Platform: MetaTrader 4

Best Day Trading Platform: MetaTrader 4

Choosing the best day trading platform can make the difference between a successful trading journey and a negative one. With so many trading platforms available, we are going to break down the best ways of choosing the platform that fits your style, strategy and goals.

Starting with the best day trading platform available - the MetaTrader 4 (MT4). Whether you’re a beginner, experienced, or anything in between, the MetaTrader 4 (MT4) still remains the top choice! But why does it have such a great reputation? And how do you use it? Let’s break it all down:

Best Day Trading Platform: What Is MetaTrader 4 (MT4)?

Before we explore the depths of the MetaTrader, let’s answer the first and most crucial question: What is MetaTrader?

MetaTrader refers to a trading platform developed by MetaQuotes Software. The MetaTrader, usually referred to as MT4 is the most popular platform available on the market due to its speed, powerful tools and customization options. Once we look into detail at the specifications of the MetaTrader, it will be easy to understand why for over two decades, it’s still classed as the best day trading platform. 

Best Day Trading Platform: Why MetaTrader 4 stands out amongst the rest?

A few key points that make MetaTrader 4 stand out as the best day trading platform to this day:

1) Powerful Trading Tools

The MT4 is loaded with over 30 built in indicators, timeframes, multiple chart types and advanced analytical tools. These tools are crucial to technical traders who deeply rely on price action, volume and momentum.

2) Automated Trading

The MT4 can execute your trades automatically, so you don’t need to be sitting in front of charts every day, the system does all the work for you! The MetaTrader’s Expert Advisors (EAs) allows you to use bots that have the power to analyze the market better than most traders ever could.

3) Speed and Stability

The MetaTrader 4 executes trades almost instantly, even during moments of high volume market periods.

4) Customizable Indicators

MetaTrader 4 supports MQL4 coding, which basically means it can support almost anything!

5) Risk Management Tools

The MT4 offers key risk management tools to ensure that your trades are secured, including stop-loss, take-profit, and trailing stop features. Note: we always recommend starting off with a MT4 demo account before using your own capital.

6) Access to the Global Market

Trade a variety of key markets, including forex, indices, commodities and so much more, all from one platform.

Best Day Trading Platform: Get started with an MT4 demo account

Before putting your own money at risk, it’s crucial to set up a demo account first to get you comfortable with the platform. An MT4 demo account lets you practice trading in real time by using virtual funds. Everything from the look, feel and functions of the demo account are identical to the live account, the only difference? Zero financial risks. With the MetaTrader 4 demo account, you can:

- Learn the interface at your own time and pace
- Test your own strategies before putting them into practice
- Get comfortable with real time trading
- Avoid mistakes that can put your capital at risk

Best Day Trading Platform: How to set up MetaTrader 4?

Here are 5 easy steps to get your Demo account set up and ready to go:

Step 1: Go to the MetaTrader page on your brokers’ website and download the app either on Windows, Mac, Android, or iOS. You can download the EC Markets MT4 app here.

Step 2: Open the MT4 Demo account either through your brokers website or from the platform directly.

Step 3: Start practicing and getting comfortable with the layout. Practice by placing a couple fake trades, apply indicators, add chart templates and explore every inch of the platform to get you set up and comfortable with the MT4 before using real money.

Step 4: Put your strategy to the test by using live demo trades. Fine tune your strategies to make sure that once you use a live account, you’ve mastered your selected trading strategy.

Step 5: Once you feel ready, open a live account! But make sure to keep your MT4 demo account active so you can go back and continue testing should you wish to.

Best Day Trading Platform: Real trader tips

Here are some real life powerful trading tips to get the most out of the best day trading platform, the MT4:

- Try to use your MT4 demo account on a daily basis until you get comfortable with the platform and start seeing consistent results.

- Save specific custom chart templates for a faster setup process

- Set alerts for price levels so you never miss an opportunity in the market

- Use keyboard shortcuts to open and close your trades faster and more efficiently

Best Day Trading Platform: Common mistakes

Even the best day trading platform can’t save you from bad habits and common mistakes. Learn them and understand them so you can avoid making the same mistakes, for example:

- Don’t start with a live account, begin with a demo account until you feel confident and start seeing consistent results

- Avoid using leverage without a stop loss

- Do not ignore platform updates or bug fixes

- Understand more than just what is MetaTrader, focus on its tools and capabilities

- Don’t rely on a single strategy without testing it in depth first

Best Day Trading Platform: Mobile trading with MT4

One of the key features of the MT4 is its user friendly, trade on the go mobile trading app. You can download the MT4 on iOS or Android and use the MT4 demo account anywhere from your mobile.

Why the MT4 demo account mobile app is voted as the best day trading platform every year:

- Real-time charts
- 9 timeframes
- Technical indicators
- Full trade execution

Best Day Trading Platform: The advanced features for the pros

Traders ranging from beginner to professionals choose the MT4 platform everyday, here are some of the key features for professional traders:

- Multi-account management (for fund managers)
- Custom plugins from brokers
- API integrations for advanced analytics
- Real-time server connectivity

Above all, the MT4 community is one of the biggest in the industry, so if you ever encounter a problem, chances are it will be solved in a matter of minutes.

Pro tip: Even the pro traders are using the MT4 demo account to test new strategies and bot behavior. Practice makes perfect!

Best Day Trading Platform: Using MetaTrader 4 across multiple markets

Another key aspect of the best day trading platform, the MT4 is its versatility across multiple markets. The MT4 isn’t just for trading forex, it offers the possibility to trade some of the most popular markets in the world, including:

- Commodities
- Indices
- Cryptocurrencies

If you’ve ever wondered what is MetaTrader and its access to multiple assets, it's your gateway to the global financial market. On the MT4, you can easily move between a variety of instruments and markets all on one platform. This becomes particularly important for traders looking to diversify their trading portfolio without the hassle of changing platforms. So if you’re looking to trade gold against the USD while at the same time watching the S&P 500 price action? You can do it all from the best day trading platform, the MetaTrader 4.

Best Day Trading Platform: Built-in alerts and notifications

Let’s be honest, not everyone has the time to sit in front of charts all day long! That's where the MT4 gets its reputation of being the best day trading platform to date! Let’s look into the MT4’s alert system and why it should become your trading best friend. With the MetaTrader 4, you can set up custom alerts at specific price levels, indicator triggers and even news releases. You can set up these notifications to receive them either on your desktop or mobile through push notifications, email alerts and even pop ups. This allows you to manage your trades daily with all the information you need at the tip of your fingers. The best way to practice these alerts is by using a MT4 demo account. Test the alerts that match your trading style without putting your own money at risk.

Conclusion: The Best Day Trading Platform, the MetaTrader 4

Let’s wrap up this course of the EC Markets Academy with the three key pillars that make the MT4 the best day trading platform of all time:

- Power: All from advanced trading tools to automated trading, the MetaTrader 4 is a complete powerhouse for beginner to experienced traders. Its professional toolkit is set up to ensure ease of use and accessibility, no matter where you are!

- Flexibility: Whether you’re looking to trade Forex, Commodities, Indices or Crypto, the MetaTrader 4 gives you access to every gateway on the market from a single screen. This multi asset capability is something that most platforms don’t use, or even charge you extra for.

- Accessibility: From its easy to download mobile application and powerful MT4 demo account, the platform is available to everyone! Even without any experience, you can download the platform in a matter of minutes and start your trading journey with a MT4 demo account or a live account instantly. Let’s not forget that the MT4 has an enormous community globally, meaning endless tutorials, forums and indicators are available at your fingertips. So if you’ve ever wondered what is MetaTrader, all you need to do is explore the online ecosystem full of expert advisors, traders and educational tools!

Final Thoughts: Is the MetaTrader 4 right for you?

If you’re looking for a powerful, trustworthy, efficient, flexible and accessible platform then the answer is yes! From your very first virtual trades on an MT4 demo account down to your first trade on a live account, the MetaTrader 4 is equipped with the necessary tools and features to become a successful trader. And even though the market continues to grow, introducing new trading platforms, none have managed to overtake the original best day trading platform, the MT4.

So whether you’re a beginner trader asking yourself what is MetaTrader, or a professional trader looking to optimize your setup, the MT4 is so much more than just a platform, it’s your everyday trading partner!

Thank you for reading our article on the best day trading platform! If you’re looking for more key tips and tricks to get you towards the path of becoming a professional trader, then keep reading, we’ll see you at the next course!