MT4 tools that Malaysian traders are actually using (and the ones they’re not) MT4 has been around long enough that some people forget just how much it offers. For most, opening it means loading a chart, taking a trade, and shutting down. It is only about 20 percent of what the platform can do. 
Malaysian traders, despite more newer trading platforms popping up everywhere, resources continue to heavily rely on MT4, and for good reason. The appeal ofExpert Advisors Expert Advisors – aka automatic trading scripts – are touted heavily. Everyone and their dog has heard of an EA. Yet the truth of the matter is that the majority of EAs you can download free from trading forums perform poorly, and those that actually work well generally cost money, or require at least a minimal understanding of MQL4 programming to be effective. Having said that, for those who have taken the time to understand even just a bit of MQL4, the creation of a simple EA can help streamline many of the tedious tasks involved in trading such as trailing stop losses and moving them to breakeven which I’m sorry to say should already be built into MetaTrader for everyone, regardless of experience level. Downloadable Custom Indicators As the defaults, we’ve got the typical lot: moving averages, RSI, MACD, and so forth. While perfectly serviceable for any basic strategy you can conceive, MT4 truly shines when you’re willing to take advantage of custom indicators created by the community. Things like order flow indicators, session indicators (those that highlight London and New York overlaps on a chart), volume analysis indicators – all this isn’t available with default installations, and as you might guess, the majority of the traders out there never bother downloading these tools. Utilizing the Multi-Chart Setup The standard setup for traders is usually a single chart in their view at a time. Multi-charting (the ability to display 4-5 charts at once on the same screen, with differing timeframes) is something a lot of beginners shy away from. It may be just a little of setup required on the traders part to make a multiple chart configuration work to their benefit but once established, this allows traders to see the “bigger picture” and have an idea as to what is going on in the currency market across time frames. This also has a mobile component as well as traders can even mirror this with their desktop setup via mobile MT4 syncing; meaning if they are on the run and have their computer shut off, they can pull up the mobile version and keep track of positions. More attention on the Backtesting Feature I cannot, in good conscience, close out this guide without reiterating just how crucial the backtesting feature of MT4 truly is. It’s not as “exciting” as opening a trade and hoping for the best, and it’s certainly not as glamourous as watching the market move on a clean chart. Nevertheless, the ability to load a currency pair and the Historical Data associated with that specific symbol, and then running a strategy backtesting tool is free and works quite well indeed.
Malaysian traders, despite more newer trading platforms popping up everywhere, resources continue to heavily rely on MT4, and for good reason. The appeal ofExpert Advisors Expert Advisors – aka automatic trading scripts – are touted heavily. Everyone and their dog has heard of an EA. Yet the truth of the matter is that the majority of EAs you can download free from trading forums perform poorly, and those that actually work well generally cost money, or require at least a minimal understanding of MQL4 programming to be effective. Having said that, for those who have taken the time to understand even just a bit of MQL4, the creation of a simple EA can help streamline many of the tedious tasks involved in trading such as trailing stop losses and moving them to breakeven which I’m sorry to say should already be built into MetaTrader for everyone, regardless of experience level. Downloadable Custom Indicators As the defaults, we’ve got the typical lot: moving averages, RSI, MACD, and so forth. While perfectly serviceable for any basic strategy you can conceive, MT4 truly shines when you’re willing to take advantage of custom indicators created by the community. Things like order flow indicators, session indicators (those that highlight London and New York overlaps on a chart), volume analysis indicators – all this isn’t available with default installations, and as you might guess, the majority of the traders out there never bother downloading these tools. Utilizing the Multi-Chart Setup The standard setup for traders is usually a single chart in their view at a time. Multi-charting (the ability to display 4-5 charts at once on the same screen, with differing timeframes) is something a lot of beginners shy away from. It may be just a little of setup required on the traders part to make a multiple chart configuration work to their benefit but once established, this allows traders to see the “bigger picture” and have an idea as to what is going on in the currency market across time frames. This also has a mobile component as well as traders can even mirror this with their desktop setup via mobile MT4 syncing; meaning if they are on the run and have their computer shut off, they can pull up the mobile version and keep track of positions. More attention on the Backtesting Feature I cannot, in good conscience, close out this guide without reiterating just how crucial the backtesting feature of MT4 truly is. It’s not as “exciting” as opening a trade and hoping for the best, and it’s certainly not as glamourous as watching the market move on a clean chart. Nevertheless, the ability to load a currency pair and the Historical Data associated with that specific symbol, and then running a strategy backtesting tool is free and works quite well indeed.